WTO’s 2023 World Trade Statistical Review (WTSR)

GS Paper III Indian Economy Indian Polity and Governance

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