7 February 2023
Canadian Custom Brokerage

Global exports of intermediate goods post sustained growth in second quarter of 2022

The World Trade Organization (WTO) reports that global exports of intermediate goods (IGs) grew 4% year-on-year in the second quarter of 2022 to US$ 2.5 trillion, driven by the increase in shipments of intermediate food products.

The overall growth, while slower than the increase recorded in the same period a year ago, continues to indicate stable activity in global supply chains.

The share of IGs in total trade (excluding fuels) remained at 50% in the second quarter of 2022, a ratio that has remained constant over the last decade. IGs refer to inputs used to produce a final product and are an indicator of the activity in global supply chains. In comparison, world IG exports grew by 47% year-on-year in the second quarter of 2021.

The product category “IG food and beverages” largely contributed to trade growth within supply chains, rising 20% year-on-year and amounting to more than US$ 120 billion.

World exports of “Other industrial supplies” covering a wide range of manufacturing inputs such as metal structures, electrical conductors, and medical products rose 9% while the exports of transport parts and accessories grew 1%.

World exports of ores, precious stones and rare earths, however, fell 11% year-on-year in the second quarter of 2022, reflecting the decline of iron ore prices. Imports of iron ores from Australia were among the major declines (-25%). World exports of IG parts and accessories, excluding transport equipment, dropped by 1%.

Source: WTO

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