This comes as  India’s  goods exports  were  under pressure for  much  of the year due to weak demand from  Western countries. Slowing demand in China, which is grappling with a major crisis in its real estate sector, is also contributing to  the  slowdown in  economic growth. 

 According  to the  WTO trade report, with  global goods trade  slowing  amid  rising interest rates and  geopolitical conflict,  trade measures introduced by G20  economies,  account for  85%  of  output.  global  economy, has become  more restrictive in recent  months. According to monitoring reports. 

 This comes as  India’s  goods exports  were  under pressure for  much  of the year due to weak demand from  Western countries. Slowing demand in China, which is grappling with a major crisis in its real estate sector, is also contributing to  the  slowdown in  economic growth.  “For the first time since 2015, the monthly average of 9.8 new trade restrictions introduced by G20 economies during the  reporting  period  exceeded trade facilitation  measures  (8.8 ). Furthermore, persistent  import restrictions  within the G20 show  no  signs that current measures will be significantly lifted,” the  WTO said in the report. 

  The WTO said  G20 economies introduced more  restrictive trade facilitation  measures on goods  from  mid-May  to  mid-October 2023. However, the value of  the goods  traded  is applied. The use of facilitation  measures  continues  to exceed  those specified in the restrictions.  

  As of  mid-October 2023,  $2.287  billion  in  traded goods,  or 11.8%  of G20 imports,  have been  affected by import restrictions implemented by G20 economies since  2009 .  The trade  monitor  report  points out  that  export restrictions have become more  significant  since 2020, with a series of measures introduced first in the context of  the Covid-19 epidemic  and more recently  in  the war in Ukraine and the food  safety  crisis. 

  “While  some of these export restrictions have been  lifted,  as of mid-October 2023, 75 export restrictions on food, feed and fertilizers  remain  in  force across world”.  

 The  WTO’s  latest forecast released last month  projects  merchandise trade volume growth of  0.8%  in  2023,  down from  previous  estimates  of  1.7%  and  3.3%  in  year  2024.  

 In the first half of 2023,  global goods  trade  volumes fell 0.5% year-on-year  as high inflation and rising interest rates weighed on trade and  production  in advanced economies,  as  well as tensions in the real estate  market  preventing  stronger  post-war development. the recuperation. The report added that the pandemic  in  China has resumed.  

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