China, Asia to fill bulk of surging US demand for goods in 2021 as global trade rebounds from coronavirus, WTO says

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.

“In addition, many businesses and households adapted to the changing circumstances, finding innovative ways to sustain economic activity in the face of health-related restrictions on mobility,” the WTO said in its forecast.

“Effective management of the pandemic limited the extent of the economic downturn in China and other Asian economies, allowing them to continue importing. These actions helped prop up global demand and may have prevented an even larger trade decline.”