Jakarta: Without the resilience of the economies of East Asia and the Pacific, there would have been no global trade recovery at the end of last year, the United Nations Conference on Trade and Development (UNCTAD) has said.
"The recovery process has been uneven, with many countries lagging," said UNCTAD economist Alessandro Nicita in a press release on Wednesday.
According to a new report from the UN agency, exports from East Asia grew about 12% in the last quarter of 2020, while imports increased by around five per cent.
These results followed growth of around 3% in Chinese exports in the third quarter of the year compared with the same period in 2019, which was the exception to an overall downturn in nearly all major economies.
In contrast to the market share gains for China and East Asian economies, most other regions saw continuing negative trends, UNCTAD said in its latest Global Trade Update.
These included Brazil – whose fourth quarter 2020 goods and services exports were down 4% and 17% respectively – Russia (19%, 34%), India (5%, 8%) and the United States (5%, 26%).
By contrast, China saw a 17% boost to exports in goods and a two per cent increase in services exports. South Africa also saw a 15% rise in goods shipped abroad (with a 64% drop in services exports) while both Japan and the European Union saw a 3% increase in goods exports (and a 20% and 14% drop in services exports, respectively).
Generally, trade among countries in the Global South remained well below average, except for East Asian economies, UNCTAD said.
Cek Berita dan Artikel yang lain di Google News
FOLLOW US
Ikuti media sosial medcom.id dan dapatkan berbagai keuntungan
