The World Trade Organization (WTO) has revised upwards its projections for world merchandise trade volume for 2021. It said that global trade volume would grow by 8 per cent after having fallen 5.3 per cent in 2020. In October, it had projected a growth of 7.2 for 2021.

Indian exporters will be particularly happy as import growth for the country’s largest trading partners – US and the EU could grow at 11.4 per cent and 8 per cent respectively.

"The strong rebound in global trade since the middle of last year has helped soften the blow of the pandemic for people, businesses, and economies," WTO Director-General Ngozi Okonjo‑Iweala said.

However, she also said that Covid 19 pandemic continues to pose the greatest threat to the outlook for trade as new waves of infection could undermine hopes for recovery.

“A rapid, global and equitable vaccine roll-out is the best stimulus plan we have for the strong and sustained economic recovery that we all need,” the WTO chief said.

According to WTO data, China was the world's top exporter last year, accounting for 14.7 per cent of world merchandise trade, and the second-largest importer behind the US with a share of 11.5 per cent.

The WTO also said that in 2022, trade growth would slow to 4 per cent.