Ukraine war's impact on trade not as bad as expected: WTO

World
23-02-2023 | 12:38
High views
Share
LBCI
Share
LBCI
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
Ukraine war's impact on trade not as bad as expected: WTO
Whatsapp
facebook
Twitter
Messenger
telegram
telegram
print
2min
Ukraine war's impact on trade not as bad as expected: WTO

Global trade grew more than expected last year despite the upheaval caused by the Russia-Ukraine war, as badly-affected countries managed to switch suppliers or products, the World Trade Organization (WTO) said on Thursday.

The global trade watchdog had forecast just 3 percent growth for 2022 as the conflict caused major disruptions to exports including wheat and fuels. However, WTO Chief Economist Ralph Ossa, presenting its latest analysis of the war's impact on trade, said global trade had "held up well".
 
"We have not seen the worst predictions foreseen at the onset of the war," he said in a statement. The WTO did not give the figure for last year, saying the data would be available in April.

Ossa added that global trade was resilient because WTO members showed restraint in their use of export restrictions. "Part of the explanation (for the limited impact) is that the world trading system remained open," he said.
 
Some countries previously reliant on imports from Ukraine swapped one food product for another, the WTO report said, switching for example from wheat to rice. Others found alternative suppliers, such as Egypt which replaced wheat from Ukraine with imports from the European Union and the United States as well as Russia.

Overall, Ukraine's exports collapsed by 30 percent last year in value terms, the report showed.
 
During the same period, Russia's exports increased by 15.6 percent due to higher prices for fuels, fertilizers and cereals, the WTO said. However, the report said its overall export volumes "might have slightly declined".

Western sanctions on Russia for its invasion of Ukraine have led to a decrease in Russian exports to the United Kingdom and the United States and an increase to China and India, Ossa added. "Overall the pattern of adjustment is consistent with the pattern of sanctions," he said.
 

Ukraine

War

Russia

Impact

Trade

Expected

Not Bad

WTO

OMC

Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
LBCI
Lebanon News
2026-06-01

Saudi Arabia condemns Israeli operations in Lebanon, calls for international action

LBCI
World News
2026-03-23

'Incident' involving plane, vehicle on LaGuardia runway: New York firefighters

LBCI
Middle East News
2026-02-01

Iran protester Erfan Soltani released on bail: Lawyer

LBCI
Middle East News
2026-03-28

Strike kills Iraqi fighter in northern Kirkuk: Medical, security sources

Videos
d-none hideMe
LBCI
Lebanon News
2026-08-06

Lebanon-Israel talks: delegations arrive at US Embassy in Rome — Video

LBCI
Lebanon News
2026-07-24

Residents begin returning to Zawtar el-Gharbiyeh, southern Lebanon: Video

LBCI
Lebanon News
2026-07-20

Slotkin to LBCI: Lebanese army needs resources to confront Hezbollah, $36 million request submitted for special forces

LBCI
Lebanon News
2026-06-26

Lebanon’s ambassador to Washington: trilateral framework agreement first step toward restoring sovereignty

LBCI
Lebanon News
2026-06-26

Rubio on Lebanon-Israel framework agreement: 'beginning of the beginning,' more work needed

LBCI
Lebanon News
2026-06-26

Lebanon, Israel sign trilateral framework agreement after Washington talks attended by Rubio: Video

LBCI
Lebanon News
2026-06-20

Israeli strikes renew on Choukine, Maifadoun, and Nabatieh al-Fawqa in southern Lebanon: Video

LBCI
Lebanon News
2026-06-19

Massive Israeli strikes hit South Lebanon under ceasefire conditions

LBCI
Lebanon News
2026-06-16

Trump criticizes Israel’s Lebanon campaign, says war has gone on ‘too long’ and floats Syria role in conflict

Most read
d-none hideMe
24 hours
7 days
Month
LBCI
News Bulletin Reports
12:53

Ali Taher becomes focal point as Israel weighs wider operation in southern Lebanon

LBCI
News Bulletin Reports
13:00

Political clash: A dispute over one speech reveals a deeper power struggle in Lebanon

LBCI
Lebanon News
10:27

PM Salam: Israel’s actions in southern Lebanon violate international law

LBCI
Lebanon News
09:34

PM Salam, FM Al-Shaibani discuss enhancing Lebanese-Syrian cooperation

LBCI
Lebanon News
03:24

Lebanon's defense minister apologizes to martyrs' families, vows to defend army's voice

LBCI
World News
14:43

Solar eclipse plunges large swathe of Spain into total darkness

LBCI
Lebanon News
05:53

Lebanon presidency denies media reports on Aoun-Trump meeting

LBCI
Middle East News
10:22

26 countries condemn in 'strongest terms' Iran executions: Statement

Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
Download now the LBCI mobile app
We use
cookies
We use cookies to make
your experience on this
website better.
Accept
Learn More