G20 countries’ international trade saw a sharp fall in the second quarter of 2020, the largest decline since the 2009 financial crisis, due to measures to stem the spread of the pandemic.
“MERCHANDISE BEGAN TO RECOVER IN JUNE”
G20 country exports dropped 17.7% and imports 16.7% in the second quarter of this year, on a quarterly basis, the Organization for Economic Cooperation and Development (OECD) said on Thursday.
“G20 international merchandise trade collapsed in April 2020 but began to recover in May and June as coronavirus containment measures eased,” it noted.
In April, when most countries had stringent coronavirus containment measures in place, G20 exports and imports dropped 18.7% and 16%, respectively, versus March.
It added: “However, data for May and June point to a partial recovery from the April lows in nearly all G20 economies, as containment measures eased. July data, in those economies where data are available, point to a continued improvement.”