World trade has clawed back ~75% of lost ground

At its trough, in May, world trade fell 17% below its December 2019 level. Data released today show that, by July, world trade had made up two thirds of the lost ground, standing at 6.6% below its December peak. Given the encouraging signs from the timely hard data and survey evidence, we suspect that trade is currently three quarters of the way back to its pre-virus level.

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