The World Trade Organization (WTO) released its 2023

Solution

The World Trade Organization (WTO) released its 2023 edition of the World Trade Statistical Review (WTSR), its annual flagship publication featuring key data on global trade in merchandise and commercial services.It  presents recent trends in international trade at a time of geopolitical and macroeconomic strains and technological challenges affecting the global economy and supply chains.   Trade in goods and services amounted to $31 trillion in 2022, a 13 per cent rise year-on-year (Y-o-Y). While trade in goods exceeded pre-pandemic levels in 2021, trade in services caught up in 2022.    China remained the top merchandise exporter in 2022 but its share in world exports declined to 14 per cent (from 15 percent in 2021). The United States (8 per cent of world trade) and Germany (7 per cent) were ranked in second and third positions.   The share of manufactured goods in world merchandise exports fell to 63 per cent in 2022 (versus 68 per cent in 2018) mainly due to high energy prices limiting demand. The WTSR ranks India 18th in the list of merchandise exporters with exports of $453 billion and 1.8 per cent of global merchandise trade share. India is ranked 7th in the list of services exporters with exports of $309 billion and 4.4 per cent of global services trade share.   India was 9th largest goods importer with imports of $723 billion and 3.4 per cent share of global merchandise imports. India is ranked 9th in the list of services importers with imports of $249 billion and 3.8 per cent share of global services imports.