East Asian Countries Lead Economic Recovery in Last Quarter of 2020, UN Report Says |
“The recovery process has been uneven, with many countries lagging behind,” said UNCTAD economist Alessandro Nicita.
East Asian exports grew by around 12% in the last quarter of 2020, while imports rose by around 5%, according to a new report from the agency.
These results follow about 3% growth in Chinese exports in the third quarter of the year compared to the same period in 2019, which was the “exception” to a general slowdown in almost all major economies.
Negative trends are the norm
Unlike the market share gains of China and East Asian economies, most other regions have experienced persistent “negative trends,” UNCTAD said in its latest report. Global Trade Update.
Among these were Brazil – whose exports of goods and services in the fourth quarter of 2020 fell by 4% and 17% respectively – Russia (19%, 34%), India (5%, 8%) and the United States (five percent, 26 percent).
In contrast, China saw a 17 percent increase in exports of goods and a 2 percent increase in exports of services. South Africa also saw a 15% increase in goods shipped overseas (with a 64% drop in service exports), while Japan and the European Union saw a 3% increase in exports. merchandise exports (and 20% and 14% decline in services exports, respectively).
Overall, trade among countries in the global South has remained “well below average”, with the exception of East Asian economies, UNCTAD said.
Energy and transport lagging behind
UN analysts also noted that while most manufacturing sectors saw positive trade growth in the last quarter of 2020, the main exceptions were the energy and transport sectors, linked to travel restrictions.
In terms of world trade values, COVID-19[female[feminine resulted in a decline of around 9% in 2020, UNCTAD found, with a decline in trade in goods of around 6% and services of more than 16%.
The UN agency explained that trade had started to rebound in the third and particularly in the fourth quarter of 2020, but not in services, which were stagnating at the level they had reached at the end of the third quarter.
Provisional projections for 2021 indicate a slowdown in the recovery of goods exports (1.5 less than the last quarter of 2020) and a further decline in services (by seven percent compared to the last quarter of 2020), by and large. partly due to the continuing disruption in the travel industry.