SCENARIO OF GLOBAL TRADE DATA IN THE DEVELOPING COUNTRIES OF THE WORLD

 


Regular selling and buying of goods and services by different nations to and from the world is called Global Trade and the proper maintenance of this record is done in a well-designed database called Global Trade Data which is made under high precision and subject knowledge of the experts.

It is believed that global trade is one of the main factors that are responsible for the eradication of poverty in a country as trade helps to maintain the economy of the nation and at the same time make things available to all the citizens of a particular country. Based on the targets that were set by SDG (Sustainable Development Goals), it was decided that exports from the Least Developed Countries would be encouraged to rise so as to boost their contribution to global exports in 2020. Due to the onset of the pandemic, this target is not achieved to date.



UPS AND DOWNS IN THE TRADE VALUES OF LDCs (Least Developed Countries)

The share of the textile industry and its exports from LDC is just close to 1% which is negligible. In the year 2020, the economic growth of all LDCs was worst hit due to the pandemic. In 2020, the total decline in the textile industry in the LDCs was nearly 6% accompanied by a fall of 35% in total service exports.

Despite of the decline, many LDCs are now focusing on expanding their export base by performing trade regularly. Most of the least developed countries have successfully expanded their export base due to their constant effort. Due to these expansions, the contribution of such nations to Global Trade Data is rising. Out of all LDCs, 38 countries are still dependent on exports of goods like copper, cotton, and oil. These countries experienced a setback when during the pandemic prices of these items went down.

HOW RUSSIA-UKRAINE WAR IS RELATED TO GLOBAL TRADE DATA OF THE WORLD?

At the onset of 2021, textile exports grew by 26.5% from that of 2020 and crossed a mark of USD 22.5 trillion. Moreover, miscellaneous services like repairs, maintenance, travel, and construction also grew by USD 869 billion and reached a mark Of USD 6 trillion. Both these factors gave a significant rise to the Global Trade Data of the world. Not much time passed, when the world’s economy met with one of the most devasting wars in the world’s history between Russia and Ukraine in which major damage happened to the lives of people in both nations. Various officials says that his war has shook the Global Trade Data very badly and its effect will be there for a long time.

The LDCs are facing an acute hike in prices of various goods that they import from the world due to this war. Russia is the biggest country in the world and consists of various resources in bulk like a quarter of complete natural gas exports, 1/5th of the complete coal market, and more than 10% of total crude oil. Due to war, the Global Trade Data of the world is getting imbalanced as prices of these commodities are getting high which is causing trouble for low-earning countries.

CONCLUSION

Indeed, global trade is one of the important and crucial techniques of every nation to generate revenue by exporting their extra produce to the world and importing the items which are short. By maintaining a positive balance in this trade, any country can generate revenue easily. The Situation for LDCs is bad as they don’t have enough resources to procure goods or produce in their own manufacturing units. The situation gets worse when unavoidable uncertainties hit the world like the war between Russia and Ukraine or the major earthquake in Turkey.

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