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.
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