DOCSLIB.ORG

Chapter III World Trade and GDP, 2019-20

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Chapter III World trade and GDP, 2019-20 World trade and GDP 18 Merchandise trade volume 19 Primary commodity prices 21 Exchange rates 22 Value of world trade 23 COVID-19 and trade 26 Outlook for 2020 29 1016 World merchandise trade volume declined by The COVID-19 pandemic is likely to produce 0.1 per cent in 2019, the first contraction since a significant contraction of world trade in the global financial crisis of 2008-09. Trade was 2020. New export orders for manufacturing weighed down by persistent trade tensions as and services shown in purchasing managers’ well as by weaker global GDP growth, which indices (PMIs) fell sharply in the first and second slowed to 2.3 per cent in 2019 from 2.9 per cent quarters of 2020. in 2018. Trade declined in US dollar terms in 2019. GDP growth turned negative in the first quarter World merchandise exports fell 3 per cent of 2020 for the United States (-1.2 per cent), to US$ 18.89 trillion. World commercial the euro area (-3.8 per cent) and China services exports increased by 2 per cent to (-9.8 per cent). Further declines are expected US$ 6.07 trillion but the pace of growth was in the second quarter and beyond. down sharply from the 9 per cent recorded in 2018. 1117 World Trade Statistical Review 2020 World trade and GDP The volume of world merchandise trade declined in 2019 for the first time since the financial crisis of 2008-09, weighed down by rising trade tensions and weakening economic growth. Chart 3.1 World merchandise trade volume and real GDP growth, 2012-19 (Annual percentage change) 5 4.7 4 3 3.1 2.5 2.9 2.9 2.7 2.8 2.8 2.5 2 2.3 2.4 2.3 2.4 2.3 1.4 1 Annual percentage change percentage Annual 0 -0.1 -1 2012 2013 2014 2015 2016 2017 2018 2019 Trade GDP Average trade growth 2008-19 Average GDP growth 2008-19 Source: WTO Secretariat for trade, consensus estimates for GDP. Note: GDP growth is calculated with market exchange rate weights. • Merchandise trade volume declined by 0.1 per cent in • The decline of 0.1 per cent for merchandise trade volume 2019, compared with 2.9 per cent growth in 2018. World in 2019 was well below the average annual growth rate of GDP growth slowed to 2.3 per cent, down from 2.9 per 2.3 per cent since the financial crisis of 2008-09. GDP cent the previous year. growth of 2.3 per cent last year was in line with its average rate over the past ten years. • The US dollar value of merchandise trade fell year-on-year, dropping 3 per cent to US$ 18.89 trillion in 2019. Trade • Although the first cases of COVID-19 were recorded in late declined more steeply in value terms than in volume terms 2019, the crisis did not contribute to the slowdown for the due to falling export and import prices. year. The pandemic is expected to lead to sharp declines in trade and GDP in 2020. • Commercial services trade grew by 2 per cent in 2019, down from 9 per cent in 2018, as growth slowed and trade tensions escalated. 18 Chapter III: World trade and GDP, 2019-20 Merchandise trade volume Global merchandise trade volume peaked in the third quarter of 2018 before stalling for several months and turning down in the fourth quarter of 2019. Chart 3.2 World merchandise trade volume, 2015Q1 – 2019Q4 (Volume index 2015=100 and year-on-year percentage change) 112 6.0 5.6 110.6 110 5.2 5.0 4.9 4.6 108.9 108 4.2 4.0 3.8 3.5 3.6 106 3.0 2.6 104 2.0 2.0 1.6 1.7 1.8 1.5 1.6 Volume index 2015=100 index Volume 0.0 102 1.0 1.0 change percentage Year-on-year 0.3 100 0.0 -0.3 -1.0 98 -1.0 2016Q3 2017Q1 2017Q2 2015Q1 2015Q2 2015Q3 2017Q3 2019Q1 2017Q4 2018Q1 2016Q1 2019Q3 2015Q4 2018Q3 2019Q2 2018Q2 2016Q2 2019Q4 2018Q4 2016Q4 Year-on-year % change (right axis) Index, 2015Q1 = 100 (left axis) Sources: WTO-UNCTAD. • Seasonally-adjusted merchandise trade volume was down • Other factors contributing to economic uncertainty by 1.0 per cent in the fourth quarter of 2019 compared with included the government shutdown in the United States the same period in 2018 and 1.2 per cent down compared in 2018-19, the United Kingdom’s departure from with the third quarter. This is equivalent to a 4.6 per cent the European Union, and changes in monetary policy decline on an annualized basis. in major economies. • The long-running trade dispute between the United States and China led to the raising of tariffs and contributed to trade policy uncertainty in 2019. 