Bangkok, December 15 (ren Qian) – the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) released a report in Bangkok, the capital of Thailand, on the 15th that commodity trade in the Asia Pacific region will rebound strongly in 2021. Commodity exports and imports are expected to increase by 23.1% and 22.8% respectively year-on-year, and the total import and export volume will exceed the pre epidemic level.
The report entitled “trends in Asia Pacific Trade and investment in 2021/2022” reported that the global economy once again experienced a challenging year under the influence of COVID-19, but the commodity trade performance in the Asia Pacific region in 2021 was significantly better than that in other regions.
The report points out that with the gradual solution of supply chain problems in developed economies and the relaxation of expansionary fiscal policies, it is expected that the inflationary pressure in the Asia Pacific region will ease in 2022, and commodity trade will continue to recover, but the growth rate will slow down. The report predicts that exports and imports in the Asia Pacific region will increase by 4.1% and 5.2% respectively next year.
In this regard, under Secretary General of the United Nations and executive secretary of ESCAP, ALIS Shabana, said that regional cooperation will continue to play an important role and the Asia Pacific region will promote more efficient and flexible international trade by taking more cost-effective and influential measures.
ESCAP, headquartered in Bangkok, is one of the five regional commissions under the United Nations Economic and Social Council. It is also the only intergovernmental comprehensive economic and social development organization of the United Nations in the Asia Pacific region. It is an important platform for countries in the Asia Pacific region to exchange experience and carry out regional cooperation on economic, environmental and social issues.
