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UNCTAD’s Global Trade Update (March 2024): Global Trade Set to Rebound in 2024

Published on March 27, 2024
Current Context: The United Nations Conference on Trade and Development (UNCTAD) released its Global Trade Update in March 2024, which provides an overview of the global trade scenario.
UNCTAD’s Global Trade Update (March 2024): Global Trade Set to Rebound in 2024
  • 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%
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