The measures that countries have adopted around the world in response to the COVID-19 pandemic have had an unprecedented effect on trade this year as a result of a unique combination of shocks to both global trade supply and demand.
According to the latest data published by UNCTAD, the pandemic cut global trade values by 27 % in the second quarter of 2020 and this decrease is estimated to however decelerate to a decline of 18 % in the third quarter. Africa is expected to be severely impacted by this slowdown.
In 2017, the share of trade in the continent’s GDP was 56 % while the share of its exports to the rest of the world ranged from 80 to 90 %, indicating that the continent is both heavily dependent on trade and, specifically, trading outside of Africa. Read More.
