October 27, 2020

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World trade collapsed in the second quarter, positive signs in June NOW

World trade collapsed in the second quarter, positive signs in June NOW

Global trade in goods declined an unprecedented 12.5 percent in the second quarter, according to the Central Planning Bureau on Tuesday (CPB). The rise began in June, however, when it entered the books, up 7.6 percent.

Due to the outbreak of COVID-19, world trade came to a standstill in the spring. This was particularly noticeable in April and May. In April, no less than 12.3 percent fewer goods were traded than in the previous month. A decrease of 1.1 percent was recorded in May.

In the last month of the second quarter, the global flow of goods increased for the first time since December 2019. Trade then recovered in most of the major economies. Japanese and Chinese exports were the main exceptions.

Services such as holidays are not included in these figures. The decline in the service sector is likely to have been even greater in the second quarter.

In June, the countries of the euro area developed above average. Imports rose by 8.9 percent compared to the previous month. Exports even rose by 11.9 percent.