THE TRADE MONITORING UPDATE - 08 JULY 2024
Summary:
The Trade Monitoring Update highlights key developments in global trade over the period from mid-October 2023 to mid-May 2024. The report indicates that WTO members introduced more trade facilitative measures (169) than trade restricting measures (99) on goods, emphasizing the ongoing commitment to maintaining trade flow despite geopolitical uncertainties. Import restrictions saw a notable increase, surpassing export restrictions for the first time since 2021. Notably, there was a significant rise in economic support measures, particularly those related to industrial policy, renewable energy, climate change, and national security.
Key Findings:
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Global Trade Outlook:
- World trade is projected to grow by 2.6% in 2024, followed by a further 3.3% in 2025, recovering from a 1.2% contraction in 2023.
- The outlook for commercial services trade is positive, especially for digitally delivered services, which increased by 51% between 2019 and 2023.
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Trends in Trade Measures:
- A total of 473 trade measures on goods were recorded for WTO members and observers during the review period.
- Measures facilitating trade accounted for the largest portion (1711), indicating a focus on trade expansion.
- Trade remedy initiations (172) and terminations (33) were recorded, comprising 43.3% of all goods trade-related measures.
Additional Insights:
- The stockpile of import restrictions has grown steadily since 2009, reaching USD 2,272 billion in value by 2024, which represents 9.7% of total world imports.
- In the services sector, most new measures were trade facilitating, aimed at liberalization or improving regulatory frameworks.
- The implementation of COVID-19-related measures across goods, services, intellectual property, and general economic support by WTO members continued to decline.
Conclusion:
The report underscores the resilience of global trade amidst geopolitical challenges and highlights the role of trade facilitation measures in supporting economic recovery. It also emphasizes the importance of monitoring trade policies to ensure transparency and maintain the flow of international commerce.
