Africa and South and Central America increased their exports of raw materials in the third quarter of 2021, the World Trade Organization (WTO) reported on Friday.
In general, all regions of the world registered increases and exceeded the export levels of intermediate goods of 2019 before the Covid-19 pandemic struck.
But Africa and South and Central America continued to experience the highest growth in exports of intermediate goods.
In the third quarter, Africa registered an increase in its exports of intermediate products by 42%, as several economies in the region intensified their supply of raw materials to international production chains.
For example, South Africa saw increases of 226 and 195%, respectively, in its rhodium and iron ore exports, while Ghana‘s cocoa bean exports reached $1.6 billion.
Raw Materials
Exports of intermediate products from South and Central America increased 45%, driven by increases in exports of iron and copper minerals (73%) and soybeans (41 percent).
Intraregional trade in intermediate goods in South and Central America grew the most among all regions (56 percent).
In the big picture, world exports of intermediate goods continued to rise in the third quarter of 2021, albeit at a slower pace than the previous quarter, according to the WTO report.
Higher traded inputs for medical and metal products and increases in all regions helped drive export growth.
Supply chains
World exports of intermediate goods grew 27% year-on-year in the third quarter of 2021, compared to a 47% increase in the second quarter.
In particular, trade in intermediate goods, which are inputs used to produce a final product, is an indicator of the strength of global supply chains.
On the one hand, Belgium, which counts vaccine products as its most traded intermediate product, recorded the highest growth, achieving a 46% increase in exports of intermediate goods in the third quarter after a 64% increase in the second. trimester.
Meanwhile, China’s exports of intermediate goods grew 36% and the country continues to obtain the largest share of world exports of intermediate goods.
For the third consecutive quarter, India had the highest growth in imports of intermediate goods (65%), mainly due to the upward momentum of non-monetary gold imports (161% growth).