19 World Trade Statistical Review 2020 Merchandise trade in the fourth quarter of 2019 varied strongly across regions. Chart 3.3 Merchandise exports and imports by region, 2015Q1 – 2019Q4 (Volume indices 2015 Q1=100) Exports 120 110 100 Volumes indices Q1=100 2015 90 80 2017Q1 2017Q3 2017Q2 2015Q1 2017Q4 2016Q1 2019Q1 2018Q1 2015Q3 2015Q2 2015Q4 2016Q3 2019Q3 2016Q2 2018Q3 2019Q2 2016Q4 2018Q2 2019Q4 2018Q4 Imports 120 110 100 Volumes indices Q1=100 2015 90 80 2017Q1 2017Q3 2017Q2 2015Q1 2017Q4 2016Q1 2019Q1 2018Q1 2015Q3 2015Q2 2015Q4 2016Q3 2019Q3 2016Q2 2018Q3 2019Q2 2016Q4 2018Q2 2019Q4 2018Q4 1 North America South America Europe Asia Other regions2 1 Refers to South and Central America and the Caribbean. 2 “Other regions” comprise Africa, Middle East and the Commonwealth of Independent States, including associate and former member states. Sources: WTO and UNCTAD. • Asia’s merchandise exports were down 2.2 per cent • On imports, South America recorded the strongest decline quarter-on-quarter in Q4 of 2019. “Other regions” also at -2.9 per cent in Q4 of 2019, followed by North America saw a decline of 2.2 per cent. North America’s exports at -2.5 per cent and Europe at -1.8 per cent. Asia’s imports were down 1.0 per cent over the same period while South recorded a more modest decline of -0.4 per cent while the America’s export growth remained static at 0 per cent. imports of “Other regions” rose 0.4 per cent. • Europe’s exports were up slightly in Q4 of 2019, with an increase of 0.4 per cent. 20 Chapter III: World trade and GDP, 2019-20 Primary commodity prices Commodity price fluctuations in 2019 were dominated by fuel prices, which were down 17 per cent compared with 2018. Chart 3.4 Prices of primary commodities, January 2014 – January 2020 (US$ price indices, January 2014=100) 120 100 80 60 US$ price indices, January 2014=100 January indices, US$ price 40 20 2017M10 2015M10 2014M10 2019M10 2016M10 2018M10 2017M01 2017M07 2015M01 2014M01 2017M04 2015M07 2019M01 2014M07 2016M01 2018M01 2019M07 2016M07 2018M07 2015M04 2014M04 2019M04 2016M04 2018M04 2020M01 Food Agricultural raw materials Metals Fuels Source: IMF primary commodity prices. • Fuel prices were down 17 per cent in 2019 and are • Food and agricultural raw materials recorded declines expected to record further declines in 2020 as travel of 3 per cent and 5 per cent respectively in 2019. restrictions and social distancing measures to combat the COVID-19 pandemic have reduced energy demand. • In 2019, metals prices were up 7 per cent over the previous year. 21 World Trade Statistical Review 2020 Exchange rates Exchange rates remained relatively stable in 2019 despite the heightened level of trade policy uncertainty. Chart 3.5 Exchange rate indices for selected economies, January 2014 – January 2020 1 (Index, January 2014=100) 130 120 110 100 Index, January 2014=100 90 80 01-2017 01-2014 07-2017 07-2014 01-2016 01-2018 01-2019 07-2016 01-2015 10-2017 07-2018 10-2014 07-2019 07-2015 10-2016 04-2017 04-2014 10-2018 10-2019 10-2015 04-2016 04-2018 04-2019 04-2015 01-2020 United States Japan China Euro area United Kingdom 1) Nominal effective exchange rate indices against a broad basket of currencies. Source: Bank for International Settlements. • The dollar rose 3 per cent on average against the • The US dollar appreciated during the onset of the currencies of US trading partners, while the euro COVID-19 pandemic, reflecting the currency’s role as a and renminbi fell 1 per cent and 2 per cent respectively financial safe haven. Further strengthening of the dollar in 2019. could increase financial strain for net foreign borrowers with dollar-denominated debts. • The Japanese yen appreciated by 5 per cent in 2019 while the United Kingdom pound remained static at 0 per cent. 22 Chapter III: World trade and GDP, 2019-20 Value of world trade The dollar value of world merchandise exports was down in all four quarters in 2019 compared with the previous year, with the strongest declines recorded in regions that export natural resources in particular. Chart 3.6 Growth of merchandise export values by region, 2018Q4 - 2019Q4 (Year-on-year percentage change) 12 11.8 10 9.0 8 6 4.1 4 3.9 3.9 2 1.2 0.9 0 -1.1 -1.0 -1.0 -1.3 -1.2 -1.4 -2 -2.1 -2.4 -2.3 -2.7 -2.4 Year-on-year percentage change percentage Year-on-year -3.2 -3.2 -3.4 -4 -3.9-3.7 -4.4 -5.0 -5.0 -6 -5.7 -8 -8.6 -8.9 -10 -11.4 -12 World Asia Europe North America South America1 Other regions2 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 1 Refers to South and Central America and the Caribbean.
Recommended publications
  • When Will an LLC's Trade Or Business Be Imputed to Its Members?

