Despite the Coronavirus pandemic, UN expects global trade to set a new high in terms of value in 2021.
The United Nations Conference on Trade and Development (UNCTAD) forecasts an 11% increase over 2019 levels prior to the pandemic, according to a report released in Geneva on Tuesday.
It anticipates that total trade will reach 28 trillion dollars in 2021.
“The favorable trend for international trade in 2021 is essentially the consequence of a robust recovery in demand due to fading pandemic restrictions, economic stimulus packages, and improvements in commodity prices,” UNCTAD said.
Trade in goods has grown much faster than trade in services.
Taiwan is one of the beneficiaries of this trade boom, with trade expected to increase by 23% between 2019 and 2021.
China, Vietnam, Brazil, and Australia are all expected to grow by double digits.
However, some countries suffered losses.
According to these calculations, Britain is likely to experience the sharpest decline, with a minus 23% drop.
Aside from the Coronavirus pandemic, Britain will leave the European Union in January 2020, creating trade barriers.
In terms of countries with the sharpest declines, Japan, Mexico, and Canada ranked second and third, respectively, according to UNCTAD statistics.
The United States is ranked sixth on that list, with a minus 4%.
The EU is ranked tenth, with a 3% deficit.