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COVID-19 drives large international trade declines in 2020 | Hellenic Shipping News Worldwide

COVID-19 drives large international trade declines in 2020 According to UNCTAD’s latest nowcasts (run on 8.12.2020), the value of global merchandise trade is predicted to fall by 5.6% in 2020 compared with last year. This would be the biggest fall in merchandise trade since 2009, when trade fell by 22%. This is a significantly more optimistic nowcast than only a few weeks ago when UNCTAD nowcasts were estimating a fall of 9%. The nowcasts – data-led projections for the immediate future – were published today as part of UNCTAD’s comprehensive annual Handbook of Statistics for 2020, which presents the statistical landscape for 2019 with nowcasts for 2020. The predicted decline in services trade is much greater, with services likely to fall by 15.4% in 2020 compared with 2019. This would be the biggest decline in services trade since 1990, when this series began. In 2009, following the global financial crisis, services trade fell by 9.5%.

Pandemic to Slash 5.6 Percent of Global Trades in 2020

Unctad sees 5.6pc fall in merchandise trade - Newspaper

ISLAMABAD: The latest nowcasts released by UN Conference on Trade and Development (Unctad) on Wednesday showed that the value of global merchandise trade is predicted to fall by 5.6 per cent in 2020 as compared with last year. This would be the biggest fall in merchandise trade since 2009, when trade fell by 22pc. This is a significantly more optimistic nowcast than only a few weeks ago when Unctad nowcasts were estimating a fall of 9pc. The nowcasts data-led projections for the immediate future were published as part of Unctad’s comprehensive annual ‘Handbook of Statistics for 2020’, which presents the statistical landscape for 2019 with nowcasts for 2020.

Covid 'to trigger 5.6% fall in global trade in 2020'

The coronavirus pandemic is expected to trigger a 5.6% decline in the value of global merchandise trade in 2020 compared with last year, marking the biggest fall in merchandise trade since 2009, when trade fell by 22%, a report said.