Commodity exports constitute a large share of world merchandise trade for many developing and developed countries. In 2019, of the US$18.9 trillion merchandise trade, around one third comprised commodities – 25 per cent and 30 per cent for developed and developing countries, respectively.
Commodity exports constitute a large share of world merchandise trade for many developing and developed countries.
In 2019, of the US$18.9 trillion merchandise trade, around one third comprised commodities – 25 per cent and 30 per cent for developed and developing countries, respectively. Out of the 102 commodity-dependent developing countries (CDDCs) in the world, 31 are Commonwealth countries, representing 60 of its membership.
The COVID-19 pandemic has led to a steep decline in commodities exports and created several macroeconomic challenges for these countries.
This webinar will discuss the findings of a recent study by the Commonwealth Secretariat and the United Nations Conference on Trade and Development (UNCTAD). It will:
- Provide an overview of the salience of commodities in Commonwealth countries’ merchandise exports
- Analyse the impact of the COVID-19 shock on commodity-dependent Commonwealth countries
- Assess the export revenue losses due to the COVID-19 pandemic shock and explore variation by sectors, markets and regions
Speakers
- Dr Brendan Vickers, Head of International Trade Policy Section, Commonwealth Secretariat
- Marco Fugazza, Research Economist, UNCTAD
- Dr Salamat Ali, Trade Economist, Commonwealth Secretariat
- Dr Sophie van Huellen, Lecturer in Economics at SOAS, University of London
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