The World Trade Organization (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.
A cargo ship carrying containers is seen near the Yantian port in Shenzhen, following the novel coronavirus disease outbreak, Guangdong province, China May 17, 2020. Picture taken May 17, 2020. REUTERS/Martin Pollard
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. 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.
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