The contraction in goods trade with other countries came after two successive years of positive growth on the low base created by the pandemic-induced slump in FY20-FY21.
This meant India's foreign performance in the last year was in line with the global trend as per the World Trade Organization (WTO), global demand for traded goods shrank 1.2% in 2023.
Last week, the WTO revised its projection for the merchandise trade volume growth in 2024 to 2.6% from 3.3% seen earlier. However, the Delhi-based Global Trade Research Initiative (GTRI) forecasts a 1.2% drop in world merchandise trade values in 2024, compared with 2023.
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