UN sees world trade setting record for 2021 in spite Pandemic

World trade is expected to reach a record in terms of value this 2021, in spite of the Coronavirus pandemic.

The United Nations Conference on Trade and Development (UNCTAD) projects an 11per cent increase above 2019 levels before the pandemic,it reported in Geneva on Tuesday.

It expects that a total trade in 2021 to reach 28 trillion dollars.

“The positive trend for international trade in 2021 is largely the result of the strong recovery in demand due to subsiding pandemic restrictions, economic stimulus packages, and increases in commodity prices,” UNCTAD said.

Trade in goods has increased significantly more than trade in services.

Among the beneficiaries of this trade boom is Taiwan, which is expected to see trade pick up the most 23 per cent, when comparing 2019 and 2021.

China, Vietnam, Brazil and Australia should also see double-digit growth.

But there were some countries that saw losses.

Britain is likely to experience by far the sharpest decline, at minus 23 per cent, according to these calculations.

In addition to the Coronavirus pandemic, Britain also left the European Union in January 2020, creating roadblocks to trade.

Japan, Mexico and Canada took the next places in the UNCTAD statistics, in terms of countries with the sharpest declines.

With minus 4 per cent, the U.S. lands in sixth place on that list.

The EU is in 10th place with minus 3 per cent.