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Business News of Tuesday, 23 June 2020


Global commercial flights up again after falling due to coronavirus – WTO

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Global commercial flights, which carry a substantial amount of international air cargo, were down nearly three quarters (?74%) between 5 January and 18 April, and have since risen 58% through mid-June, the World Trade Organization (WTO) has said.

It added that Container port throughput also appears to have staged a partial recovery in June compared to May.

Meanwhile, indices of new export orders from purchasing managers' indices also started to recover in May after record drops in April.

“It is useful to keep in mind that these rebounds follow historic or near-historic declines, and will need to be monitored carefully before drawing any definitive conclusions about the recovery,” WTO said in a statement on Tuesday, 23 June 2020.

It further predicted that looking ahead to next year, a slower-than-expected pace of economic recovery would weigh on trade growth.

“This would see trade growth for 2021 come in at closer to 5%, which would leave it well below the pre-pandemic trajectory,” it said.

“On the other hand, a quick return to its pre-pandemic trajectory would imply trade growth in 2021 of around 20%, in line with the April forecast’s optimistic scenario. Monetary, fiscal and trade policy choices will play a significant role in determining the pace of recovery.