Official data showed that world trade rose slightly in April and limited data for May suggest that it probably rose further as disruptions from lockdowns in China eased. But weaker global final demand for goods, due to a gradual normalisation in spending patterns, lower real incomes, and higher interest rates, will be a headwind to world trade in the coming months. And although shipping costs remain elevated, the sharp fall in spot freight rates tentatively points to some easing of inflationary pressures for goods.
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