International trade as an engine for development
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Abstract
The war in Ukraine has impacted the trade rebound from the COVID-19 pandemic; the war has also affected food supplies, which has spurred a global food crisis. The growth in global trade in goods and services slowed in early 2023 after reaching a historical high in 2022. Maritime costs remain elevated due to continued shipping capacity shortages, underpinning the higher prices of imported goods. High food and fertiliser prices, currency depreciations against the United States dollar and export restrictions have also affected food supplies worldwide. The Black Sea Grain Initiative helped to resume exports of Ukrainian grain amid the ongoing war, and World Trade Organization (WTO) members agreed to exempt food purchases by the World Food Programme for humanitarian purposes from export restrictions to address growing food insecurity.