World trades recovery from the COVID-19 crisis hit a record high in the first quarter of 2021, increasing by 10% year-over-year and 4% quarter-over-quarter, according to . According to the report, the impressive rebound in Q1 2021 continued to be driven by the strong export performance of East Asian economies, whose early success in pandemic mitigation allowed them to rebound faster and to capitalize on booming global demand for COVID-19 related products.
Trade and Commerce
The African agricultural and food market is expanding quickly, and regional integration is also gaining momentum. The , jointly developed by the African Union (AU) and the , represents a paradigm shift from business as usual and translates the commitments undertaken by the AU into tangible programmes and actions to expand trade within the African Continental Free Trade Area. This provides an opportunity to not only boost trade, but also enhance food security in Africa.
The gigantic cargo ship that ran aground and blocked the Suez Canal last week is afloat once again after a Herculean salvage operation, but the damage to global trade will take months to fix.
Zambias coronavirus lockdown shut down some more traditional businesses, but for e-commerce firms this was their chance to scale up operations. AfriDelivery, a food delivery service with big dreams of becoming a business-to-business (B2B) e-commerce platform, recorded 100% growth in annual terms in 2020. Despite the opportunities, the pandemic also brought many challenges and unforeseen costs for e-commerce firms. UNCTAD is working to ensure e-commerce is mainstreamed into national development plans and development partners cooperation frameworks.
The crisis has hit small and medium enterprises especially hard, causing massive job losses and other economic scars. Among theseless noticeable, but also seriousis rising market power among dominant firms as they emerge even stronger while smaller rivals fall away.
Charity Chimphamba, a Malawian small-scale trader, had a thriving business before the COVID-19 pandemic struck. In the wake of COVID-19, Ms. Chimphambas revenue fell by 60%, mainly due to higher costs of buying goods through transport companies and sourcing them locally. Ms. Chimphamba was among 131 small-scale cross-border traders, 120 of them women, who attended UNCTAD training workshops held in border towns of Malawi, Tanzania and Zambia in February.
Nearly every business in the world has been affected by COVID-19. While one-fourth of companies saw sales falling 50 percent in October-January from pre-pandemic levels, a third said their sales increased or stayed the same. Capturing the impact of the pandemic on businesses, the World Bank reflects the performance of more than 120,000 firms in over 60 countries. The assessment is expected to help inform recovery efforts. In developing countries, despite government programmes businesses most affected by the shock were the least likely to receive government support.
With the help of partners, has used blockchain technology to to raise donations of cryptocurrencies for its work. Beyond financial applications an points at blockchains potential towards sustainable development. UNCTADs says frontier technologies such as blockchain could promote development if governments implement policies that maximize their potential benefits, while mitigating harmful outcomes. Otherwise, they could worsen existing inequalities, as has occurred with previous waves of technological change.
As part of their Americas strategies for COVID-19 response and , has contributed to the development of the new multilateral agreement to liberalize air cargo services in the region. The agreement comes into effect immediately among its ten signatories and establishes expanded traffic rights permitting regional airlines to provide all-cargo services between two other States without restrictions on routes and capacity. The 10 states involved are Brazil, Chile, Dominican Republic, Ecuador, Guatemala, Panama, Paraguay, Peru, Uruguay and Venezuela.
The Trade Facilitation West Africa programme managed by the World Bank focuses on reducing trade barriers for small-scale cross-border traders in West Africa.
The government sees honey as a product that could help diversify the countrys oil-dependent economy and is working with and the European Union to improve production and boost exports. Angola currently produces 90 tons of honey each year, but an showed that Angolas 100,000 or so beekeepers mostly small entrepreneurs could easily more than double production to 200 tons. Its possible to produce honey in every region.
The International Day of Cooperatives is an annual celebration of the cooperative movement that takes place on the first Saturday of July. The aim of this celebration is to increase awareness of cooperatives, to underscore the contributions of the cooperative movement in resolving the major problems addressed by the 51勛圖, and to strengthen and extend the partnerships between the international cooperative movement and other actors. Cooperatives for Climate Action was chosen as this year's theme to support Sustainable Development Goal 13 on Climate Action.
has called for urgent and coordinated action to release the 150,000 to 200,000 seafarers trapped on board ships around the world because of measures to contain the COVID-19 virus.
A small business making natural products from jujube and tamarind has kept its doors open and workers safe thanks to the for the sustainable commerce of plant and animal-based goods and services adopted before the pandemic. Besides being turned into healthy juices and syrups, the Jujube trees red fruit, commonly known as a red or Chinese date, is a key ingredient in traditional medicines. A slight drop in turnover hasnt put the companys future in jeopardy, which is important for womens economic empowerment in the township, as 90% of factory employees are female.
Impact of COVID-19 epidemic hits Indonesias small seaweed processors