Signs of recovery in global trade since August 2020

The latest update of global freight data collected by the International Transport Forum at the OECD for the period including June 2021 shows the following:

• The impact of the pandemic was evident between April and July 2020, reflected in dramatically lower air and sea freight volumes in the US and EU27.
•  In May 2021 air freight volumes, considered as a lead indicator for overall economic performance, were 48% higher than in June 2008 in the EU27, while in June 2021 they were 12% higher in the US.
•  Exports by air were the first to drop, falling between April and July 2020 in both the United States and the EU27. Airborne exports to BRICS and also to Asia still held up during the crisis.
•  Surface freight volumes were not significantly impacted by the Covid 19 pandemic.