The international merchandise trade of the world’s 20 largest industrialised nations suffered in the second quarter of 2020 due to containment measures introduced by governments to tackle the spread of the coronavirus pandemic, according to the latest report from the Organisation for Economic Cooperation and Development (OECD).
Exports from the G20 group fell 17.7 per cent for the quarter ending June 30 to $2.83 trillion (Dh10.39tn), compared to the first three months of this year. Imports also slumped 16.7 per cent to $2.88tn. On an annual basis, exports as well as imports dropped 22 per cent, data showed.
“Monthly data for the second quarter reveal that the collapse in trade occurred in April 2020 when most countries had stringent Covid‑19 containment measures in place,” the OECD said on Thursday. “Compared to March 2020, G20 exports and imports fell by 18.7 per cent and 16 per cent respectively. However, data for May and June point to partial recovery from the April lows in nearly all G20 economies, as containment measures eased.”
The coronavirus pandemic brought the global, trade, travel and tourism industries to a halt and has tipped the global economy into a recession, expected to be the deepest since the Great Depression, according to the International Monetary Fund. In June, the multilateral lender forecast global gross domestic product would shrink by 4.9 per cent this year.
China was the only G20 economy to record export growth in the second quarter of 2020, according to the report. Exports from the world’s second-largest economy rose 9.1 per cent in the second quarter to $616.5 billion, following a 9.3 per cent decline in the first quarter. Chinese imports, however, fell 4.9 per cent during the period to $468.8bn.
Australia registered only single-digit falls in both exports (down 4.4 per cent) and imports (down 5.6 per cent). In Japan, exports fell 15.2 per cent and imports 4.6 per cent, while in Korea exports dropped 20.1 per cent and imports 10.8 per cent respectively, according to the OECD report.
India and Indonesia experienced particularly sharp falls in exports as well as in imports. India’s exports fell 30.1 per cent in the second quarter while Indonesia’s exports dropped 15.9 per cent from the first three months of the year. Imports for the two countries were down 47.4 per cent and 18.5 per cent respectively, the report added.
A similar trend was seen in North America. Exports and imports of the US plunged 28 per cent and 14.5 per cent respectively. The US is one of the worst affected countries due to the pandemic.
In Europe, exports of 27 EU member countries fell 21.3 per cent and imports 19 per cent during the April-June quarter. France, Germany, Italy and the UK, saw exports fall by 29.3 per cent, 22.5 per cent, 26.5 per cent and 23.6 per cent respectively, while imports fell by 20.4 per cent, 15.6 percent, 23.3 percent and 25.2 per cent.
The number of coronavirus cases continues to rise globally. As of Thursday, there were more than 24 million global coronavirus cases, with about 17 million recoveries, and the death toll stood at more than 830,000, according to Worldometer.
Specs%3A%202024%20McLaren%20Artura%20Spider
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
Global state-owned investor ranking by size
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1.
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United States
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2.
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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Killing of Qassem Suleimani
THE LOWDOWN
Photograph
Rating: 4/5
Produced by: Poetic License Motion Pictures; RSVP Movies
Director: Ritesh Batra
Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh289,000
Summer special
Manikarnika: The Queen of Jhansi
Director: Kangana Ranaut, Krish Jagarlamudi
Producer: Zee Studios, Kamal Jain
Cast: Kangana Ranaut, Ankita Lokhande, Danny Denzongpa, Atul Kulkarni
Rating: 2.5/5
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Dunki
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More coverage from the Future Forum
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The most expensive investment mistake you will ever make
When is the best time to start saving in a pension? The answer is simple – at the earliest possible moment. The first pound, euro, dollar or dirham you invest is the most valuable, as it has so much longer to grow in value. If you start in your twenties, it could be invested for 40 years or more, which means you have decades for compound interest to work its magic.
“You get growth upon growth upon growth, followed by more growth. The earlier you start the process, the more it will all roll up,” says Chris Davies, chartered financial planner at The Fry Group in Dubai.
This table shows how much you would have in your pension at age 65, depending on when you start and how much you pay in (it assumes your investments grow 7 per cent a year after charges and you have no other savings).
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Age
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$250 a month
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$500 a month
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$1,000 a month
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25
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$640,829
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$1,281,657
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$2,563,315
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35
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$303,219
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$606,439
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$1,212,877
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45
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$131,596
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$263,191
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$526,382
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55
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$44,351
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$88,702
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$177,403
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MANDOOB
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FIXTURES
All kick-off times UAE ( 4 GMT)
Friday
Sevilla v Levante (midnight)
Saturday
Athletic Bilbao v Real Sociedad (7.15pm)
Eibar v Valencia (9.30pm)
Atletico Madrid v Alaves (11.45pm)
Sunday
Girona v Getafe (3pm)
Celta Vigo v Villarreal (7.15pm)
Las Palmas v Espanyol (9.30pm)
Barcelona v Deportivo la Coruna (11.45pm)
Monday
Malaga v Real Betis (midnight)
AL%20BOOM
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
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UAE currency: the story behind the money in your pockets
