Global trade continues to grow but at a slower pace, according to the DHL Global Trade Barometer.
This worldwide trade decline is attributable to declines in both containerised ocean freight and international air. All index countries but Korea are seeing a decline in ocean trade. The air trade outlook is going down in every index country.
This deceleration will be particularly strong in Asia, excluding China, with index values for India, Japan and South Korea dropping by eight, six and five points respectively compared to the previous GTB in September. India continues to be the country with the strongest trade growth forecast.
“The DHL Global Trade Barometer clearly shows that the state of global trade remains solid. Both, air and ocean trade, continue to grow around the world,” said DHL Global Forwarding, CEO of freight Tim Scharwath.
Trade growth in the US and China remains solid. “However, given the smouldering trade conflicts, especially between the US and China, and economists’ expectations that the global economy could cool down, it is not entirely surprising that trade momentum has weakened slightly,” adds Scharwath.