GLOBAL MERCHANDISE TRADE VOLUME TO GROW BY 2.6% IN 2024

In merchandise trade, where exports are concerned, India ranked 17th globally, with a 1.8 per cent share in world trade, amounting to USD 432 billion, a5 per cent decrease from 2022.

- NIVEDITA MUKHERJEE

India’s merchandise export value in calender year 2023 decreased by 5 per cent over CY 2022, mirroring global trends even as overall export growth for the year recorded a positive trend, pushed by a significant 9.9 per cent increase in services exports, again in sync with global trends, according to the World Trade Organisation’s Global Trade Outlook and Statistics report. The report has projected that the world merchandise trade volume will grow by 2.6 per cent in 2024 and the growth will continue at 3.3 per cent in 2025.

In merchandise trade, where exports are concerned, India ranked 17th globally, with a 1.8 per cent share in world trade, amounting to USD 432 billion, a 5 per cent decrease from 2022. India’s country rank improved from 18 in 2022 to 17 in 2023. India ranked 8th in imports, holding a 2.8 per cent share, with the value at USD 673 billion, marking a 7 per cent decline from the previous year. India’s country rank improved from 9 in 2022 to 8 in 2023.

In the area of commercial services trade, India ranked 7th globally in exports , capturing a 4.4 per cent share of the global market at USD 344 billion, which is an 11 per cent increase over 2022. India’s country rank remained the same as in 2022. Imports of commercial services ranked 9th globally, capturing a 3.4 per cent share of the global imports at USD 247 billion, with country rank decreasing from 8 in 2022 to 9 in 2023.