June 11, 2020 / 12:02 PM / 22 days ago

International trade set to shrink 27% in Q2 after April "nosedive", says UNCTAD

GENEVA, June 11 (Reuters) - International trade is set to plunge by 27% in the second quarter and by 20% for the year, as major sectors including the automative and energy industries collapse from the effects the pandemic, a United Nations agency said on Thursday.

"Assuming persisting uncertainty, UNCTAD forecast indicates a decline of around 20% for the year 2020," the U.N. Conference on Trade and Development (UNCTAD) said in a report. "Trade in the automotive and energy sector collapsed while trade in agri-food products has been stable."

Reporting by Stephanie Nebehay; Editing by Brenna Hughes Neghaiwi and Edmund Blair

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