PUBLISHER: World Trade Organization (www.WTO.org )
World IG exports grew by 27 per cent year-on-year in the third quarter of 2021, compared to the 47 per cent rise recorded in the second quarter. Trade in IGs, which are inputs used to produce a final product, is an indicator of the robustness of global supply chains.
The product category “Other industrial supplies,” which made up almost half of total IG exports in the third quarter, grew the fastest among all IG categories, rising 38 per cent year-on-year and amounting to US$ 1.225 billion. It comprises IGs such as vaccine products, medical parts and accessories, diagnostic or laboratory reagents, and other medical intermediate goods. The category also includes raw or semi-manufactured metals such as copper cathodes, articles of iron or steel and aluminium. The high growth rate of the category follows a 52 per cent rise recorded in the second quarter.
World exports of transport equipment parts and accessories, however, grew more slowly at 8 per cent year-on-year in the third quarter compared with 69 per cent in the second quarter. The rise in IG exports of ores and minerals also slowed to 16 per cent compared with an average growth of 47 per cent during the first half of the year. This was partly due to falling iron ore prices in September 2021.