The decline in global goods trade volumes caused by the Covid-19 pandemic appears to have been less drastic than predicted by the World Trade Organization (WTO) in late 2020, with export growth in Asia during the second half of the year matched by increased demand from other markets. In its most recent goods trade barometer, the WTO says growth in trade volumes remained strong in the fourth quarter of 2020, after a stronger-than-anticipated rebound during Q3. The UN Conference on Trade and Development (UNCTAD) previously reported there were signs of a “frail recovery” in Q3, led by surging exports from China, after a major slump in Q2 caused by virus containment measures put in place across the world. The WTO confirms that trend, and says it now appears that the revival of economic activity across Asia was matched with an increase in imports in North America and Europe. Overall goods trade volumes in Q3 were still 5.6% lower than during the same period in 2019, but the organisation says: “These declines, while still very large, are less severe than many analysts feared at the start of the pandemic. “The WTO’s most recent trade forecast of October 6, 2020 predicted a… continue reading
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Source: CTRM Center