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Global trade's recovery from COVID-19 crisis hits record high – New Business Ethiopia


Trade in goods during the first quarter of 2021 was higher than the pre-pandemic level, but trade in services remained substantially below averages.
World trade’s recovery from the COVID-19 crisis hit a record high in the first quarter of 2021, increasing by 10% year-over-year and 4% quarter-over-quarter, according to UNCTAD’s Global Trade Update released on 19 May.
According to the report, the impressive rebound in Q1 2021 continued to be driven by the strong export performance of East Asian economies, whose early success in pandemic mitigation allowed them to rebound faster and to capitalize on booming global demand for COVID-19 related products.
“Global trade has recorded a faster recovery from the recession caused by the pandemic than in the last two trade recessions,” said UNCTAD economist Alessandro Nicita, who worked on the report. ....

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Global trade soars in first quarter, but services still in doldrums


Set to continue
This rebound is expected to continue into the second quarter of the year, with the combined value of goods and services reaching $6.6 trillion.
That’s about three per cent higher than pre-pandemic levels of 2019, said UNCTAD’s Global Trade Update, which also predicted that the economies of China and the United States of America will likely be the main drivers of global growth in coming months.
This should also have positive effects on countries which trade with the US and China, such as East Asian countries, Canada and Mexico, the UN body said, adding that the COVID-19 crisis is expected to continue disrupting trade in many developing countries “at least throughout 2021”. ....

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Global trade soars in first quarter, but services still in doldrums

Global trade soars in first quarter, but services still in doldrums
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