The volume of global trade has declined at the fastest annual pace in nearly three years, according to the latest figures revealed by the Dutch Bureau for Economic Policy Analysis, which indicates that “higher interest rates are beginning to affect global demand for goods.”
British newspaper “The Financial Times” reported in its Monday issue, based on the same source, that the volume of global trade decreased by 3.2 percent last July compared to the same month last year, which is the largest decline since the first months of the Corona epidemic in August 2020.
These numbers come in the wake of a 2.4 percent contraction last June, which adds to the evidence indicating that global growth is slowing, according to the newspaper, which highlighted that the shift in export volumes was widespread, as most countries in the world reported a decline in trade volumes in July 2023.
According to the Financial Times, China, the world’s largest exporter of goods, recorded an annual decline of 1.5 percent, while the Eurozone recorded a contraction of 2.5 percent, while the United States recorded a decline of 0.6 percent.
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