New Delhi: The global trade growth is expected to pick up gradually this year after a contraction in 2023 but regional conflicts, geopolitical tensions and economic policy uncertainty pose substantial downside risks, according to a WTO forecast released on Wednesday. The World Trade Organisation (WTO), however, lowered the trade growth projection for 2024 to 2.6 … Read more
The attacks on commercial ships in the Red Sea by Yemen’s Iran-backed Houthi rebels have rerouted most of the trade normally flowing through the crucial maritime artery for consumer goods and energy supplies, a shift that’s delaying shipments and raising transport costs. The impact struck home Friday when electric car maker Tesla said it had … Read more
The World Bank warned on Tuesday that global growth in 2024 is set to slow for a third year in a row, prolonging poverty and debilitating debt levels in many developing countries. Hamstrung by the COVID-19 pandemic, then the war in Ukraine and ensuing spikes in inflation and interest rates around the world, the first … Read more
Mumbai: India has emerged as one of the winners in global manufacturing over the past five years, with its exports to the US surging by $23 billion, a 44% increase from 2018 to 2022, while China experienced a 10% decline in exports to the US during this period, according to a BCG study on global … Read more
India’s merchandise exports contracted 10.3% year-on-year in May to $34.98 billion from $39 billion a year ago, data released on Thursday showed. Imports also shrank 6.6% on-year to $57.1 billion from $61.13 billion, leaving a trade deficit of $22.12 billion in May from $22.13 billion a year ago. Commerce Secretary Sunil Barthwal said headwinds still … Read more
After staging a strong recovery from COVID-induced slowdown in 2021, India‘s exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country’s exports … Read more
Ahead of the upcoming UN COP26 climate summit, the United Nations Conference on Trade and Development (UNCTAD) on Thursday suggested a limited climate waiver of World Trade Organization (WTO) trade and environment rules combined with a ‘peace clause’ for disputes on trade-related environmental measures of developing countries. In the second part of its Trade and … Read more
The European Union on Thursday unveiled a new strategy for boosting economic, political and defense ties in the Indo-Pacific, just hours after the United States, Britain and Australia announced a new security alliance likely to reshape their relations with the vast region. The EU believes the region, which stretches from India and China through Japan … Read more
The global shipping industry, already exhausted by pandemic shocks that are adding to inflation pressures and delivery delays, faces the biggest test of its stamina yet. When one of China’s busiest ports announced it wouldn’t accept new export containers in late-May because of a Covid-19 outbreak, it was supposed to be up and running again … Read more
The World Trade Organization is raising its estimate for the rebound in global trade in goods but warning that the COVID-19 pandemic still poses the greatest threat to a recovery that is being hampered by lagging vaccinations, regional disparities and weakness in the service industry. Demand in North America should be a major factor driving … Read more