However the WTO Chief Economist Ralph Ossasaid that the world trade had “held up well” in the presentation of his latest analysis of the impact of the war on activity. “We have not seen the worst predictions predicted at the start of the war,” he said in a statement.
Growth of world trade: the reasons behind it
Ossa He added that world trade held up because WTO members showed restraint in the use of export restrictions. “Part of the explanation (of limited impact) is that the world trading system remained open”said.
According to him WTO reportsome countries than before relied on imports from Ukraine they exchanged one food product for another, for example from wheat to rice. Others found alternative providerssuch as Egypt, which replaced wheat from Ukraine with imports from the European Union and the United States, as well as Russia.
In fact, as a consequence of that, together the Ukrainian exports HE they plummeted 30% last year in value terms, the report said.
During the same period, the Russian exports increased by 15.6% Due to the rising prices of fuels, fertilizers and grains, according to the WTO. However, according to the report, the total volume of its exports “may have decreased slightly.”
The Western sanctions on Russia by their invasion of the Ukraine provoked a decrease in Russian exports to the United Kingdom and the United States and a increase to China and IndiaOssa added. “In general, the pattern of tightening is consistent with the pattern of sanctions,” he said.
Source: Ambito
