NEWS

WTO Expects Massive Decline In Global Trade

According to the World Trade Organization (WTO), global trade will see a decline of 13 to 32 percent this year as a result of the COVID-19 pandemic.

The international organization in a report argues that global trade tensions have led to a 3.2% decline in air cargo volumes in 2019, and current estimates indicate a worsening situation in 2020.

Meanwhile, the International Air Transport Association, IATA, reports that air cargo services have bettered passenger operations, on account of the demand for shipping in medical supplies, and open supply chains.

 Airfreight volumes, however, are declining.

The WTO report noted that the grounding of passenger fleets had provided some respite in the form of higher yields and strong demand for dedicated freighter operations.

Nigel Bell, Readers Bureau, Fellow

Edited by Jesus Chan

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