The World Trade Organization (WTO) released a report on March 31st stating that global trade performed better than expected last year, and is projected to continue its rebound this year, with global merchandise trade volume growing by 8.0% and 4.0% in 2021 and 2022, respectively.

According to the WTO's annual "Global Trade Data and Outlook" report released that day, North America will be the main driver of global merchandise trade demand in 2021, influenced by factors such as the large-scale fiscal stimulus policies in the United States; Asia's export volume is expected to grow by 8.4%, making it one of the fastest-growing export regions globally.

The report shows that global merchandise trade volume declined by 5.3% in 2020 due to the COVID-19 pandemic, but this performance was better than the WTO's October forecast of a 9.2% decline. The WTO believes that positive news regarding COVID-19 vaccines, fiscal and monetary policies implemented by many economies, and effective pandemic control measures implemented by Asian economies such as China to curb economic decline have boosted global trade demand and prevented a more severe recession in global trade.

Specifically, in 2020, Asia was the only region to maintain positive growth (0.3%) in merchandise exports, while China became the world's largest exporter and the second-largest importer after the United States, accounting for 11.5% and 14.7% of global trade, respectively.

WTO Director-General Ngozi Okonjo-Iweala stated at a press conference that day that keeping international markets open is crucial for economies to recover from this crisis, and that rapid and equitable access to COVID-19 vaccines globally is a prerequisite for a strong and sustainable recovery.

She indicated that if large numbers of people and many countries cannot access sufficient COVID-19 vaccines, it will dampen global economic growth and could reverse the trajectory of global health and economic recovery. The international community must fully utilize the power of trade to expand access to vaccines.