The Global Trade Update report was released by United Nations Conference on Trade and Development (UNCTAD).
Key highlights
- The international trade is expected to rebound in 2024, reversing the last year’s downturn, amid lingering geopolitical uncertainties.
- It warned that the logistical challenges such as shipping disruptions in the Red Sea, Black Sea and Panama Canal cast shadows over the optimistic outlook, and can raise costs and disrupt supply chains.
- In 2023, global trade saw a 3 per cent contraction, equaling roughly $1 trillion, compared to the record high of $32 trillion a year ago.
- In India, merchandise exports grew by 5 per cent in the last quarter of 2023 as compared to the same period a year ago. However, on an annual basis, the export growth saw a 6 per cent contraction.
