Global trade fell 9 percent last year

The recovery at the end of the year was uneven, with East Asia as the main driver.

Global trade declined last year despite a recovery in the last quarter. However, the recovery at the end of last year was uneven, with the East Asian economies as its main driver, according to the United Nations Conference on Trade and Development (UNCTAD). World trade fell by a total of 9 percent in 2020, UNCTAD said, while trade in goods fell by 6 percent and in services by as much as 16.5 percent. There has been an uneven recovery in the last quarter, with trade in goods rising by 8 percent but trade in services stagnating. International trade has been hit hard by the aftermath of a new coronavirus pandemic and anti-epidemic measures. East Asia has better managed the pandemic, enabling it to increase its share of the world market. Trade in goods from the region increased 12% in the fourth quarter year on year.