Global trade expands in 2018, but benefits hampered by protectionism
- 5 years ago
WTO "G20 '수입제한 규제' 역대 최대…543조원대 교역에 타격"
A new report by the WTO shows trade volume among the G20 economies expanded to a record-high.
However, the benefits from improved trade have been mitigated by newly implemented protectionist measures... particularly those coming from China and the U.S.
Kim Ji-yeon breaks down the digits for us.
The World Trade Organization, in a report released Thursday on the Group of 20, says trade volume among the G20 economies in the five months through mid-October amounted to 481-billion U.S. dollars.
That's almost six times the amount recorded in last year's review... and the largest since related data were first compiled by the WTO in 2012.
The report also showed, however, that the G20 countries are restricting trade with a record number of measures like tariffs.
It said during the five-month review period they applied a total of 40 new trade-restrictive measures, including tariff increases, import bans and export duties.
Most of those measures -- 79 percent of them -- were retaliatory steps taken by the world's two biggest economies, China and the U.S.
The report warned that its findings constitute a source of serious concern and called on G20 economies to take immediate action to de-escalate the situation.
This was reiterated in a separate report by the OECD released earlier this week, which warned that the combined gross domestic product of the global economy could shrink by 8 tenths of a percent by 2021... if the U.S. goes ahead with plans to charge a 25-percent tariff on all Chinese imports.
Kim Ji-yeon, Arirang News.
A new report by the WTO shows trade volume among the G20 economies expanded to a record-high.
However, the benefits from improved trade have been mitigated by newly implemented protectionist measures... particularly those coming from China and the U.S.
Kim Ji-yeon breaks down the digits for us.
The World Trade Organization, in a report released Thursday on the Group of 20, says trade volume among the G20 economies in the five months through mid-October amounted to 481-billion U.S. dollars.
That's almost six times the amount recorded in last year's review... and the largest since related data were first compiled by the WTO in 2012.
The report also showed, however, that the G20 countries are restricting trade with a record number of measures like tariffs.
It said during the five-month review period they applied a total of 40 new trade-restrictive measures, including tariff increases, import bans and export duties.
Most of those measures -- 79 percent of them -- were retaliatory steps taken by the world's two biggest economies, China and the U.S.
The report warned that its findings constitute a source of serious concern and called on G20 economies to take immediate action to de-escalate the situation.
This was reiterated in a separate report by the OECD released earlier this week, which warned that the combined gross domestic product of the global economy could shrink by 8 tenths of a percent by 2021... if the U.S. goes ahead with plans to charge a 25-percent tariff on all Chinese imports.
Kim Ji-yeon, Arirang News.