World trade volumes declined by 16.2pc in April from a year ago, according to data from The Netherlands Bureau for Economic Policy Analysis’ Central Planning Board (CPB).
The monthly data, which measures the amount of global trade, indicated that COVID-19-induced shutdowns first impacted trade volumes in March, with trade falling by 12.1pc that month. As the pandemic took effect and most industries across the world suspended operations, trade fell further in April, the CPB noted.
In April, exports fell by 23pc in both the EU and US, and were down in Latin America by 21pc. Exports also declined by 14pc and 11 pc for Japan and other developed economies, respectively. Imports declined the most in Latin America, dropping by 18pc, followed by the EU where imports fell by 17pc, the US, where they declined by 11pc, and other developed economies, which were down by 15pc.
World trade this year is likely to trend 10pc lower than in 2019, according to an analysis by ING, despite green shoots of recovery showing up on some indicators this month as lockdowns across the world come to an end.