Global trade was more resilient during the pandemic than expected and will rebound strongly in 2021, according to the Dubai Multi Commodities Centre, though the recovery will be uneven and dependent on the roll out of vaccines and easing geopolitical tensions.
Feryal Ahmadi, chief operating officer at the DMCC, which presides over companies involved in the trade of commodities that range from pulses to diamonds, said fears global trade would collapse by 13 to 32 per cent last year “did not materialise”.
However, the future of global trade is dependent on the global vaccine drive and governments’ ability to respond quickly to new waves and variants of Covid-19, according to DMCC’s The Future of Trade report.
Also key to the outlook is the relationship between the US and China, expected to be the leading drivers of global economic growth this year, and the adoption of new technologies in ports and the shipping industry to facilitate the rise of e-commerce.
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