The recovery in global trade will slow in the first quarter of 2021.
This is stated in a UN report published on Wednesday, February 10.
After restrictions led to a 15% contraction in trade in the first half of 2020, it rebounded in the second. This was mainly due to developing countries, especially in East Asia, where merchandise trade grew 12% in the fourth quarter compared to the same period last year.
“East Asian economies are spearheading the recovery with strong export growth and increased global market share”, – the UN Conference on Trade and Development said in a report.
Also, growth in most manufacturing sectors recovered in the fourth quarter of 2020, with the exception of energy and transport.
In the first quarter of 2021, the UN predicts a decrease in trade in goods by 1.5% compared to the previous quarter and a fall in trade in services by 7%.