World Trade sees a boost in October

Imports and Exports | | MIC Customs Solutions |

There was an increase in global trade last month, data has shown.

New data has shown that there was a boost to global trade in October, with emerging economies demonstrating the best results.

Kuehne + Nagel's latest World Trade Indicator (WTI) report said trade had grown by 8.1 per cent year-on-year last month.

Breaking the numbers down, emerging markets enjoyed growth of 14.6 per cent (compared to 11.5 per cent in 2017) while advanced economies could only manage 5.2 per cent, a dip from the 6.6 per cent witnessed in 2017.

Interestingly, Latin America boasted the strongest growth with an increase of 12.9 per cent.

On the other side of the world, Europe remained sluggish and proved to be the slowest growing major region, perhaps due to the uncertainty surrounding Brexit negotiations.

With regard to foreign trade, South Korea and India grew the most in October, by 25.1 and 18 per cent year-on-year, respectively.

In the UK, US, France and Japan, the figures showed that foreign trade had fallen.

Commenting on the new data, Kuehne + Nagel said: "The trends in trade balances (exports minus imports) based on the latest forecasts of LogIndex AG signal a worsening of existing deficits in Canada, United Kingdom, India, Japan, Sweden and the United States."

The news comes after figures showed that India's trade deficit widened to $18 billion in July, the highest figure in more than five years. The country is a big importer of everything from gold to oil.