Global goods trade rises in Q1 after flat 2023: WTO

New 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.