Global trade continues nosedive, UNCTAD forecasts 20% drop in 2020

International trade in goods is expected to continue its nosedive in the coming months as economies struggle to recover from lockdown measures used to slow the COVID-19 outbreak. New UNCTAD data published on 11 June show that merchandise trade fell by 5% in the first quarter of the year and point to a 27% drop for the second quarter and a 20% annual decline for 2020. The latest UNCTAD figures were featured in the first edition of the Global Trade Update, the organization’s new quarterly report providing a comprehensive snapshot of international commerce and the main issues affecting trade flows.