Global trade volume estimated to contract 18.5% in Q2 of 2020: WTO

International trade volume shrank 3% in Q1, annual forecast close to 13% fall

After shrinking 3 per cent in the first quarter of 2020, global trade volumes are set to contract by up to 18.5 per cent in the second quarter due to the Covid-19 pandemic, the World Trade Organization (WTO) said on Monday.

Initial estimates for the second quarter, when the virus and associated lockdown measures affected a large share of the global population, indicate continuing challenges across sectors. However, the WTO said global trade volumes in 2020 seem closer to contracting by 13 per cent and not the worst case scenario of 32 per cent indicated initially.

“Looking ahead to 2021, adverse developments,