New Delhi: The decline in goods trade in the second quarter of the year in the G20 countries was the steepest since the financial crisis of 2009, the Organisation for Economic Co-operation and Development (OECD) said on Thursday. The Paris-based organisation also said recent data point to a continued improvement in the trade scenario.
While China was the only G20 economy to record export growth in the quarter, it said India and Indonesia experienced “particularly sharp falls in exports”.
“Covid-19 measures introduced in most countries sent G20 merchandise trade plummeting in the second quarter of 2020,” it said. Compared with the first quarter of 2020, exports fell by 17.7% and imports by 16.7%, the largest fall since the 2009 financial crisis.
India’s exports were down 30.1% while imports declined 47.4% in the second quarter.
As per the report, the collapse in trade occurred in April when most countries had stringent Covid-19 containment measures in place. However, data for May and June point to a partial recovery from the April lows in nearly all G20 economies, as containment measures eased. July data, in those economies where data are available, point to a continued improvement.