The World Trade Organization has predicted a 9 percent decline in global trade. If this happens, the situations are record-worst since the times of World War II.
Also, the record of unabated increase of global trade since 1982, would simply impede. According to WTO’s announcement, the richer countries will experience worse global trades. And the situation of poorer nations, which mostly rely on the commerce, and exports of rich countries would be even worst.
This decline is also going to affect the unemployment rate of respective nations. Thousands of jobs are to be slashed due to the decline in global trade.
The numbers showed Germany as the leading exporter with $1.47 trillion worth of trades. China comes to second place with $1.47 trillions. US stands in third place with $1.3 trillion exports.
Coming to imports, US stands in first position with $2.17 trillion worth of purchases, though it is 4 percent less compared to previous year. Nest best importers are Germany with $1.21 trillion purchases, China with $1.13 trillion purchases.
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