You are here: Home » International » News » Economy
Business Standard

Global merchandise trade volumes likely to nosedive in H1, says WTO

The global body's goods trade barometer (GTB) on Wednesday hinted at further weakening of trade volumes in H2CY20.

Topics
merchandise trade | Global Trade | Lockdown

Subhayan Chakraborty  |  New Delhi 

Trade policy
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.

Global 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 shrank by 0.1 per cent in 2019, marking the first annual decline since 2009. This was markedly worse in late 2019.

ALSO READ: Coronavirus LIVE: More than 2 million have recovered from virus globally

“The seasonally-adjusted volume of world in Q4 was down 1 per cent year-on-year, and 1.2 per cent compared to the previous quarter. Growth was held back by persistent trade tensions and by slowing economic activity in major economies,” the WTO said. Uncertain business conditions, fuelled by protectionism, further reduced export orders in key sectors.

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 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.

First Published: Thu, May 21 2020. 02:31 IST
RECOMMENDED FOR YOU