India, China and South Africa are doing well "compared to other major import and export economies in the first quarter of this year, according to the latest UN data on global economic recovery from the COVID-19 crisis at the same time.
 |
The Global Trade Update released by the United Nations Conference on Trade and Development (UNCTAD) on Wednesday said that in Q1 2021, global trade in goods and services grew by about 4 percent per quarter-more and 10 percent year-on-year.
"Significantly, global trade in Q1 2021 was higher than pre-disaster levels, with a 3 percent increase compared to Q1 2019," the agency said, adding that Q1 2021's trade reconciliation continues to be driven by strong export performance. East Asian economist.
In Q1 2021, the value of trade in goods was higher than the pre-epidemic rate, but trade in services remained below average. During the first quarter of 2021, global trade in COVID-19-related products remained strong.
UNCTAD data said that the import and export trends of some of the world's largest trading economies continue to show signs of recovery for Q1 2021. With a few exceptions, macroeconomic trade has been available since the fall of 2020.
However, the huge increase is due to the low base of 2020 and trading in most major economies was still below 2019 levels. The practice of solid restitution of goods in relation to services is common in all major economies.
“China, India and South Africa have performed very well compared to other major economies during Q1 2021. China's exports, in particular, have recorded strong growth not only in the 2020 stages but also in terms of pre-epidemic levels. Contrary to this, exports from the Russian Federation remain below the 2019 level, "it said.
India's data says imports grew by 45 percent in Q1 2021 compared to the 2020 average while imports increased by 14 percent. Exports to India have grown by 26 percent over the period under review while exports have increased by 2 percent.
In addition, imports grew by 10 per cent in Q1 2021 against the 2019 average while imports increased by 2 per cent. Exports to India have grown by 7 percent over the period while exports have dropped by 3 percent.
UNCTAD said that globally the ongoing commercial revitalization involves many sectors.
During Q1 2021, trade continued to grow not only in COVID-19-related sectors such as pharmaceuticals, communications and office equipment but also in many other sectors, such as minerals and agricultural food.
On the contrary, the energy sector continues to lag behind and international trade in commodities remains low, according to UNCTAD.
Looking ahead, UNCTAD said trade was expected to continue to grow by 2021. Trade growth is expected to continue to intensify in East Asia and the developed world, while it remains in many other countries.
Global trade in goods and services is expected to reach $ 6.6 billion in the second half of 2021, equivalent to a year-on-year increase of about 31 percent compared to the lowest point of 2020 and about 3 percent at pre-epidemic levels. 2019.
Business growth is expected to remain strong in the second half of 2021, with the overall forecast for 2021 showing an increase of about 16 percent from the lowest 2020 target (19 percent of goods and 8 percent of services).
Giving a global trade vision for 2021, UNCTAD said a positive 2021 vision remains highly dependent on reducing the epidemic limits.
“Nevertheless, packages of financial incentives, especially in developed countries, are expected to strongly support the revitalization of global trade by 2021. Global trade value should also increase due to good commodity trends.
"However, there is uncertainty as to how trading strategies will be developed throughout this period," the organization said.
Emphasizing that economic recovery would be "unequal", he said some economies are being asked to recover and be faster than others.
"In particular, China and the United States of America 's economy is expected to be the world leader in 2021," the organization said, adding that this should also have a positive impact on countries with which trade is closely linked (such as East Asian countries). , Canada and Mexico).
On the other hand, the COVID-19 epidemic is expected to continue to disrupt the economies and trade of many developing countries, at least throughout 2021.
The global economy fell by 4.3 percent last year, twice as many as during the 2009 global financial crisis.
In April last year, countries took financial action and major banks brought together USD 14 trillion as part of their efforts to reduce the challenges posed by the coronavirus epidemic.
The International Monetary Fund last month said global renewal was expected to be positive and differentiated between developed and emerging market economies.
Posts
