WTO: Global Trade Is Expected To Decline By 13% -32% In 2020
On April 8 local time, the WTO released the report "Global Trade Data and Outlook". According to the report, due to the new pandemic pneumonia epidemic, global merchandise trade is expected to decline by 13% -32% in 2020, and will recover in 2021. Almost all regions will experience double-digit declines in trade volume. Exports in North America and Asia will be hit hardest. Industries with complex value chains, especially electronics and automobiles, may experience a sharper decline in trade. The report pointed out that in 2019, merchandise trade volume has fallen by 0.1%, total merchandise exports fell by 3% to 18.89 trillion US dollars, and total commercial service exports increased by 2% to 6.03 trillion US dollars. WTO Director General Azevedo said that the current decision will affect future recovery and growth expectations, and may achieve a rapid and strong rebound.