Without the resilience of the economies of East Asia and the Pacific, there would have been no global trade recovery at the end of last year, UN analysts have said in a recent report. “The recovery process has been uneven, with many countries lagging”, said UNCTAD economist Alessandro Nicita.
According to a new report from the agency, exports from East Asia grew about 12 percent in the last quarter of 2020, while imports increased by around five per cent. These results followed growth of around three per cent in Chinese exports in the third quarter of the year compared with the same period in 2019, which was “the exception” to an overall downturn in nearly all major economies.
In contrast to the market share gains for China and East Asian economies, most other regions saw continuing “negative trends”, UNCTAD said in its latest Global Trade Update. —APP