The last year saw a significant increase in the amount of trade covered by new restrictions imposed by G-20 economies, a recent report from the World Trade Organization states, offering “increasing evidence of inward-looking and unilateral trade policy decisions creating uncertainty in the world economy.”
The report finds that during the period from October 2023 to October 2024 G-20 economies implemented 91 new trade-restrictive measures (up from 49 during the previous period) with a trade value of $828.9 billion (up from $246 billion) compared to 141 new trade-facilitating measures (up from 44) with a trade value of $1.07 trillion (up from $318.8 billion).
The report states that the stockpile of G-20 import restrictions implemented since 2009 has grown steadily and as of the end of 2024 was affecting $2.3 trillion in trade, or 12.7 percent of G-20 imports (up from 9.8 percent). On the export side, the number of new restrictions decelerated from an annual average of 50 since the beginning of the COVID-19 pandemic to just 22, covering $230.8 billion in trade or 1.3 percent of G-20 exports.
The report adds that over the last year the average number of trade remedy initiations by G-20 economies was 25.4 per month, up from 17.4 in 2023 but still lower than their peak (28.6 per month) in 2020. The monthly average of trade remedy terminations was 7.5, the lowest recorded since 2015.
Finally, the report notes an increase in the introduction of new general and economic support measures by G-20 economies as governments increase industrial policies to aid strategic industries and sectors.
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