The World Trade Organization (WTO) has reported that global goods trade is expected to make a turnaround in the second quarter of this year, due to a recent boost in export orders. The WTO’s Goods Trade Barometer has indicated that trade remained depressed during the first quarter of 2023, however, the pickup in export orders could mean an increase in demand for traded goods in the upcoming quarter. These results are consistent with the WTO’s most recent trade forecast, which projects 1.7% growth in world merchandise trade in 2023. This news is favorable for India as the expectation of rising demand for traded goods could help push the country’s outbound shipments, which have contracted by 12.7% for a third consecutive month. The recent trade deficit reduced to a 20-month low of USD 15.24 billion.
Global Goods Trade Shows Signs of Possible Rebound by Q2 2023: WTO Report
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