WTO Report shows surge in G20 trade-restrictive measures

The 31st WTO Trade Monitoring Report on G20 trade measures, published on 13 November, states that the coverage of trade-restrictive measures introduced by G20 economies has grown significantly over the past year. During the review period spanning mid-October 2023 to mid-October 2024, G20 economies introduced 91 new trade-restrictive measures and 141 trade-facilitating measures on goods.

According to the 31st WTO Trade Monitoring Report on G20 trade measures, there has been a notable rise in trade-restrictive measures among G20 nations between mid-October 2023 and mid-October 2024.

The World Trade Organisation (WTO) report stated, “The trade coverage of the trade-restrictive measures was estimated at US$ 828.9 billion which was up significantly from US$ 246.0 billion in the last G20 report.” 

The report also notes a sharp increase in the trade coverage of trade-facilitating measures, which grew to US$ 1,069.6 billion from US$ 318.8 billion. During the review period spanning mid-October 2023 to mid-October 2024, G20 economies introduced 91 new trade-restrictive measures and 141 trade-facilitating measures on goods, with the majority of these actions primarily targeting imports.

Regarding export restrictions, 22 new measures were introduced during the review period. The Export restrictions covered an estimated US$ 230.8 billion of merchandise exports, representing 1.3% of the value of G20 merchandise exports or 0.9% of world exports. One year prior, the trade coverage of export restrictions was estimated at US$ 121.7 billion, amounting to 0.7% of G20 exports (or 0.5% of global exports).

WTO Director-General Ngozi Okonjo-Iweala cautioned that the trend toward more trade restrictions could lead to supply shortages, price fluctuations, and greater uncertainty. She encouraged G20 countries to keep markets open and stable, which would support the smooth flow of goods and promote investment and job creation.

The 31st WTO Trade Monitoring Report on G20 trade measures, released on November 13, points out that the reach of trade-restrictive actions by G20 members has expanded significantly over the past year. The G20 countries include- India, Argentina, Australia, Brazil, Canada, China, France, Germany, Japan, Russia, the United Kingdom, and the United States.