India, China and South Africa have performed “relatively better” than other major economies in imports and exports in the first quarter of 2021, according to the latest data released by United Nations, quoted news agency PTI. “China, India and South Africa have fared relatively better than other major economies during Q1 2021,” according to the the Global Trade Update by the United Nations Conference on Trade and Development (UNCTAD) on Wednesday.
In India, the import of goods increased 45% in the first quarter of this year compared to average of last year. The services import was up by 14%, according to the UN data. Export of goods climbed to 26% for the period under review, the data claimed. While India’s services exports rose 2%, news agency PTI mentioned quoting the UN data.
“China’s exports, in particular, registered a strong increase not only from 2020 averages but also in relation to pre-pandemic levels. In contrast, exports from the Russian Federation remained well below 2019 averages,” it said.
On the global front, the trade in goods and services rose 10% year-on-year, the data revealed. “Importantly, global trade in Q1 2021 was higher than pre-crisis levels, with an increase of about 3 per cent relative to Q1 2019,” it said.
Globally the ongoing trade recovery comprises most sectors. During Q1 2021, trade continued to rebound not only in sectors related to COVID-19 such as pharmaceuticals, communication and office equipment but also increased for most other sectors, such as minerals and agri-food, according to UNCTAD. However, the energy sector continues to lag behind and international trade of transport equipment remains well below averages, it added.
On trade outlook, UNCTAD said that the trade growth is expected to remain stronger for East Asia and developed countries, while still lagging for many other countries. The value of global trade in goods and services is expected to touch $6.6 trillion in the second quarter of 2021, UNCTAD said.
The international body further mentioned the positive outlook for 2021 remains largely dependent on subsiding pandemic restrictions. “Nevertheless, the fiscal stimulus packages, particularly in developed countries, are expected to strongly support the global trade recovery throughout 2021. The value of global trade should also rise due to positive trends across commodity prices,” it said.
“Still, there is uncertainty about how trade patterns will be shaped throughout this period,” it added.
Highlighting that the economic recovery will be “uneven”, it said that some economies are posed to rebound stronger and faster than others. “In particular, the economies of China and the United States of America are expected to be the main drivers of global growth during 2021,” UNCTAD added.
The deadly COVID-19 pandemic is expected to continue disrupting the economies and trade of many developing countries, at least throughout 2021. The global economy shrank by 4.3 per cent last year, over two-and-a-half times more than during the global financial crisis of 2009.
(With inputs from PTI)
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