Vehicle Sales Pump Up Global Trade
WTO says EV demand is stoking bigger gains for auto sales, production and electronic components.
Report says rising global demand for electric vehicles is behind the increase in automotive sales and production and in electronic components.
IMAGE: Pexels/Pixabay
Automotive sales, particularly the electric kind, strengthened by reviving inventory after the pandemic-era tightening, have in turn buoyed global goods trade.
The most recent World Trade Organization Goods Trade Barometer, which gives an early picture of merchandise trade related to recent trends, indicates trade is rising close to its baseline value of 100.
The WTO said in its index report that the reading shows trade volume has been gradually moving toward its medium-term trend in the second half of the year. It warned, though, that mixed economic signs and geopolitical tensions could interrupt the rise.
The organization said increasing global demand for electric vehicles is behind the increase in automotive sales and production, with an index value of 110, and in the No. 2 trade grower, electronic components, not far behind at a value of 109.8.
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