Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Reuters
Reuters
Business

Global trade hit by restrictions during COVID-19 crisis - WTO

FILE PHOTO: Roberto Azevedo, Director-General of the World Trade Organization (WTO), gestures during a news conference after a General Council meeting in Geneva, Switzerland, July 23, 2020. REUTERS/Denis Balibouse

Global trade has been hit by new and accumulated import restrictions just as economies need to rebuild in the COVID-19 crisis, the World Trade Organization (WTO) said in a mid-year report issued on Friday.

But some export constraints imposed on surgical masks, medicines and medical equipment early in the pandemic are being rolled back, it said.

"Although the full impact of the pandemic is not yet reflected fully in trade statistics, it is expected to be very substantial", WTO director-general Roberto Azevedo said in presenting the report to its 164 member states.

The WTO said last month that estimates for the second quarter of 2020 indicated a year-on-year drop in world trade of about 18%.

(Reporting by Stephanie Nebehay; Editing by Mark Potter)

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.