UN REPORT ON PANDEMIC IMPACTS ON INTERNATIONAL TRADE
The UNCTAD has recently published a report on key statistics and trends in international trade in 2021, focusing on the effects of the COVID-19 pandemic. The report indicates that trade trends for 2020 have been greatly influenced by the COVID-19 pandemic, with economic disruptions resulting in a decline in international trade in goods and services of about 10%. Trade in services, in turn, declined considerably more than trade in goods. Available data for 2021 indicates that trade strongly rebounded during 2021, with the value of merchandise trade considerably surpassing its 2019 values.
The report states that overall, COVID-19 reinforced the volatile pattern of global trade observed during the last 15 years. The effects of the COVID-19 economic downturn on global trade have been remarkable due to their rapidity and intensity, both in relation to the decline and to the rebound.
Source: UNCTAD