Global trade will continue to face strong headwinds this year and in 2020 after growing slowly-than-expected in 2018, due to rising trade tensions and increased economic uncertainty, the WTO said Tuesday.
"WTO economists expect merchandise trade volume growth to fall to 2.6 per cent in 2019 down from 3 per cent in 2018. Trade growth could then rebound to 3 per cent in 2020; however, this is dependent on an easing of trade tensions," it said in a statement.
The preliminary estimate of 3 per cent for world trade growth in 2018 is below the WTO's recent forecast of 3.9 per cent issued last September, it added.
"Trade cannot play its full role in driving growth when we see such high levels of uncertainty. It is increasingly urgent that we resolve tensions and focus on charting a positive path forward for global trade which responds to the real challenges in today's economy," he said.
India's exports grew by 8.85 per cent to USD 298.47 billion during April-February 2018-19.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)