Global merchandise trade volumes are expected to nosedive in the first half of 2020, as the earlier trade slump was made worse by the ongoing crisis, the World Trade Organization (WTO) has said.
The global body’s goods trade barometer (GTB) on Wednesday hinted at further weakening of trade volumes in H2CY20. WTO trade statistics show that the volume of world merchandise trade shrank by 0.1 per cent in 2019, marking the first annual decline since 2009. This was markedly worse in late 2019.
India’s exports contracted by a record 60.28 per cent in April to $10.36 billion, shrinking for the second straight month, as the lockdown took its toll on trade. The rate of fall in outbound trade was the most since at least April 1, 1995, as manufacturing units remained shut for the first 20 days owing to the nationwide curbs, and faced major logistics and supply-side hurdles later on.