COVID-19 impacts on trade 2020
- COVID-19 decreased global trade between 13-32% in 2020.
- Trade is more likely to continue to decline in sectors characterized by complex value chain linkages
- By May 2020, the volume of global trade in goods fell by 17.7% compared with the same month in 2019.
- Canadian goods trade decreased 3.5% in the first quarter of 2020 compared to the same period in 2019.
- Canadian imports dropped by 8.4% YoY in March 2020.
- In the first few months of 2020 COVID-19 was estimated to impact imports in the following regions:
- Asia: Exports fell by approximately 5%.
- Africa: Trade volumes decreased by approximately 8% for exports
- Latin America and the Caribbean: the value of exports fell by approximately 24%
Data for COVID-19 impacts on global trade for the entire 2020 is still to be fully published. Some countries are currently experiencing a second wave of the pandemic, followed by similar shut downs during the first wave (air and land closure, reduced labor force, social distancing measures and more) which is bound to impact global trade even further. For up to date information on the impacts of COVID-19 on the regions we work in visit our COVID-19 updates page for information in French, English and Spanish.
Sources:
The impact of the Covid-19 pandemic on global and EU trade. 17 April 2020
The effects of the coronavirus disease (COVID-19) pandemic on international trade and logistics. August 2020.
Canadian merchandise import transaction counts, April 2020
When Trade Falls— Effects of COVID-19 and Outlook.
[vc_single_image image=”25606″ img_size=”full” alignment=”center”]TFO Canada is pleased to announce that we will be featuring export offers from our beneficiary countries along with information on partner Trade Support Institutions (TSIs) to support you in your search for new international markets. This month our feature is an export offer is from Colombia in partnership with ProColombia.[vc_row_inner][vc_column_inner][vc_single_image image=”25603″ img_size=”medium” alignment=”center”]
ProColombia is the entity that promotes Colombia as a leading destination for Foreign Direct Investment, tourism, and as a world-class provider of non-mining exports.
In terms of tourism, at ProColombia we seek to promote Colombia as a safe, reliable, sustainable, and high-quality destination, and when it comes to international trade, our Government has designed a strategy to increase exports and fill international showcases with Colombian products. Colombia is a success story and we want Canada to be part of it. We aim to secure a productive and profitable partnership between Canadian and Colombian businessmen and entrepreneurs.
ProColombia is ready to continue working with the Trade Facilitation Office Canada to make the best of this year that have just begun!
Colombian Export Offer Brochure.
For a full list of all of our Colombian exporters you can visit the TFO Canada website for our database here.
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