Trade volumes vs. values: different measures yield different results.
There are two measures of trade in goods. One is the sheer amount, or the volume, of goods. The other is the value; i.e., the volume of goods times their price. Comparing those two measures, the chart shows that in the early months of 2024, world trade by volume rose, even as values declined. The reason: Prices of energy and other commodities were lower than a year earlier, pushing down values. The chart also shows that middle-income economies drove the growth in trade volumes, led by India and East Asia. By contrast, trade declined among advanced economies, especially in Europe.
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