The value of global merchandise trade is estimated to plummet by 26.9 per cent in the second quarter compared to the first three months of the year, the UN Conference on Trade and Development (UNCTAD) said on Wednesday, according to Reuters. Trade had shown modest signs of recovery since late 2019, when the global economy was hit by various national measures to contain the coronavirus pandemic. In the first quarter, global trade dropped by 3 per cent compared to the final quarter of 2019, according to the Geneva-based UN body. UNCTAD also reported that its commodity price index dropped by 20.4 per cent in March, as fuel prices lost around a third of their value last month. In contrast, prices for minerals, metals and agricultural raw materials only fell by 4 per cent in March.
