(You can now subscribe to our(You can now subscribe to our Economic Times WhatsApp channelNew Delhi: The volume of world merchandise trade turned up in the first quarter of 2024 after remaining flat throughout 2023, the World Trade Organization ( WTO ) said Tuesday.Merchandise trade as measured by the average of exports and imports was up 1% in the first quarter compared to the previous quarter. Trade was up 1.4% compared to the same period in 2023.Most regions contributed positively to the upturn in trade volume , with Europe remaining a notable exception as its exports and imports continued to decline.WTO predicted that world merchandise trade volume would grow 2.6% in April 2024 and 3.3% in the same month in 2025. "The 1% increase is broadly consistent with these projections; if the current pace of expansion continues through the end of this year, trade volume for the whole of 2024 will be 2.7% higher than in 2023," the WTO said.The US dollar value of world merchandise trade was down 2% year-on-year in the first quarter of 2024, according to the Geneva-based organization. The fact that trade values were declining while trade volumes were rising indicates that export and import prices were falling during this period, it said.

Source: Economic Times July 02, 2024 23:47 UTC