Lockdown restrictions and closure of international borders due to the Covid-19 pandemic has had a great impact on global trade, causing it to shrink.
Supply and demand in industries such as automotive and energy declined drastically.
Although the lockdown restrictions are being eased in some countries, it will be a long time before global trade returns to normal.
Howard Archer, chief economic advisor to EY ITEM Club, shared an article on the decline in global trade.
Trade is predicted to shrink by 27% in the second quarter, according to the UN Conference on Trade and Development (UNCTAD).
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Trade in the automotive and energy industries collapsed although agri-products trade remained stable.
UNCTAD also projects that global trade to decline by 20% in 2020, according to the article.