WTO’s 2023 World Trade Statistical Review (WTSR)

Context:  Recently, the World Trade Organization (WTO) unveiled its annual flagship publication, the World Trade Statistical Review (WTSR) for 2023. Highlights From World Trade Statistical Review (WTSR)

• Global Exporters and Importers:
  • India ranked 18th in merchandise exports and 7th in services exports.
    • India was the 9th largest goods importer and 9th in services imports.
  • China remained the top merchandise exporter in 2022 but with a reduced world export share of 14%.
  • The United States and Germany ranked second and third in merchandise exports.
• Trade Value and Growth:
  • Global trade in goods and services amounted to $31 trillion in 2022, showing a 13% year-on-year rise (Y-o-Y).
  • Goods trade exceeded pre-pandemic levels in 2021, while services trade caught up in 2022.

About World Trade Statistical Review (WTSR) 2023:

• It provides a detailed analysis of the latest developments in world trade.
• It is the WTO’s flagship statistical publication and is produced on an annual basis.
• It provides data on merchandise and services trade, categorized by geographical origin, product groups, and sectors.

News Source: Business Standard