Intl. trade to drop 13-32% due to pandemic: official

TEHRAN, Apr. 11 (MNA) – According to the World Trade Organization (WTO), the global trade of goods throughout the world will register between 13 and 32 percent decline in 2020 due to the outbreak of COVID-19, Iran's deputy trade minister said Saturday.

Deputy Minister of Industry, Mine and Trade Hamid Zadboum on Sat. said, “international organizations estimate that this economic downturn in the global trade will improve in 2021 and this issue depends on the effectiveness of trade policies to be adopted against the pandemic and the longevity of this recession.”

According to WTO, all regions in the world will experience a double-digit decline in trade this year, although exports from North America and Asia will suffer more damage as a result of the coronavirus pandemic, the deputy industry minister added.

It has been estimated that trade volume will experience a further decline in the sectors with a more complicated value chain, especially electronic products and auto manufacturing companies, he said, adding, “also, commercial services may be severely affected by the disease as well as transportation and travel restrictions.”

Elsewhere in his remarks, the head of Trade Promotion Organization of Iran pointed out that 79 countries have banned the export of health products and edible plants while 57 countries have facilitated the import of these products due to their need for basic goods and medical equipment.

"Meanwhile, travel restrictions and consequently, limitation on the transit of truck drivers in some countries as well as cancellation of flights, etc. have reduced the volume of international trade," he added.

MNA/4897331

News Code 157477

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