Trade measures introduced by G20 economies have become more restrictive in recent months, according to the The World Trade Organization's (WTO) 30th Trade Monitoring Report on G20 trade measures issued on 18 December.

The report shows that between mid-May and mid-October 2023, G20 economies introduced more trade-restrictive than trade-facilitating measures on goods, although the value of traded merchandise covered by facilitating measures continued to exceed that covered by restrictions. Hence, although the trade coverage of import-facilitating measures still exceeded that of restrictive ones during the review period, this gap has narrowed considerably.

During the review period, trade-facilitating measures were estimated at USD 318.8 billion (down from USD 691.9 billion in the last report, issued in July 2023) and trade-restrictive ones at USD 246 billion (up from USD 88 billion).

For the first time since 2015, the monthly average of 9.8 new trade restrictions introduced by G20 economies during the review period outpaced that of trade-facilitating measures (8.8).

In addition, the longstanding stockpile of G20 import restrictions in force showed no sign of any meaningful roll back of existing measures. By mid-October 2023, USD 2,287 billion worth of traded goods (representing 11.8% of G20 imports) were affected by import restrictions implemented by G20 economies since 2009.

The WTO's Director-General, Ngozi Okonjo-Iweala, called on the G20 to show leadership and contribute to economic stability and growth by unwinding recent and longstanding restrictions on trade.

 

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