India’s merchandise exports also recorded a slight increase in October, rising 6.2%, only the second increase in the current financial year.
Global goods trade is recovering thanks to sales of automobiles and electronic components, the World Trade Organization (WHO) said in its quarterly Goods Trade Barometer report released on Monday.
The apex trade body said the current barometer index of 100.7 is higher than the previous reading of 99.1 in August last year.
Barometer values above 100 are associated with above-trend trading volume, while barometer values below 100 indicate commodity trading has fallen below trend or will fall below trend in the future near the.
“The strength of the auto and electronic components indices can be explained by growing global demand for electric vehicles, while the weak performance of commodities can be partly attributed to This is due to the weakening real estate market while interest rates remain high.” India is the fastest growing market for electric vehicles.
The Economic Survey 2022-23 indicates that India’s domestic electric vehicle market will witness a compound annual growth rate (CAGR) of 49% from 2022 to 2030, with sales of 10 million units annually by 2030. The WTO has predicted that third quarter trade statistics will be released. rose slightly thanks to accelerating GDP growth in the US and China, even as the European Union’s economic slowdown continued to weigh on global demand.
Global merchandise trade volumes remained stable in the second quarter of 2023, up 0.2% quarter-on-quarter but still down 0.5% year-on-year.
The indicators that make up the barometer are mixed, with some rising significantly above trend and others remaining above or below trend. The largest increases were recorded in the automobile production and sales index (110.0) and electronic components trade (109.8). The WTO said indexes for air freight (100.3), export orders (99.4) and container shipping (98.0) ended in line with trend or slightly lower, while the index raw materials (95.6) fell below trend.
India’s merchandise exports also recorded a slight increase in October, rising 6.2%, only the second increase in the current financial year.
Exports fell due to weak demand in Western economies as high interest rates weighed on consumption.
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