A joint report from 36 international agencies indicates that global trade suffered a drop of 3% because of the new coronavirus. In a statement, released this Wednesday (13), the United Nations Conference on Trade and Development, Unctad, states that the downward trend, recorded from January to March, is expected to increase in the coming months, reaching a reduction of up to 27% from quarter to quarter.
The report of the Commission for Coordination of Statistical Activities is the result of the collaboration of international and national statistical organizations and systems, coordinated by Unctad. Unctad chief Mukhisa Kituyi said governments are under pressure to make decisions for recovery from the pandemic.
But according to him, these decisions have to be based on data. He recalled that the agency has played a central role in compiling statistics and information relevant to the response to COVID-19.
The drop in the price of a barrel of oil led to a reduction of more than 20% in the price of commodities in March. But according to Unctad, the downward trend has been occurring since December. The Unctad Price Index for Free Market Commodities, Fmcpi, measures the movement of basic commodities exported by developing countries.
The price of fuel, which dropped 33.2% in March, led to the fall. Minerals, metals and agricultural and food materials were reduced by less than 4%.
This is the biggest drop in commodity values since the 2008 global financial crisis. At that time, the declining trend lasted six months. Unctad analysts say that this time, the global trade situation remains uncertain.
Before COVID-19, international market volume had shown modest signs of recovery since the end of 2019. The UN agency said the situation is changing rapidly and that it will continue to monitor developments in global trade.
Source: DATAGRO
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