    When Will an LLC's Trade Or Business Be Imputed to Its Members?

    When Will an LLC’s Trade or Business be Imputed to its Members? by Sheldon I. Banoff [Published in the Journal of Taxation, September 1997] The imputation of a partnership’s trade or business to all or some of its partners can be relevant whenever a taxpayer’s status as being involved in a trade or business has tax consequences. The growing popularity of LLCs provokes the question, when, if ever, on LLC’s trade or business will be attributed to its members. If imputation occurs, which of the members will be deemed engaged in the LLC’s trade or business? In making this analysis, does the sparse tax law relating to imputing a partnership’s trade or business to all or some of its partners provide meaningful guidance? It is submitted that, where a partnership’s trade or business would be imputed to all or some of its partners for certain operative purposes of federal tax law, attribution similarly should be made from an LLC to all or some of the LLC’s members, for the same purposes. Imputation in an LLC should be to those members who either have the authority to participate, or in fact actively participate, in the day-to-day management or operations of the LLC’s trade or business. Accordingly, imputation of the LLC’s trade or business should occur to the following members: 1. Where the LLC is a member-managed entity, to all members. 2. Where the LLC is manager-managed, to (a) those who have the authority to actively participate in the day-to-day management decisions of the LLC (i.e., typically those members who are the managers) and (b) those nonmanager members who in fact actively so participate.
  • Maine Unfair Trade Practices Act

    Maine Unfair Trade Practices Act

    MRS Title 5, Chapter 10. UNFAIR TRADE PRACTICES CHAPTER 10 UNFAIR TRADE PRACTICES §205-A. Short title This chapter will be known as and may be cited as the Maine Unfair Trade Practices Act. [PL 1987, c. 307, §1 (NEW).] SECTION HISTORY PL 1987, c. 307, §1 (NEW). §206. Definitions The following words, as used in this chapter, unless the context otherwise requires or a different meaning is specifically required, shall mean: [PL 1969, c. 577, §1 (NEW).] 1. Documentary material. "Documentary material" shall include the original or a copy of any book, record, report, memorandum, paper, communication, tabulation, map, chart, photograph, mechanical transcription or other tangible document or recording wherever situate. [PL 1969, c. 577, §1 (NEW).] 2. Person. "Person" shall include, where applicable, natural persons, corporations, trusts, partnerships, incorporated or unincorporated associations and any other legal entity. [PL 1969, c. 577, §1 (NEW).] 3. Trade and commerce. "Trade" and "commerce" shall include the advertising, offering for sale, sale or distribution of any services and any property, tangible or intangible, real, personal or mixed, and any other article, commodity or thing of value wherever situate, and shall include any trade or commerce directly or indirectly affecting the people of this State. [PL 1969, c. 577, §1 (NEW).] SECTION HISTORY PL 1969, c. 577, §1 (NEW). §207. Unlawful acts and conduct Unfair methods of competition and unfair or deceptive acts or practices in the conduct of any trade or commerce are declared unlawful. [PL 1969, c. 577, §1 (NEW).] 1. Intent. It is the intent of the Legislature that in construing this section the courts will be guided by the interpretations given by the Federal Trade Commission and the Federal Courts to Section 45(a)(1) of the Federal Trade Commission Act (15 United States Code 45(a)(1)), as from time to time amended.
  • Global Trade and Supply Chain Management Sector Economic

