INSUBCONTINENT EXCLUSIVE:
World Trade Organization (Photo: Shutterstock)3 min read Last Updated : Oct 11 2024 | 12:44 AM IST
The World Trade Organization (WTO) on
Thursday revised downwards its projection of world merchandise trade growth to 3 per cent in 2025, from its earlier estimate of 3.3 per
cent.
For 2024, the WTO revised upwards its forecast for merchandise trade growth to 2.7 per cent, up from the previous estimate of 2.6
and policy uncertainty.
In case of an escalation in the West Asia conflict, the effects would also be felt in other regions, including
Red Sea crisis has been contained to date, other routes could be impacted in a wider conflict
saw 2.3 per cent year-on-year increase
report further said that Europe has continued to weigh heavily on global merchandise trade in 2024, acting as a drag on overall performance
for both imports and exports
The main sectors driving European negative export performance include chemicals due to change in the trend after a surge in demand during
In European imports, the largest contraction was in machinery, with a substantial reduction in imports from China
This reduction is not simply the result of fragmentation, since similar declines are observed across geopolitically aligned economies such
as the United States, the Republic of Korea and Japan
Asia are experiencing a rebound, due to key manufacturing economies such as China, Singapore and South Korea
On the import side, Chinese import growth remains moderate, while Singapore, Malaysia and other Asian economies, including India and
Vietnam, show stronger growth.First Published: Oct 10 2024 | 9:31 PMIST
