COVID-19 drives large global trade decline in 2020

Services sector remains hardest hit by the coronavirus pandemic.

According to UNCTAD’s latest figures (8 December), 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 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%.

UNCTAD’s quarterly International Trade in Services Bulletin, which contains the latest detailed information, shows that this plunge has been driven by a considerable decline in travel, transport and tourism activity.

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp
Share on email
Editor

Editor

A team of dedicated journalists whose mission is to advocate for ethics and transparency in the maritime industry.

More Stories from Maritime Fairtrade

Digital skills are in hot demand

Digital skills are in hot demand

Hiring workers with digital skills has grown substantially in the last three years across the APEC region, according to a recent report highlighting the gap

Donate to Maritime Fairtrade

Your support helps sustain our extraordinary level of research and publication, enabling millions of readers to learn more about the maritime industry and make informed decisions. Thank you for your support.

This is a secure webpage.
We do not store your credit card information.