Global trade activities are projected to slowdown to 2.6% in 2019 from 4.1% recorded in 2018 due to the decline in industrial production, particularly in capital goods including electronic components and the overall slowdown in economic activities, a finance ministry report said.

The tariff hike by the US and reactive actions taken by China and related partners are more likely to impact on the trade activities which will have an adverse impact on the growth of exports, particularly in EMDEs countries.

Oil production cuts in Organization of the Petroleum Exporting Countries (OPEC) and the US sanction on the Islamic Republic of Iran will help to decline the exports in the Middle East.

However, global trade activities are expected to stabilize, on average, to 3.2% in 2020.