China, Asia to fill bulk of surging US demand for goods in 2021 as global trade rebounds from coronavirus, WTO says
- North America will drive demand in merchandise trade this year, with US imports set to rise by 11.4 per cent after tumbling 6.1 per cent last year, the World Trade Organization (WTO) says
- Most demand for imports will be met by producers in China and across Asia, where exports are expected to grow by 8.4 per cent this year
The United States and the rest of North America will be the biggest importers of goods this year while China and other Asian economies will lead the way in supplying them, the World Trade Organization (WTO) said.
Europe and South America will also see an increase in imports, but not as much as North America.
In turn, most of the demand for goods will be met by producers in Asia, where exports are expected to grow by 8.4 per cent this year, with China to account for most. the WTO said. European exports will increase nearly as much, while shipments from North America are tipped to rise by 7.7 per cent.
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A better than expected recovery in trade late last year, aided by the arrival of Covid-19 vaccines in November, helped boost the positive trajectory, although full recovery will be uneven and could suffer setbacks due to new outbreaks, the Geneva-based trade body added.