Global trade to dip 27% in second quarter after April 'nosedive': UNCTAD

China appeared to have 'fared better' than other major economies, with exports growing by 3% in April

International trade is set to plunge by 27% in the second quarter and by 20% for the year, as major sectors, including the automotive and energy industries, collapse from the effects the pandemic, a United Nations agency said on Thursday.

"Assuming persisting uncertainty, UNCTAD forecast indicates a decline of around 20% for the year 2020," the U.N. Conference on Trade and Development said in a report. "Trade in the automotive and energy sector collapsed while trade in agri-food products has been stable."

Trade in developing countries appears to have