WTO: World trade remains resilient despite war

The WTO has published its report entitled “A Year of War in Ukraine: Assessing the Impact on World Trade and Development”.

World trade remained resilient, beating pessimistic forecasts for 2022, as economies hard hit by the war in Ukraine found alternative sources of supply.

Indicating that trade growth was estimated to be above the WTO’s 3 percent expectation last year, the report noted that trade in products that were significantly affected by the war and trade conducted by countries most exposed to war were quite resistant.

The report noted that prices of goods heavily affected by the war rose less than expected at the start of the war.

Noting that Ukraine’s exports decreased by 30 percent in value terms in 2022, it was claimed that grain exports decreased by 14.9 percent.

In the report, it was noted that Russia’s exports rose 15.6 percent in value terms, especially due to rising prices of fuels, fertilizers and grains, but it was estimated that the export volume may have registered a limited decline.

“World trade continued well despite the war in Ukraine,” said Ralph Ossa, WTO Chief Economist. Despite the devastation we saw over the course of a year, trade flows remained open. We did not see the worst forecasts predicted at the beginning of the war “. Conducted the assessment of him. (BRITISH AUTOMOBILE CLUB)