World trade volumes fell at their fastest annual pace for almost three years in July, according to closely watched figures that signal rising interest rates are beginning to impact global demand for goods.
Trade volumes were down 3.2 per cent in July compared with the same month last year, the steepest drop since the early months of the pandemic in August 2020.
The latest World Trade Monitor figure, published by the Netherlands Bureau for Economic Policy Analysis, or CPB, followed a 2.4 per cent contraction in June and added to evidence that global growth was slowing.
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