DUBLIN — The global economy is facing losses of up to 4 trillion dollars due to the collapse of international travel, according to the United Nations Conference on Trade and Development (UNCTAD). The coronavirus pandemic and ensuing containment measures have caused a “crisis with devastating effects on developing countries, especially those dependent on tourism,” UNCTAD said on Wednesday.” The worst affected region is likely to be Central America, where gross domestic product (GDP) could shrink by almost 12 per cent by the end of the year in a worst-case scenario.
DUBLIN — Even as the coronavirus pandemic has receded in some parts of the world, coffee drinkers might not be able to sip in peace anytime soon: According to a recent analysis, coronavirus restrictions have likely spurred a crisis across the global coffee industry. In a study published by the National Academy of Sciences in the US, researchers led by academics from Rutgers University said “socio-economic disruptions” since the start of the pandemic “are likely to drive the coffee industry into another severe production crisis.” Lead author Kevon Rhiney warned of “serious implications for millions of people across the globe” if there is turmoil in the sector.
DUBLIN — Global trade enjoyed a record rebound in the first quarter of 2021, according to UN estimates, growing 10 per cent year-on-year largely on the back of booming exports from East Asia. Countries in the region thrived after “early success in pandemic mitigation,” which “allowed them to rebound faster and to capitalize on booming global demand for Covid-19 related products,” the United Nations Conference on Trade and Development (UNCTAD) said in a report published on Wednesday. China, Singapore, South Korea, Taiwan and Vietnam have been among the nations reporting relatively low virus-related death tolls and surging exports. Health care products, digital services and “home office” equipment were in high demand last year, UNCTAD said, though international travel and hospitality services lagged.
DUBLIN — Ireland’s imports from Britain fell by 65 per cent in January after the British departure from the European Union led to more complicated trade with its nearest neighbour. Ireland’s Central Statistics Office (CSO) said on Thursday that imports from Britain fell 906 million euros (1.08 billion dollars) year-on-year to less than half a billion euros. Ireland usually sources around one-fifth of its goods imports from Britain, though the EU and the US account for most of the country’s overall trade. Irish exports to Britain saw a much smaller decline compared to imports of 14 per cent, the CSO said, to make up 7 per cent of the January total. Irish exports to Britain fell by almost 10 per cent in 2020.
DUBLIN — A stronger-than-expected rebound this year will still leave the world down an estimated 10 trillion dollars due to the coronavirus pandemic and lockdowns, according to the United Nations Conference on Trade and Development (UNCTAD). Although the global economy could expand by 4.7 per cent in 2021, it will nonetheless wind up “short of 10 trillion dollars” – about twice Japan’s gross domestic product (GDP) – compared to if the pandemic never happened, UNCTAD said on Thursday. Last year, the global economy was hit by what UNCTAD described as “its sharpest annual drop in output since statistics on aggregate economic activity were introduced in the early 1940s.” While wealthy economies have proposed huge damage-limitation fiscal spending, such as the United States’ 1.9-trillion-dollar “stimulus package,” and while China returned to growth in late 2020, people in smaller and poorer countries are struggling, UNCTAD warned.
DUBLIN — Ireland’s goods exports were worth an unprecedented 160.8 billion euros (196 billion US dollars) last year, a new record underpinned by surging sales of medical and pharmaceutical products during the novel coronavirus pandemic. Estimates published by the Central Statistics Office (CSO) showed “medical and pharmaceutical products making up 39 per cent of 2020 goods exports, a value increase of 25 per cent on 2019.” Exports to the 26 other member states of the European Union accounted for 40 per cent the 2020 total, the CSO said, an increase of 13 per cent on 2019. Belgium and Germany were Ireland’s two biggest markets in the EU. Exports to Britain, Ireland’s nearest neighbour, fell by 9 per cent during 2020 and made up 8 per cent of the year’s overall amount. After Britain left the EU in early 2020, an increasing proportion of Ireland’s exports to the continent ended up being shipped directly rather than transiting Britain, with ferry companies in some cases doubling cargo sailings from Ireland to France.
DUBLIN — Global trade shrank by 9 per cent in 2020 despite a late-year recovery in East Asia, according to estimates published on Wednesday by the United Nations Conference on Trade and Development (UNCTAD). The revival as “uneven,” with 8-per-cent fourth quarter growth in global merchandise or goods trade but stagnation in services, UNCTAD said.. While international commerce was “greatly affected” by “economic and social disruptions brought about by Covid-19,” East Asia registered “gains in global market share” after being able to “better weather the challenges of the pandemic,” according to the UN trade body.
DUBLIN — Chinese President Xi Jinping told Asia-Pacific leaders – including US President Donald Trump – on Friday that Beijing will “give positive consideration to the idea of joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).” The CPTPP is the revised version of the Trans-Pacific Partnership (TPP), a regional trade deal promoted by the US during the 2008-16 Obama administration. The US withdrew from the TPP shortly after Trump took office in early 2017, prompting the 11 other signatories to rewrite the agreement, which Britain is also interested in joining. Xi and Trump were taking part in the Asia-Pacific Economic Cooperation (APEC) summit, which is being hosted by Malaysia, but taking place by video link due to the coronavirus pandemic.
KUALA LUMPUR — Malaysia’s exports dropped 23.8 per cent year-on-year in April, the biggest fall for South-East Asia’s third richest economy since the height of the global financial crisis more than 10 years ago. The government’s chief statistician Mohd Uzir Mahidin said on Thursday that April exports tallied “the largest decline since September 2009,” a slump he put down to Malaysia’s economy largely closing from March 18 to May 4 during a strictly-enforced lockdown aimed at stemming a rise in new coronavirus cases. Malaysia’s total trade for April fell 16.4 per cent, which the Ministry for Trade and Industry said was due to “major disruptions to global supply chain” caused by the pandemic. Key sectors such as oil and liquefied natural gas shrank by over 20 per cent each as global demand receded and prices fell. Also down by a fifth were electrical and electronics exports, hit hard by disruptions to global supply chains.
KUALA LUMPUR — Trade ministers representing 21 Asia-Pacific countries said on Tuesday that they “will work to facilitate the flow of essential goods and services” needed to fight the new coronavirus pandemic. The statement, released by the Singapore-based secretariat of the Asia-Pacific Economic Cooperation (APEC) body, listed “medicines, medical supplies and equipment, agriculture and food products” among those essential goods. APEC includes China, Japan and the US, the world’s three biggest economies. Other APEC members include Australia, Canada, Indonesia and South Korea, all of which have gross domestic products exceeding 1 trillion dollars. Tuesday’s statement marks a rare apparent consensus between China and the US, which have been embroiled in a trade war since shortly after Donald Trump became president in early 2017.