Global trade: Is the worst over?

Despite the general nervousness, 2020 could see global trade tick up. That said, growth is expected to still linger in the slow zone, at 1.7 percent. What's the surprise though? A superficial 'mini-deal' between the U.S. and China, a slowdown in trade in services and a busy political year in 2020 leave little room for a sizable improvement.

Things could get better for both China and the U.S. Chinese and American exporters are expected to see trade gains of $90 billion and $87 billion, respectively - roughly half of the 2018 numbers but recovering some of the loss estimated for this year. The winds are not blowing in the favor of Germany and the UK. Next year could be more troublesome if the U.S. slaps higher tariffs on their cars.

Among industries, the better-offs will be software and information technology services, agrifoods and chemicals with export gains of $62 billion, $41 billion and $37 billion, respectively. The sufferings of electronics, metals and machinery and equipment won't end. They are expected to take a hit of $47 billion, $42 billion and $27 billion, respectively.