US tops October global trade friction index, China-related disputes remain high

The China Council for the Promotion of International Trade (CCPIT) released its October global trade friction index during a press conference today (Dec. 27), highlighting that the global index remained elevated at 102. Notably, the US recorded the highest trade friction index globally and the largest monetary impact from trade friction measures. 

According to CCPIT spokesperson Sun Xiao, while the global trade friction index remained high, the monetary value of trade friction measures globally decreased by 10.3% year-on-year and 7.4% month-on-month in October.

Key findings:

• By Country: Among the 20 monitored countries and regions, the US, India, and Brazil ranked as the top three in terms of global trade friction indices. The US accounted for the highest monetary value of trade friction measures.
• By Industry: Out of 13 major industries, the electronics sector saw the highest trade friction index. 
• By Measure: In October, 20 monitored countries and regions implemented 18 import and export tariff measures, initiated 28 trade remedy investigations, and submitted 150 notifications to the WTO regarding Technical Barriers to Trade (TBT) and Sanitary and Phytosanitary measures (SPS). Additionally, 15 import/export restrictions and 214 other restrictive measures were introduced.

China-specific trade frictions:

The report revealed that 19 countries and regions recorded a China-related trade friction index of 118, which remained at a high level. The US ranked highest in this category. The monetary value of China-related trade friction measures rose by 10.3% year-on-year but declined by 7.8% month-on-month. Industries such as electronics, machinery, transportation equipment, and light manufacturing were most affected by trade frictions involving China.

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