The United Nations Conference on Trade and Development (UNCTAD) has released its Global Trade Update report, outlining the state of global trade in 2023 and projections for 2024. Despite a 3% dip in global trade to $31 trillion in 2023, a rebound is expected in 2024 amid geopolitical uncertainties and logistical challenges.
Global Trade Trends in 2023
- Global trade contracted by 3%, amounting to a $1 trillion decrease from the record high of $32 trillion in 2022.
- Trade in goods experienced a 5% decline compared to 2022, while the services sector witnessed an 8% year-on-year growth.
Quarterly Growth Trends
- Some major economies, including China and India, showed a return to growth in the last quarter of 2023.
- Despite quarterly improvements, the overall statistics for 2023 remained negative.
India’s Trade Performance in 2023
- Merchandise exports in India grew by 5% in the last quarter of 2023 compared to the same period in the previous year.
- However, annual export growth witnessed a 6% contraction.
- Services exports remained stagnant in the last quarter of 2023 but saw a notable 14% growth on an annual basis.
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