    Global Trade and Supply Chain Management Sector Economic

    Connecting Industry, Education & Training Sam Kaplan, Director, Center of Excellence for Global Trade & Supply Chain Management The Mission of the Center of Excellence for Global Trade & Supply Chain Management is to build a skilled workforce for international trade, supply chain management, and logistics. 2 Defining the Supply Chain Sector “If you can’t measure it, you can’t improve it.” “You can't miss what you can't measure.” – Peter Drucker —George Clinton, Funkadelic 3 Illustrative Companies Segment Subsector/Activity Description and Organizations Domestic and international freight vessels, Marine cargo shipping e.g., Tote, as well as supporting operations Tote Maritime, Foss Maritime such as tugs. Movement of cargo from one mode to another BNSF, UP, SSA Marine, Transloading & Intermodal and consolidation and repackaging of goods, MacMillan-Piper, Oak Harbor including between container sizes. Freight Lines. Transportation, Distribution Air cargo jobs at Alaska & Logistics Freight airlines (e.g., Air China) and air cargo Air cargo shipping Airlines and Delta, Hanjin ground-handling operation. Global Logistics, Swissport. Freight forwarding Freight arrangement and 3rd Party Logistics Expeditors International Warehousing & storage Dry and cold storage facilities and packaging. Couriers Express delivery services DHL, FedEx, UPS Procurement and supply chain management Procurement, sales, import and export of Supply chain and Supply Chain Management across local manufacturers, wholesalers, finished and/or intermediate goods and procurement units within local shippers materials, customer service. manufacturers. Letters of credit and other short-term lending U.S. Bank, Bank of America, Trade finance for exporters and importers. Washington Trust Supply Chain Services Compliance ITAR and other regulatory compliance issues.
  • International Trade

    International Trade

    International Trade or centuries, people of the world have traded. From the ancient silk routes and spice trade to modern F shipping containers and satellite data transfers, nations have tied their economies to the rest of the world by complex flows of products and services. Free trade, which allows traders to interact without barriers imposed by government, can improve the living standards of people because it reduces prices and increases the variety of goods and services for consumers. It can also create new jobs and opportunities, and it encourages innovative uses of resources. However, even though free trade can benefit an economy as a whole, specific groups may be hurt. While certain sectors will experience job gains, others will face job losses. Still, societies throughout history have found that the benefits of international trade outweigh the costs. Why Trade? As consumers, all of us have an interest in trading they live, is because they believe they will be better with other countries. We often are unaware of trade’s off by trading. When we consider the alternative— influence on product prices and the quality and each of us producing everything for ourselves—trade availability of the goods we buy. But we all benefit simply makes more sense. from the greater abundance and variety of products and the lower prices that trading with others makes Trade is beneficial because it allows people to possible. Without trade, countries become isolated. specialize, or concentrate their work in the type of The quality of their goods and services lags behind production that they do best.
  • AVAILABLE from a Price Index for Deflation of Academic R&D

    AVAILABLE from a Price Index for Deflation of Academic R&D

    DOCUMENT RESUME ED 067 986 HE 003 406 TITLE A Price Index for Deflation of Academic R&D Expenditures. INSTITUTION National Science Foundation, Washington, D.C. REPORT NO NSF-72-310 PUB DATE 72 NOTE 38p. AVAILABLE FROMSuperintendent of Documents, U.S. Government Printing- Office, Washington, D.C. 20402 ($.25, 3800-00122) EDRS PRICE MF-$0.65 HC-$3.29 DESCRIPTORS Costs; Educational Finance; *Educational Research; Financial Problems; *Financial Support; *Higher Education; Research; Research and Development Centers; *Scientific Research; *Statistical Data ABSTRACT This study relates to price trends affecting research and development (R&D) activities at academic institutions. Part I of this report provides the overall results of the study with limited discussion of measurement concepts, methodology and limitations. Part II deals with price indexes and deflation-general concepts and methodology. Part III discusses methodology and data base and Part IV describes alternative computations and approaches. Statistical tables and charts are included.(Author/CS) cO Cr` CD :w U S DEPARTMENT OF HEALTH EDUCATION & WELFARE OFFICE OF EDUCATION THIS DOCUMENT HASBEEN REPRO DUCED EXACTLY ASRECEIVED FROM THE PERSON OR ORGANIZATION ORIG INATING IT POINTS OFVIEW OR OPIN IONS STATED DONOT NECESSARILY REPRESENT OFFICIALOFFICE OF EDU CATION POSITION OR POLICY RELATED PUBLICATIONS Title Number Price National Patterns of R&D Resources: Funds and Manpower in the United States, 1953-72 72-300 $0.50 Resources for Scientific Activities at Universi- ties and Colleges, 1971 72-315 In press Availability of Publications Those publications marked with a price should be obtained directly from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C.
  • Trade Management Guidelines

    Trade Management Guidelines

    Trade Management Guidelines TRADE MANAGEMENT TASK FORCE Theodore R. Aronson, CFA, Chairman Aronson + Partners Gregory H. Bokach, CFA Damian Maroun American Century Investment Management G.E. Asset Management Corporation Eugene K. Bolton Jean Margo Reid G.E. Asset Management Corporation Paul Richards* Michael H. Buek, CFA Financial Services Authority The Vanguard Group H. Paul Reynolds Richard A. Carriuolo Frank Russell Securities, Inc. R.M. Davis, Inc. George U. Sauter Gene A. Gohlke, Ph.D., CPA* The Vanguard Group U.S. Securities and Exchange Commission Erik R. Sirri Paul S. Gottlieb Babson College Merrill Lynch Wayne H. Wagner Joanne M. Hill Plexus Group Goldman, Sachs & Co. Jessica L. Mann, CFA Donald B. Keim CFA Institute The Wharton School Maria J. A. Clark, CFA Anthony J. Leitner CFA Institute Goldman, Sachs & Co. Ananth Madhavan ITG, Inc. * Observer. 1 CFA INSTITUTE TRADE MANAGEMENT GUIDELINES Recognizing the ambiguities and complexities surrounding the concept of Best Execution,1 CFA Institute Trade Management Task Force has developed the CFA Institute Trade Management Guidelines (Guidelines) for investment management firms (Firms). The recommendations contained herein stem from the obligations Firms have to clients regarding the execution of their trades and provide Firms with a demonstrable framework from which to make consistently good trade-execution decisions over time. The Guidelines formalize processes, disclosures, and record-keeping suggestions that, together, form a systematic, repeatable, and demonstrable approach to seeking Best Execution. It is important to note that the Guidelines are a compilation of recommended practices and not standards. CFA Institute encourages Firms worldwide to adopt as many of the recommendations as are appropriate to their particular circumstances.
  • Does Google Search Index Help Track and Predict Inflation Rate? an Exploratory Analysis for India

    Does Google Search Index Help Track and Predict Inflation Rate? an Exploratory Analysis for India

