Jan 20, 2022

Mawazo Writing Africa

Writing about the main

Global trade shows signs of recovery

The value of trade in goods rose slightly in 2021, but remained below pre-Covid levels, according to a new report from the United Nations Conference on Trade and Development (UNCTAD).

The UNCTAD’s Handbook of Statistics 2021 shows that the value of global trade in goods rose sharply by 22.4 percent this year compared to 2020.

According to the trade authority, the strong growth will increase the value of world trade increase in goods by around 15 percent higher than before the Covid 19 pandemic.

“Global trade in goods recovered quickly and exceeded its pre-crisis level by the end of 2020,” it said.

For global trade in services, it was expected that the recovery path of the first six months of 2021 will continue strongly into the third quarter of 2021.

6 percent for 2021, after a sharp decline i In 2020, “said UNCTAD.

The report does not reflect the potential impact of the new Omicron variant.

In the data released this month, South Africa leads in value among exporting countries with an annual growth rate of -4.6 percent, followed by Morocco (-6.8 percent.). ). 20%, while exports of corporate, intellectual property, financial and insurance services were more resilient.

Meanwhile, trade in telecommunications, computer and information services continued to grow during the pandemic, except in Africa.

The annual report presents the statistical landscape for 2020 through a variety of statistics relevant to international trade, investment, maritime transport and development. It also shows developments in 2021 through data-driven forecasts, known as nowcasts, for now and the immediate future.

“Reliable and timely data is in great demand as Covid-19 puts unforeseen pressure on decision-makers. who are trying to get the economic landscape affected by the pandemic under control. These statistics are needed for evidence-based political responses to the pandemic, “said UNCTAD’s acting head of statistics, Anu Peltola.

According to the report, world goods trade fell by 7.4 percent in 2020 during the Covid19 pandemic . Global exports were $ 17.6 trillion, down $ 1.4 trillion from a year earlier, marking the largest annual decline since 2009 when trade fell 22 percent.

< p> Despite the slow annual growth rate, Nigeria recorded 0.20 percent of importer growth, followed by Morocco with -13.6 percent.