UN: Value of global trade set to fall by 7-9% in 2020 due to COVID-19 pandemic
|According to the latest report published by the United Nations Conference on Trade and Development (UNCTAD), global trade rebounded in the third quarter but the outlook remains uncertain amid COVID-19 pandemic-induced economic disruptions.
Key takeaways
“The value of global trade is set to fall by 7% to 9% in 2020 from the previous year, despite signs of a fragile rebound led by China in the third quarter.”
“Global trade recovered somewhat in the third quarter, when it was estimated at about 4.5% less than in the same period a year ago.”
“Trade in home office equipment and medical supplies has increased in Q3, while it further weakened in the automotive and energy sectors.”
“Its preliminary forecast put year-on-year growth for Q4 2020 at 3% less.”
"Overall, the level of Chinese exports for the first nine months of 2020 was comparable to that of 2019 over the same period."
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