- Posted by Marina
A joint report from 36 international agencies indicates that global trade has fallen by 3% because of the new coronavirus. In a statement, released on Wednesday (13), the United Nations Conference on Trade and Development, Unctad, states that the downward trend, registered from January to March, should be accentuated in the coming months, reaching a reduction of up to 27% from quarter to quarter.
The report of the Commission for the Coordination of Statistical Activities is the result of the collaboration of international and national organizations and systems of statistics, coordinated by Unctad. Unctad chief Mukhisa Kituyi said that governments are under pressure to make decisions to recover 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 fuels, which fell 33.2% in March, pulled the fall. Minerals, metals and agricultural and food materials decreased by less than 4%.
This is the biggest drop in the value of commodities since the 2008 global financial crisis. At that time, the downward trend lasted six months. Unctad analysts say that this time, the global trade situation remains uncertain.
Before COVID-19, the volume of the international market has 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.