The World Trade Organization (WTO) announced this Tuesday (31.10.2023) the e2023 edition of Business Profiles, an annual publication containing key data on trade in goods and commercial services of 197 economies
In the case of merchandise trade, the main exports and imports of agricultural products and non-agricultural products are indicated. In the case of trade in services Information on transport, travel and other commercial services is provided. It also includes statistics on intellectual property, for example in connection with patent and trademark applications.
For the publication, the WTO considered multiple sources, including customs records, national accounts, balance of payments statistics, trade in services of foreign affiliates and industrial property.
It is worth recalling that the WTO has forecast that trade will grow by just 0.8% this year, compared with its estimate at the beginning of the year, when it predicted growth would be 1.7%. In the immediate future, the conflict between Israel and Hamas - which has worsened since October 7 - deepens the concerns expressed by the WTO.
WTO Director-General Ngozi Okonjo-Iweala has issued a warning in this regard.
In an interview with CNBC -granted last Monday on the sidelines of the meeting of the Group of 7 in Japan-, Ngozi Okonjo-Iweala said: “If it spreads beyond where it is now, to the rest of the Middle East, there will be an impact.” “Remember that this region is also the source of much of the world’s energy with respect to natural gas and oil, which is still widely used around the world. So we will see an impact on global growth and trade,” she added. (Business Profiles 2023)
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