WTO's goods trade index hits record low

The WTO estimates that world merchandise trade could decline between 13% and 32% this year.

22 May 2020 | Economics

The current reading captures the initial phases of the Covid-19 outbreak, and shows no sign of the trade decline bottoming out yet. - WTO

GENEVA - The World Trade Organisation (WTO) said on Wednesday its goods trade indicator fell to the lowest level since its launch, indicating global trade was likely to fall "precipitously" in the first half of 2020 due to disruptions caused by Covid-19.

The indicator, launched in July 2016, fell to 87.6 from 95.5 in February, the Geneva-based body said. Readings of less than 100 indicate trade below medium-term trends.

"The current reading captures the initial phases of the Covid-19 outbreak, and shows no sign of the trade decline bottoming out yet," the WTO said in a statement.

Even before the pandemic, trends had been slowing due to a trade war between major economies like China and the United States and slowing economic growth.

Consistent

The WTO estimated last month that world merchandise trade could decline between 13% and 32% this year, depending on the duration of the pandemic and the effectiveness of policy responses. The new reading was consistent with that estimate, the statement added.

The body's trade outlook indicator is a composite of data on export orders in business surveys, air freight, container shipping, car production and sales and trade in electronic components and agricultural materials, particularly wood.

It is designed to identify turning points and gauge momentum in global trade rather than to provide a specific short-term forecast. – Nampa/Reuters

Similar News

 

Treasury demands reports of lockdown procurement

18 hours ago | Economics

OGONE TLHAGEWINDHOEKThe ministry of finance will demand full reports from public entities, ministries, agencies and offices detailing procurement expenditure incurred during stage one of the...

Credit extension dries up

1 day - 02 June 2020 | Economics

Cirrus Securities has released information derived from private sector credit extension (PSCE) figures for April 2020, painting a bleak picture of the Namibian business landscape....

Stimulus in battle to survive

1 day - 02 June 2020 | Economics

Andrew Rowles, CFO for Ashburton Namibia: “We expect that the Namibian recession will deepen even further, with the short- to medium-term outlook remaining very challenging.”Augetto...

Water a powerful weapon

1 day - 02 June 2020 | Economics

Phillepus ­Uusiku With water being an essential resource to cope with the Covid-19 pandemic, the sector received the third-largest share behind transport and education in...

Transport drives development budget ...

2 days ago - 01 June 2020 | Economics

Phillepus Uusiku - Sectors that have the potential to create employment and boost overall output such as the agricultural sector got a share of 8%...

Tourism faces biggest slump since ‘50s

2 days ago - 01 June 2020 | Economics

Empty sunbeds lie along a beach in the Cypriot resort town of Ayia Napa. International tourism is set to fall by 70% this year, marking...

Payroll gobbles bigger income chunk

5 days ago - 29 May 2020 | Economics

Jo-Maré Duddy – Nearly N$560 out of every N$1 000 of government’s own revenue in 2020/21 will pay for civil servants’ salaries and benefits, leaving...

We are not at war - Kamwanyah

5 days ago - 29 May 2020 | Economics

Kenya KamboweRUNDUPolitical commentator Ndumba Kamwanyah has questioned why government continues to divert billions of dollars to the defence ministry, while the country is not under...

No money to pay green scheme workers

6 days ago - 28 May 2020 | Economics

The managing director of the Agricultural Business Development Agency (AgriBusDev), Petrus Uugwanga, says the agency does not have enough money to pay the outstanding salaries...

Price monster remains meek in April

6 days ago - 28 May 2020 | Economics

The fallout from the coronavirus has had a large disinflationary effect on prices in April due to the large demand shock and plunge in oil...

Latest News

Sean K part of Covid-19...

4 hours ago | Art and Entertainment

WINDHOEK EXPRESSWINDHOEKNamibian crooner Sean K is one of 11 African artists who worked on a collaborative song to thank healthcare workers for their commitment and...

2020 Mining Expo and Conference...

18 hours ago | Business

Phillepus Uusiku The Mining Expo and Conference that was scheduled for 2-3 September 2020, after having been postponed from 22-23 April, has been cancelled. The...

NBL ready to deliver

18 hours ago | Business

Phillepus UusikuLife is slowing returning to normal as Namibians navigate the country’s gradual reopening following an easing of trade restrictions which were necessitated to combat...

Treasury demands reports of lockdown...

18 hours ago | Economics

OGONE TLHAGEWINDHOEKThe ministry of finance will demand full reports from public entities, ministries, agencies and offices detailing procurement expenditure incurred during stage one of the...

Over 120 lose jobs at...

18 hours ago | Labour

KENYA KAMBOWERUNDUAbout 120 people lost their jobs yesterday after a fallout between Chinese-born business magnate Stina Wu and a subcontractor that labour inspectors found to...

Namibia’s food security paradox

18 hours ago | Agriculture

Venomukona Tjiseua, sustainable agriculturalist: “The government must revisit its priority list and place agriculture at its correct spot.”With jobs disappearing, incomes drying up and savings...

The contest for hearts and...

18 hours ago | Opinion

Nightfall does not come all at once, neither does oppression. In both instances, there is a twilight, when everything remains seemingly unchanged.The above quote by...

Indemnity forms a matter of...

18 hours ago | Education

OGONE TLHAGEWINDHOEKWith some learners expected to return to schools today, education ministry executive director Sanet Steenkamp says parents will have to trust that schools have...

SA loosens lockdown to revive...

18 hours ago | International

South Africa sought to revive its stuttering economy on Monday with a partial lifting of its coronavirus lockdown, letting people out for work, worship or...

Load More