On March 31, 2021, the World Trade Organisation(WTO), the multilateral trade body in its Trade forecast, revised its global merchandise trade volume growth for 2021 to 8% from the earlier forecast of 7.2% in October 2020.
- WTO reported a 5.3% decline in global trade in 2020.
- As the effects of COVID-19 in trade were continuing, WTO expected the trade growth to be 4% in 2022.
Key points about the Forecast:
- The World GDP at market exchange rates was forecasted to increase by 5.1% in 2021 and 3.8% in 2022, after its contraction by 3.8%(-3.8%) in 2020.
- Asia: In 2020, WTO expected Asia’s export volume to be increased by 0.3% and import volume decreased by 1.3% whereas for 2021 the exports are expected to grow by 8.4%.
- India: WTO reported a future growth in India’s exports as the top export markets of India such as North America and the European Union(EU) have increased their imports demand by 11.4% and 8%.
- Goods exports in India for FY21 was about 8-10% which was lower than FY20’s value of $314 billion.
Merchandise Trade Volume report by WTO:
|Annual % of World Merchandise Trade volume||
Recent Related News:
On 15th February 2021, NgoziOkonjo-Iweala from Nigeria was appointed as the 7th Director-General of WTO. She will hold the position from 1st March 2021 to 31st August 2025. She succeeds former Director-General Roberto Azevêdo who announced his retirement 1 year before the expiry of his tenure.
About World Trade Organisation(WTO):
- WTO deals with the global rules of trade between the countries.
Headquarters – Geneva, Switzerland
Establishment – 1 January 1995
Created by – Uruguay Round negotiations (1986-94)
Director-General – NgoziOkonjo-Iweala
Members – 164