    Does Google Search Index Help Track and Predict Inflation Rate? An Exploratory Analysis for India By G. P. Samanta1 Abstract: The forward looking outlook or market expectations on inflation constitute valuable input to monetary policy, particularly in the ‘inflation targeting' regime. However, prediction or quantification of market expectations is a challenging task. The time lag in the publication of official statistics further aggravates the complexity of the issue. One way of dealing with non-availability of relevant data in real- time basis involves assessing the current or nowcasting the inflation based on a suitable model using past or present data on related variables. The forecast may be generated by extrapolating the model. Any error in the assessment of the current inflationary pressure thus may lead to erroneous forecasts if the latter is conditional upon the former. Market expectations may also be quantified by conducting suitable surveys. However, surveys are associated with substantial cost and resource implications, in addition to facing certain conceptual and operational challenges in terms of representativeness of the sample, estimation techniques, and so on. As a potential alternative to address this issue, recent literature is examining if the information content of the vast Google trend data generated through the volume of searches people make on the keyword ‘inflation' or a suitable combination of keywords. The empirical literature on the issue is mostly exploratory in nature and has reported a few promising results. Inspired by this line of works, we have examined if the search volume on the keywords ‘inflation’ or ‘price’in the Google search engine is useful to track and predict inflation rate in India.
  • Burgernomics: a Big Mac Guide to Purchasing Power Parity

    Burgernomics: a Big Mac Guide to Purchasing Power Parity

    Burgernomics: A Big Mac™ Guide to Purchasing Power Parity Michael R. Pakko and Patricia S. Pollard ne of the foundations of international The attractive feature of the Big Mac as an indi- economics is the theory of purchasing cator of PPP is its uniform composition. With few power parity (PPP), which states that price exceptions, the component ingredients of the Big O Mac are the same everywhere around the globe. levels in any two countries should be identical after converting prices into a common currency. As a (See the boxed insert, “Two All Chicken Patties?”) theoretical proposition, PPP has long served as the For that reason, the Big Mac serves as a convenient basis for theories of international price determina- market basket of goods through which the purchas- tion and the conditions under which international ing power of different currencies can be compared. markets adjust to attain long-term equilibrium. As As with broader measures, however, the Big Mac an empirical matter, however, PPP has been a more standard often fails to meet the demanding tests of elusive concept. PPP. In this article, we review the fundamental theory Applications and empirical tests of PPP often of PPP and describe some of the reasons why it refer to a broad “market basket” of goods that is might not be expected to hold as a practical matter. intended to be representative of consumer spending Throughout, we use the Big Mac data as an illustra- patterns. For example, a data set known as the Penn tive example. In the process, we also demonstrate World Tables (PWT) constructs measures of PPP for the value of the Big Mac sandwich as a palatable countries around the world using benchmark sur- measure of PPP.
  • RBC International Index Currency Neutral Fund

    RBC International Index Currency Neutral Fund

    RBC International Index Currency Neutral Fund Investment objective Performance analysis for Series A as of August 31, 2021 To provide long-term capital growth, while Growth of $10,000 Series A $21,632 minimizing the exposure to currency 26 fluctuations between foreign currencies and the 22 Canadian dollar, by tracking the performance of its benchmark through investment, primarily, in 18 units of iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged). 14 10 Fund details 6 Load Fund Series Currency 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD structure code A No load CAD RBF559 Calendar returns % 30 Inception date October 1998 Total fund assets $MM 557.8 20 Series A NAV $ 12.90 10 Series A MER % 0.62 0 Income distribution Annually -10 Capital gains distribution Annually -20 Sales status Open Minimum investment $ 500 Subsequent investment $ 25 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Risk rating Medium -12.4 16.4 25.7 5.1 3.6 5.7 14.9 -10.8 22.8 0.4 16.0 Fund Fund category International Equity 2nd 2nd 2nd 1st 4th 1st 3rd 3rd 1st 3rd 1st Quartile Benchmark 100% MSCI EAFE IMI Hedged 100% to 1 Mth 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Since incep. Trailing return % CAD Net Index 2.0 3.5 12.4 28.3 8.3 9.6 9.4 4.6 Fund 4th 4th 1st 1st 2nd 2nd 2nd — Quartile Notes 713 710 699 669 567 430 221 — # of funds in category Fund’s investment objective changed April 9, 2019 and June 30, 2017.
  • World Trade Statistical Review 2021

