There are many signs that international trade is doing well in 2018, partly thanks to America's busy trade year, the world's largest buyer of goods.
Despite Trump's efforts to reduce his country's appetite for foreign products, the United States has imported goods and services in value terms more than ever in October. US exports were close to the monthly record for all times set in May.
And while in September the World Trade Organization (WTO) predicts global trade growth will fall by 0.8% to 3.9% this year, the growth will be strong according to the latest standards. In 2016, the volume of international trade grew by only 1.8%.
“Many people want to shout that the sky is falling on trade because of these trade measures” such as tariffs imposed by the Trump administration, WTO chief economist Robert Koopman said. But for now, “we think 2018 is going to end up with a fairly solid year.”
Source: Bloomberg Finance L.P.
Charts: Used with permission of Bloomberg Finance L.P.
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