The new WTO Monitoring Report, released Nov. 18, says G20 economies have adopted fewer trade restrictive measures in response to the COVID-19 pandemic.

The report points out that the G20 had shifted its focus from trade restrictive measures to containment of the pandemic from mid-May to mid-October this year during which its trade coverage of import-restrictive measures on non-medical products had dropped to USD 42.9 billion (down from USD 417.5 billion), which was lower than same period last year. Additionally, trade coverage for trade-facilitating measures had also plummeted to USD 36.8 billion (down from USD 735.9 billion).

Furthermore, the report says that the overall volume of world trade has plunged during the COVID-19 pandemic. Merchandise exports fell 21% in the second quarter of 2020 while commercial services exports were down 30% compared to last year.

Resource: WTO report shows slowdown in G20 trade restrictions as COVID-19 impacts world economy