KuwaitPR.com, Online Press Release from Kuwait
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
COVID-19 Triggers Marked Decline in Global Trade: UNCTAD
• Global trade values fell 3% in the first quarter of 2020
• An estimated quarter-on-quarter decline of 27% is expected in the second quarter
• Commodity prices fell by a record 20% in March, driven by steep drops in oil prices 
 
13 May 2020:  The coronavirus pandemic cut global trade values by 3% in the first quarter of this year, according to the latest UNCTAD data published in a joint report by 36 international organizations.
 
The downturn is expected to accelerate in the second quarter, with global trade projected to record a quarter-on-quarter decline of 27%, according to the report by the Committee for the Coordination of Statistical Activities (CCSA).
 
The report is a product of cooperation between the international statistics community and national statistical offices and systems around the world, coordinated by UNCTAD.
 
“Everywhere governments are pressed to make post-COVID-19 recovery decisions with long-lasting consequences,” UNCTAD Secretary-General Mukhisa Kituyi said.
 
“Those decisions should be informed by the best available information and data. I’m proud that UNCTAD has played a central role in bringing so many international organizations together to compile valuable facts and figures to support the response to the pandemic.”
Commodity prices falling too 
According to the report, the drop in global trade is accompanied by marked decreases in commodity prices, which have fallen precipitously since December last year.
 
UNCTAD's free market commodity price index (FMCPI), which measures the price movements of primary commodities exported by developing economies, lost 1.2% of its value in January, 8.5% in February and a whopping 20.4% in March.
Plummeting fuel prices were the main driver of the steep decline, plunging 33.2% in March, while prices of minerals, ores, metals, food and agricultural raw materials tumbled by less than 4%.
 
The more than 20% fall in commodity prices in March was a record in the history of the FMCPI. By comparison, during the global financial crisis of 2008, the maximum month-on-month decrease was 18.6%.
At that time, the descent lasted six months. Worryingly, the duration and overall strength of the current downward trend in commodity prices and global trade remain uncertain.
 
Before the COVID-19 pandemic sent international commerce into a tailspin, global merchandise trade volumes and values were showing modest signs of recovery since late 2019.
 
Situation changing rapidly
The UNCTAD nowcasts featured in the report incorporate a wide variety of data sources, capturing diverse determinants and indicators of trade, but the situation is changing rapidly.
 
“In this time of crisis, we are putting out the facts as we know them today. We’ll continue monitoring the global trade landscape as it evolves,” said UNCTAD's chief statistician, Steve MacFeely.
 
“I’m delighted the international statistical community could step up, mobilize quickly and publish such a useful and fascinating report. It was a great honour for UNCTAD to lead this endeavour.”
 
Next, UNCTAD will release a new monthly trade nowcast, which will provide quarterly nowcasts for merchandise trade.
It is also revamping its existing Trade-in-Services bulletin that monitors the latest trends in global trade in services. Future editions will include a nowcast for the latest quarter.

Posted by : Kuwait PR Network Editorial Team
Viewed 5743 times
PR Category : Banking & Investments
Posted on : Wednesday, May 13, 2020  5:21:00 PM UAE local time (GMT+4)
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories

 
 
Most Viewed Press Release posted in the last 7 days
Global Innovations Partnered with Hotelbeds [15723-Views]
This Festive Season, It's All About Gifting and Loving [14686-Views]
The #sephorasquad Applications Are Now Closed [14071-Views]
Get Your Own Multi GDS Booking Engine [11923-Views]
Eid Gifts From The Body Shop [11869-Views]
Is your Business Ready to Face Pandemic and Pandemic Like Situation? [11734-Views]
Make Up for Ever Introduces for the First Time Its New Active Care-in-foundation to Revive Tired Ski... [11136-Views]
My Salah Mat ɡ ... [10148-Views]
UD Trucks Extends Vehicle Warranties During the Covid-19 Lockdown Period in the MEENA Region [9483-Views]
Olay Eyes Hydra Gel [8692-Views]
Maillon De Cartier Watch [7519-Views]
Kristina Fidelskaya A/W 2020 Collection Dream [7232-Views]
LG Prioritizes Home Comfort With Latest Air Conditioners for GCC Market [6486-Views]
Ralph Lauren Expands Its Earth Polo Offering, Reinforces Commitment to Protecting the Environment [5818-Views]
COVID-19 Triggers Marked Decline in Global Trade: UNCTAD [5670-Views]
UAE Banks Among Top Performing in GCC, KPMG Report Finds [5305-Views]
Made in Italy, ICSA Issues a Notification of Counterfeit Products Found in the Kingdom of Saudi Ara... [4719-Views]
HONOR MagicBook Series is Perfect for Fashion Forward, Design Conscious Individuals Across the Middl... [4670-Views]
Omega Announces Its Role as the Official Timekeeper of the 36th America's Cup [3173-Views]
Burgan Bank Holds its 54th Annual General Assembly Meeting [2903-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories