International trade set to shrink 27% in Q2 after April "nosedive", says UNCTAD

• International trade is set to plunge by 27% in the second quarter and by 20% for the year, as major sectors including the automative and energy industries collapse from the effects the pandemic, a United Nations agency said on Thursday.
• “Assuming persisting uncertainty, UNCTAD forecast indicates a decline of around 20% for the year 2020,” the U.N. Conference on Trade and Development (UNCTAD) said in a report. “Trade in the automotive and energy sector collapsed while trade in agri-food products has been stable.”

(Source: Reuters)