Least developed countries (LDCs) have been hit hard by the downturn in global trade triggered by the COVID-19 pandemic, with LDC merchandise exports declining by 16 per cent during the first half of 2020, WTO members were told at a meeting of the WTO’s Sub-Committee on LDCs held on 11 November.
The WTO Secretariat reported that the decline in the value of LDC merchandise exports was steeper than the 13 per cent average decline in global exports registered in the first six months of the year.
The LDC services sector also took a hit, with preliminary estimates suggesting a drop of close to 40 per cent in the first six months of 2020.
The LDCs also had a subdued trade performance in 2019, with their share in world exports (goods and services combined) remaining static at around 0.96 per cent.
“The exports of the LDCs have been hit hard by the pandemic,” stated Ambassador Monique T.G. Van Daalen of the Netherlands, the chair of the sub-committee.
“At the same time, we have seen that the impact has not been uniform across LDCs and sectors. Exports of fuels and manufactures, as well as of travel services, experienced sharp contractions in the first half of 2020.”
“The outlook for trade remains uncertain as the pandemic continues to disrupt activities around the world,” she added.