New Global Trade Tracker from Hamburg Commercial Bank
- China and US fuel global trade
HAMBURG/GERMANY – 18 April 2024 – Hamburg Commercial Bank (HCOB) has developed a new tracker that captures developments in real global trade on a monthly basis. The “HCOB Global Trade Tracker” comprises export and import data from 81 countries, which are processed to determine regional trends and identify the biggest growth drivers. The comprehensive country data collected by the national statistical offices are also aggregated into a reliable global trade indicator.
”In February 2024, global trade increased by a robust 1.2% compared to the previous month, with the two largest economies, China and the US, driving global trade in particular. We expect a similarly dynamic development in March,” says Dr Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank. “This is also good news for the shipping industry, which transports the majority of internationally traded goods,” adds Jan-Philipp Rohr, Head of Shipping at Hamburg Commercial Bank.
The development of global imports and exports is particularly important for the German economy, which is heavily dependent on international trade. This is because an increase in trade volumes not only benefits local exporters, but also the entire logistics sector, such as ports, freight transport companies and service providers. The new HCOB Global Trade Tracker provides timely information and makes it possible to identify economic trends at an early stage. This allows protectionist developments and the impact of supply chain disruptions in global trade to be quantified at an early stage.
The HCOB Global Trade Tracker is available very promptly. For example, an initial estimate is already available for March and a broadly based data collection of global trade is available for February. The data for the HCOB Global Trade Tracker is collected by the respective national statistical offices. This nominal data is being price adjusted with corresponding price indices for exports and imports. Data from the IMF and the World Bank are also used for long-term forecasts. The new HCOB Global Trade Tracker will be published in the first half of each month.
Please find here the current HCOB Global Trade Tracker.
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