From mid-October 2022 to mid-October 2023, there were 303 new trade facilitation measures adopted by World Trade Organization (WTO) Members and observers.
Most of the trade facilitation measures applied to imports.
According to the WTO, the reduction or elimination of import tariffs accounted for the largest share of trade facilitation measures, followed by the elimination or simplification of quantitative export restrictions and quantitative import restrictions.
The monthly average of 25.3 facilitation measures for the period was the third highest recorded since 2015.
The estimated value of trade covered by import facilitation measures introduced during the review period amounted to $955 billion (up from $1 trillion 038 billion recorded in the last report), equivalent to 3.8% of the value of global merchandise imports.
This includes 11 measures taken under the Information Technology Agreement (ITA) expansion program, estimated at $83.9 billion.
On a trade covered basis, the HS Chapters most affected by import facilitation measures include mineral fuels and oils (HS 27) (27.5 percent); electrical machinery, apparatus and equipment and parts thereof (HS 85) (10.3 percent); machinery, appliances and mechanical appliances (HS 84) (8.0 percent); and copper and articles thereof (HS 74) (6.9 percent).
Trade Facilitation
The estimated value of commerce covered by these export measures introduced during the period under review amounted to 22.2 billion (compared to 122.1 billion in the last report), equivalent to 0.1 percent of the value of world merchandise exports.
The HS Chapters most affected by export facilitation measures, in terms of trade covered, include cereals (HS 10) (41.7 percent); iron and steel (HS 72) (29.5 percent); motor vehicles, parts and accessories (HS 87) (15.1 percent); and ores, slag and ash (HS 26) (7.1 percent).
Overall, the value covered by the import and export of these measures implemented during the period under review was estimated at $977.2 billion (up from $1.605 billion in the last report).