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Global Trade Overview 2023 and 2024 Outlook
March 27 , 2024
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- The international trade is expected to rebound in 2024, reversing the last year’s downturn.
- This report was released by the United Nations Conference on Trade and Development (UNCTAD).
- UNCTAD noted that global forecasts for GDP growth remain at around 3 per cent for 2024.
- During 2023, imports and exports of developing countries declined by an average of 5 and 7 per cent, respectively.
- Conversely, trade for developed countries are decreased by about 4 per cent for imports and 3 per cent for exports.
- India’s goods imports are increased by 3 per cent and exports were up 5 per cent in the fourth quarter of 2023.
- However, both imports as well as exports declined in 2023.
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