Global trade fell 3% in Q1 of 2020 due to Covid-19; may slide further: UN

The downturn is expected to accelerate in the second quarter, with global trade projected to record a quarter-on-quarter decline of 27%

The coronavirus pandemic has led to a three per cent drop in global trade in the first quarter of 2020 and this downturn is expected to accelerate in the next quarter to project a whopping quarter-on-quarter decline of 27 per cent, the UN trade body has warned.

The United Nations Conference on Trade and Development (UNCTAD) said in a report that the drop in global trade was accompanied by marked decreases in commodity prices, which have fallen precipitously since December last year.

The report is a product of cooperation between the international statistics community and national statistical offices and systems around the