A new study has confirmed the polarised impact the coronavirus pandemic has had on the global trade recovery, with East Asian economies powering ahead of those in the West.
Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. No region was spared from the fall in international trade in the second quarter of 2020, but the sharpest decline was for the West and South Asia regionsIn Taiwan, exports grew by 6.4 per cent in the third quarter from a year earlier. It has reported a total of 543 cases of coronavirus, with only seven deaths since the start of the pandemic and none for more than six months.
“No region was spared from the fall in international trade in the second quarter of 2020, but the sharpest decline was for the West and South Asia regions, where imports dropped by 35 per cent and exports by 41 per cent. As of July, the fall in trade remains significant in most regions except for East Asia,” wrote Unctad’s economists, who highlighted “China’s notable recovery”, with imports also bouncing back in recent months.
But these richer nations, despite their trade economies remaining sluggish, have “100 times” more access to essential Covid-19 fighting medical goods, per capita. “While at least some low-income countries have the capacity to locally manufacture some protective equipment, this may not be the case for vaccines as manufacturing and logistic capacities are generally weaker in poorer countries,” Unctad’s analysts added.
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