The United Nations Conference on Trade and Development (UNCTAD) expected a 16 percent increase in global trade growth during 2021 compared to 2020, indicating that the outlook depends on the continuous positive trend in commodity prices and the fiscal stimulus package from advanced economies and supportive macroeconomic and financial conditions.
Commodity trade is leading the rise during the current year, with a growth rate of 19 percent, higher than the rate of growth in services trade, which is estimated at only 8 percent.
According to the report, the recovery in trade is still uneven, especially among developing countries, with exports from East Asia recovering faster, revealing that China's exports continue to register a strong increase based on 2020 figures, but also in relation to pre-epidemic levels.
UNCTAD monitored the registration of global trade growth, compared to the first quarter of 2021, by 10 percent on an annual basis, while it increased by 4 percent compared to the last quarter of last year. With expectations that the recovery will continue in the second quarter of 2021, with the value of global trade in goods and services expected to reach $ 6.6 trillion during the second quarter.
Source (Al-Arab London-based Newspaper, Edited)
