India's trade growth accelerated both in goods, services in 3rd quarter: UN agency

Geneva [Switzerland], December 3 (ANI): India's trade growth accelerated both in goods and services in the 3rd quarter even as overall trend showed a stronger COVID-19 recovery for goods than services, the United Nations Conference on Trade and Development (UNCTAD) said on Friday.
"Trade patterns for major economies in the 3rd quarter clearly show the overall trend of a stronger #COVID19 recovery for goods than services. Notably, India's trade growth accelerated both in goods and services. More in @UNCTAD's Global Trade Update," UNCTAD tweeted.
According to the UN agency, import and export trends for some of the world's major trading economies further illustrate the recovery patterns of Q3 2021.
"Overall, the trend of a stronger recovery for goods relative to services is common to all major economies. In Q3 2021, trade in goods in all major economies was above 2019 levels, both in relation to imports and exports. With the notable exceptions of the exports of China and the Republic of Korea, trade in services remains below or around 2019 levels for most major economies," the report said.
Most of the major economies have seen growth rates stabilizing for goods trade in Q3 2021. On the other hand, the pace of services trade continued to increase relative to Q2 2021.
According to the forecast, global trade is expected to reach about USD 28 trillion in 2021, indicating an increase of 23 per cent with respect to 2020.
Global trade growth stabilized during the second half of 2021, increasing by 1 per cent quarter-over-quarter. "The outlook for 2022 remains very uncertain. Trade-in goods reached record levels in Q3 2021. The trade in services shows increasing momentum but remains below pre-pandemic levels."
The UNCTAD was established in 1964 as an intergovernmental organization intended to promote the interests of developing states in world trade. (ANI)