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."