The volume of global merchandise trade fell 14,3% in the second quarter of 2020 from the previous period as COVID-19 containment measures hit economies around the world, the World Trade Organization (WTO) said.
I agree with you published data As of Wednesday (23.09.2020), this contraction in trade is more pronounced than the 10,2% reduction recorded during the financial crisis between the third quarter of 2008 and the first quarter of 2009.
The steepest declines were recorded in Europe (-21%) and North America (-20%), while Asia was relatively less affected (-7%).
According to the WTO, the nominal dollar value of merchandise trade also plummeted in the second quarter, falling 21 percent year-on-year.
In terms of monthly performance, the dollar value of world merchandise trade fell by 23 percent in April year-on-year and by 26 percent in May.
The contraction in June was 10 percent and in July, merchandise trade continued to weaken by -9 percent.
The Geneva-based body clarified that The monthly estimates are based on data from 72 economies representing 92 percent of global merchandise trade.
However, the report states that The decline in world trade in services was more pronounced, falling 29 percent year-on-year in both April and May, 24 percent in June and 22 percent in July.
In the seventh month of the year, he added, exports of services from North American economies fell by 30 percent.
China's services exports, he added, stopped declining, reflecting the divergent trajectory of the pandemic across regions.
In relation to services, the WTO analyzed preliminary statistics from 38 economies representing more than two-thirds of the world economy for this type of trade, the report concludes.
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
