Global Trade Value Expected to Drop 27% Next Quarter
The value of global trade next quarter is projected to fall 27% compared with the second quarter of 2019, according to a new report coordinated by the United Nations Conference on Trade and Development. The UN was joined by the…
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International Monetary Fund, the European Central Bank, the Organization for Economic Cooperation and Development, the World Trade Organization and the World Bank, among others, to produce the report. Some of that projected drop is due to lower volume of goods, and some of it is due to the price of oil plummeting. The report also found that almost half of international mail is stranded, and that customs clearance times for small packages is taking 32 times as long -- jumping from an average of two hours to 64 hours. The report attributed the slowing of clearance to “availability of labor.”