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WTO: Strong trade growth not in sight amid continued weakness

The global goods trade is expected to continue to languish in the third quarter amid prolonged tensions between the world's key players, a report from the World Trade Organization showed.

The WTO's Goods Trade Barometer, which replaced the World Trade Outlook Indicator, came in at 95.7, lower than the prior 96.3 print and the baseline value of 100 as all components registered below-trend readings, including export orders, automobile production and sales, and agricultural raw materials.

The weak reading suggests that the volume of world merchandise trade, which grew 1.2% in the first quarter compared to a 4.0% expansion a year ago, will likely stay below its medium-run trend into the three months to September, the WTO said. It also indicates that "stronger trade growth is not yet in sight."

The WTO will launch a separate Services Trade Barometer in September.

In April, the Geneva-based body significantly scaled back its global trade growth outlook for 2019 amid unresolved U.S.-China trade tensions.