Global trade to pickup in 2024: WTO
Global goods trade is expected to pick up gradually this year following a contraction in 2023, the World Trade Organization said in a forecast. The volume of world merchandise trade should increase by 2.6% in 2024 and 3.3% in 2025 after falling 1.2% in 2023, it said but cautioned that regional conflicts, geopolitical tensions and economic policy uncertainty pose substantial downside risks to the forecast.
It also said that India’s merchandise exports for 2023 was $432 billion, 5% lower than the previous year while imports fell 7% at $673 billion. India clocked $451 billion goods export in FY 23 and $394.99 billion in April-February FY24.
In its latest, Global Trade Outlook and Statistics Report, India’s share of global goods exports was 1.8% in 2023 and imports was 2.8%. In digitally delivered services, India’s share rose to 6% in 2023 from 4.4% in 2019. In global commercial services, India’s share in exports is seen 4.4% in 2023 at $344 billion, up 11% on-year whereas imports were flat at $247 billion.
