❗️🌐World Trade Posts Largest Decline Since Covid: Cable FX Macro

• The CPB World Trade Monitor, produced by the Netherlands Bureau for Economic Policy Analysis (CPB) on behalf of the European Commission, tracks global trade volumes with a lag of about two months.

• World merchandise trade volumes contracted by 2.1% M/m in March as regional disruptions took toll; this is the largest one-month decline since the Covid crisis. Imports from Africa and the Middle East plunged 11.2% while exports contracted by 32.3% due to the ongoing war in the Gulf region.

• Advanced economies posted a positive performance in March, the Eurozone and the U.S. saw imports grow by 2.7% and 2.6%, respectively. China's March imports figure posted an uptick of 3.6%.