![UNCTAD’s Global Trade Update (March 2024): Global Trade Set to Rebound in 2024 UNCTAD’s Global Trade Update (March 2024): Global Trade Set to Rebound in 2024](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgktmEAm5A8jSwUkW2LuFRO2CjIgpmtLwRLtFHcv9ZoE8KrHT3Fw8vEjhRyYFW9WT2whH4w2Gri-nyl6Z2ZgyAarKSN-irSJ15YPTbOiYtz7c3l6SvRLjbl3a76mLR7TRZBabarHWkqh4isyEgfSWQfV7dr_GJ6AgMwB9G-6qYrwrTVaof6JYtPgFMdDSJS/w320-h192-rw/Copy%20of%20Copy%20of%20Copy%20of%20Copy%20of%20Untitled%20(500%20%C3%97%20300%20px)%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(5).png)
- Here are the key highlights:
- Global Trade in 2023: The value of global trade fell by 3% in 2023. For trade in goods, it dropped by 5% but grew by 8% for trade in services.
- Trade of Developing Countries: During 2023, the trade of developing countries and South-South trade performed worse than global averages.
- Trade in Environmental Products: Trade in environmental products grew in 2023, with electric cars sparking trade growth in motor vehicles.
- Outlook for 2024: The outlook for 2024 is positive, but geopolitical issues and shipping disruptions increase uncertainties.
- 2023: A Challenging Year for Trade: Global trade dipped 3% to $31 trillion in 2023 after peaking in 2022.
- Trade in Services: Trade in services bucked the negative trend, growing by 8%. The sector was fuelled by a nearly 40% surge in tourism and travel-related services.
- Developing Countries: Developing countries experienced a sharper decline in trade, with their imports and exports falling by 5% and 7%, respectively.
- Electric Cars: Despite the overall decline, 2023 saw a 2% rise in trade for environmental products, driven primarily by soaring electric car sales.
- End 2023: Signs of Stabilization: The final quarter of 2023 brought signs of stabilization, particularly in developing regions.
- Looking Ahead to 2024: The forecast for 2024 is broadly positive, with GDP growth expected to continue at around 3%.
Question:
Q.1 What was the trend of global trade in 2023?a. It increased by 3%
b. It increased by 5%
c. It remained the same
d. It decreased by 3%