look news india
New Delhi: After a slowdown in international trade last year, the situation is expected to improve in 2024, although concerns about geopolitical uncertainty remain, the United Nations Conference on Trade and Development (UNCTAD) said in its latest global trade report. Is.
Giving this information, UNCTAD warned that the logistical challenges arising due to disruption in the movement of cargo ships passing through Rata and the Black Sea and Panama are a matter of concern. They can disrupt an optimistic view. These challenges can increase costs and disrupt supply chains.
Overall, moderation in inflation and improvement in economic growth forecasts globally suggest a reversal of the downward trend. Additionally, emerging demand for environmental improvement will boost business in 2024. However, it is important to note that the global trade situation in 2024 remains associated with some significant uncertainties.
There is a 3 percent decline in global trade in the year 2023, which is equal to about 1 trillion dollars. A year ago there was a record turnover of 32 trillion dollars. The services sector grew by 8 percent in 2023 compared to the previous year, while trade in goods decreased by 5 percent compared to 2022.
The quarterly data showed growth in several major economies, including China and India. That said, overall annual and quarterly data show that some economies have improved significantly. However, the overall figures for 2023 are negative.
India's merchandise trade grew 5 percent in the last quarter of 2023 compared to the same period last year. However, export growth declined by 6 percent year-on-year. Services exports in the last quarter of 2023 remained similar to the same period last year. At the same time, there has been an overall increase of 14 percent in service exports from India in the year 2023.
