A UN report says the value of global trade may decline by nearly 10 percent on-year in 2020 amid COVID-19-induced lockdowns and other economic impediments. 

The United Nations Conference on Trade and Development(UNCTAD) report released on Wednesday said despite signs of a rebound of the Chinese economy, global trade value will fall seven to nine percent on-year in 2020. 

The fallout from the pandemic was most severe in the second quarter when regions across the world suffered from at least a 19 percent cut in trade value from the same period in 2019.  

Global trade, however, recovered in the following months and posted a modest four-point-five percent on-year decline in the third quarter 

UNCTAD forecast a three percent drop in global trade value in the fourth quarter, adding coronavirus-related uncertainties may linger beyond that period.