Global & EU trade could decrease even further this year, Commission reported
On 27th May, the European Commission (Directorate General for Trade) published an update on the economic analysis on the impact of the Covid-19 pandemic on trade, which depicts a sharper decrease in both the global and EU trade.
The analysis estimates a decrease in global trade for 2020 between 10%-16%, which is considerably higher than the April estimation of a 9.7% decrease.
For the EU27, the predicted reduction is expected to be between 9%-15% for extra-EU27 exports and 11%-14% for extra-EU imports (goods and services combined). In absolute terms, using the latest available statistics, this amounts to a reduction in extra-EU27 exports between 282-470 billion EUR and a decrease in extra-EU27 imports between 313-398 billion EUR (goods and services combined).
From a sectoral perspective, transport equipment and electrical machinery exports turn out to be the most affected sectors.
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