    World Trade Statistical Review 2021

    World Trade Statistical Review 2021 8% 4.3 111.7 4% 3% 0.0 -0.2 -0.7 Insurance and pension services Financial services Computer services -3.3 -5.4 World Trade StatisticalWorld Review 2021 -15.5 93.7 cultural and Personal, services recreational -14% Construction -18% 2021Q1 2019Q4 2019Q3 2020Q1 2020Q4 2020Q3 2020Q2 Merchandise trade volume About the WTO The World Trade Organization deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. About this publication World Trade Statistical Review provides a detailed analysis of the latest developments in world trade. It is the WTO’s flagship statistical publication and is produced on an annual basis. For more information All data used in this report, as well as additional charts and tables not included, can be downloaded from the WTO web site at www.wto.org/statistics World Trade Statistical Review 2021 I. Introduction 4 Acknowledgements 6 A message from Director-General 7 II. Highlights of world trade in 2020 and the impact of COVID-19 8 World trade overview 10 Merchandise trade 12 Commercial services 15 Leading traders 18 Least-developed countries 19 III. World trade and economic growth, 2020-21 20 Trade and GDP in 2020 and early 2021 22 Merchandise trade volume 23 Commodity prices 26 Exchange rates 27 Merchandise and services trade values 28 Leading indicators of trade 31 Economic recovery from COVID-19 34 IV. Composition, definitions & methodology 40 Composition of geographical and economic groupings 42 Definitions and methodology 42 Specific notes for selected economies 49 Statistical sources 50 Abbreviations and symbols 51 V.
  • Market Briefing: MSCI Currency Indexes

    Market Briefing: MSCI Currency Indexes

    Market Briefing: MSCI Currency Indexes Yardeni Research, Inc. October 1, 2021 Dr. Edward Yardeni 516-972-7683 [email protected] Joe Abbott 732-497-5306 [email protected] Please visit our sites at www.yardeni.com blog.yardeni.com thinking outside the box Table Of Contents TableTable OfOf ContentsContents Figures All Country World MSCI 3 All Country World ex-US MSCI 4 BRIC MSCI 5 Developed Europe MSCI 6 Developed World ex-US MSCI 7 EAFE MSCI 8 Emerging Markets MSCI 9 EM Asia MSCI 10 EM Eastern Europe MSCI 11 EM Latin America MSCI 12 EMU MSCI 13 Europe MSCI 14 Europe ex-United Kingdom MSCI 15 October 1, 2021 / MSCI Currency Indexes Yardeni Research, Inc. www.yardeni.com All Country World MSCI Figure 1. 800 865 750 ALL COUNTRY WORLD MSCI INDEX 815 700 (ratio scale) 10/1 765 650 715 665 600 Local currency 615 550 565 500 US$ 515 450 465 400 415 350 365 300 315 250 265 200 215 yardeni.com 150 165 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Source: MSCI. Figure 2. 1.00 1.00 ALL COUNTRY WORLD MSCI INDEX CURRENCY RATIO (US$ index / local currency index) .95 .95 .90 .90 10/1 .85 .85 .80 .80 yardeni.com .75 .75 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Source: MSCI.
  • APPROACHES to ETHICAL TRADE: Impact and Lessons Learned

    APPROACHES to ETHICAL TRADE: Impact and Lessons Learned

    APPROACHES TO ETHICAL TRADE: Impact and lessons learned by Maggie Burns with Mick Blowfield Approaches to Ethical Trade Page 1 Maggie Burns Table of Contents TABLE OF CONTENTS ...........................................................................................1 EXECUTIVE SUMMARY..........................................................................................4 INTRODUCTION ......................................................................................................7 CONTEXT ................................................................................................................8 Bringing Ethics to Trade........................................................................................8 A Typography of Approaches to Ethical Trade..................................................10 CHANGING THE CLIMATE ...................................................................................11 FROM THE TOP ....................................................................................................13 FROM THE GRASSROOTS ..................................................................................15 DEVELOPING THE TOOLKIT ...............................................................................17 THE IMPACT OF ETHICAL TRADE ......................................................................19 Direct Impact.........................................................................................................19 Indirect Impact......................................................................................................20