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 per cent in the first quarter compared to the previous quarter. Trade in the first quarter was up 1.4 per cent 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.
In April, WTO predicted that world merchandise trade volume would grow 2.6 per cent in 2024 and 3.3 per cent in 2025.
“The 1% increase in the first quarter 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 per cent higher than in 2023,” the WTO said.
The US dollar value of world merchandise trade was down 2 per cent 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.
Merchandise trade as measured by the average of exports and imports was up 1 per cent in the first quarter compared to the previous quarter. Trade in the first quarter was up 1.4 per cent 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.
In April, WTO predicted that world merchandise trade volume would grow 2.6 per cent in 2024 and 3.3 per cent in 2025.
“The 1% increase in the first quarter 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 per cent higher than in 2023,” the WTO said.
The US dollar value of world merchandise trade was down 2 per cent 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.
