This report provides transparency on trade policy trends and developments. It covers a period marked by heightened geopolitical tensions, including the ongoing war in Ukraine, which has had a significant impact on global trade.

It finds a global trend towards trade-restrictive practices is contributing to shortages, price volatility, and uncertainty, even as G20 economies continued to introduce measures that liberalise trade. The report also provides updates on various trade-related developments and discussions on topics including e-commerce, fisheries subsidies, government procurement and regional trade agreements.

Key findings

• During the review period several economies announced and implemented trade and trade-related measures citing national security considerations. 
• Falling inflation has allowed central banks in advanced economies to start cutting interest rates, which should boost consumption and investment in the second half of 2024 and in 2025 leading to a gradual recovery of goods trade.
• Europe is expected to contribute negatively to trade volume growth on both the export and import sides. Meanwhile, Asia will make a larger-than-expected contribution to exports.
• The number of trade concerns raised in WTO Committees and bodies continued to increase, in some cases sharply.
• Between mid-October 2023 and mid-October 2024, G20 economies introduced 91 new trade-restrictive and 141 trade-facilitating measures on goods; most of these measures were import measures. 
• The trade coverage of the trade-restrictive measures was estimated at USD 828.9 billion, up significantly from USD 246.0 billion in the last report.
• The number of export restrictions has risen significantly since 2020, first in the context of the pandemic and more recently because of the war in Ukraine and the food security crisis.