World goods trade rebounds; India shows shift in dynamics
Trade Promotion Council of India
Apex trade and investment promotion organization notified by the Department of Commerce, Government of India
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World Merchandise Trade Volume rises by 1% in Q1 2024
World merchandise trade volume saw a turnaround in Q1 2024, rising by 1%?QoQ following a stagnant 2023, according to the World Trade Organisation. The report further projected that world merchandise trade volume would grow 2.6% in 2024 and 3.3% in 2025.
In its Global Trade Update for July, UNCTAD anticipates a strong 2% growth in trade for the first half of 2024. This is expected to add around US$ 250 billion to goods trade and about US$ 100 billion to services trade in the first half of 2024 compared to the second half of 2023.
The report also noted an increaseed demand in some sectors such as electric vehicles, solar panels, batteries, and high-end semiconductors, although it cautioned that government policies may curb some of these trends.
India's trade dynamics show notable shifts. According to UNCTAD, India's trade dependence* on China and EU increased by 1.2% and 1%, respectively, while its dependence on Saudi Arabia decreased by 0.5%.
*Measured as ratio of bilateral trade between the two economies to total trade of the dependent economy
India’s fast fashion set to reach $50 billion by FY31
India’s fast fashion industry is projected to become a $50 billion market by FY31, driven by millennials and Gen Z, according to Redseer Strategy Consultants. In FY24, the sector grew by 30-40%, far outpacing the broader fashion market’s 6% growth.?
Global sea transport surges most since 2010 after Red Sea attacks
Geopolitical disruptions and attacks in the Red Sea have boosted global sea transport activity. Vessels reroute to avoid conflict zones, affecting carbon emissions. The marker, which multiplies the volume of cargo transported by the distance sailed, is expected to increase by 5.1% over 2023, or 3.2 trillion tonne miles.
QUOTE OF THE DAY
High achievers possess very special qualities that separate them from the rest. Jeff Bezos, Founder, Executive Chairman, and former president and CEO of Amazon is captivating viewers with his profound life advice in a recent viral video.
领英推荐
Bezos underscores the importance of maintaining a healthy sleep cycle and emphasizes making high-quality decisions in the early morning. His insights are not just about business success but also about striking a balanced and fulfilling life.
US urges India to delay health certificate for imported food products
India requires all milk and milk products, pork and pork products, and fish and fish products imported into the country to be accompanied with a health certificate issued by the competent authority of the exporting country.
Rajasthan plans greenfield airport in Kota, aerocity in Jaipur
The Rajasthan Cabinet, chaired by Chief Minister Bhajan Lal Sharma, approved the Civil Aviation Policy, 2024, and announced the development of a Greenfield Airport in Kota and an Aerocity in Jaipur. This policy aims to enhance regional air travel connectivity and boost tourism.
FACT OF THE DAY
India's first solar mission, Aditya-L1, completed its first halo orbit around the Sun-Earth L1 point, the Indian Space Research Organisation (ISRO) announced. Launched on September 2 last year, the Aditya-L1 spacecraft was inserted into its targeted halo orbit on January 6.
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Other highlights in today's newsletter: - Millennials and Gen Z to drive India’s fast fashion industry to become a $50 bn market - Global sea transport surges most since 2010 after Red Sea attacks - Leader Speak: Jeff Bezos's inspiring advice on quality lifestyle and success secrets - US urges India to delay health certificate for imported food products - Rajasthan plans greenfield airport in Kota, aerocity in Jaipur - India's first solar mission, Aditya-L1, completed its first halo orbit around the sun