CURRENT AFFAIRS

Detailed explanation-1: -It shows that total merchandise trade was up 17% year-on-year in the second quarter of 2022, as compared to 22% year-on-year in the fourth quarter of 2021. Trade in the first half of 2022 was also up 32% compared to 2019.

Detailed explanation-2: -In 2021, the global trade value of goods exported throughout the world amounted to approximately 22.3 trillion U.S. dollars at current prices.

Detailed explanation-3: -The World Trade Report 2021 shows that a more open, inclusive and predictable trade environment is needed to promote diversification and contribute to economic resilience. The WTO already plays a key role in making economies more resilient by promoting lower trade barriers and greater transparency in trade policies.

Detailed explanation-4: -As of 2021, world trade volume and value have expanded 4% and 6% respectively on average since 1995, when the WTO was first established.

Detailed explanation-5: -WTO economists now predict global merchandise trade volumes will grow by 3.5% in 2022-slightly better than the 3.0% forecast in April. For 2023, however, they foresee a 1.0% increase-down sharply from the previous estimate of 3.4%.