"5 must-read stories about global trade from 2023"

" \r\n 5 must-read stories about global trade from 2023 \r\n 1. The chips are down \r\n\r\n \r\n\r\nAt the start of 2023, we covered a story about a shortage of semiconductor chips used in electronic devices.\r\n\r\n \r\n \r\n\r\nIn a rapidly expanding market, the US makes just 12% of the world\u2019s semiconductors, down from 37% in the 1990s, leaving many firms in the country and elsewhere reliant on foreign chip-makers.\r\n\r\n \r\n \r\n \r\n <source srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_webp_NqKHz1JeI1MHo36ioGYmAl7ItSPZXVtXPixGvA8btPU.webp 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_webp_DH9CKcMFGNKCMHzCxk3LwUJWqJxKKxtniqWO_36OQVU.webp 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_webp_KAWxrrcghIr95q82_E4UUOT9oTEdEAlqKxc4Nzdnp0o.webp 320w\" type=\"image\/webp\" sizes=\"100vw\" data-srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_webp_NqKHz1JeI1MHo36ioGYmAl7ItSPZXVtXPixGvA8btPU.webp 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_webp_DH9CKcMFGNKCMHzCxk3LwUJWqJxKKxtniqWO_36OQVU.webp 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_webp_KAWxrrcghIr95q82_E4UUOT9oTEdEAlqKxc4Nzdnp0o.webp 320w\" data-sizes=\"100vw\" \/><img class=\"js-lazyload loaded\" src=\"https:\/\/assets.weforum.org\/editor\/7uOL_6TMr7qd2AEiQ-G3zD6Y6RkVz8me2HEBWVb95m4.png\" sizes=\"100vw\" srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_r_TTQ1z--3MwQ2d007Jpq_zE_L-UNPIopUN2WTopWsw.png 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_qKk6iddn8xHQ8eDWp-n0KDkbrbsQHhQKILN94rYtqxc.png 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_SCfBE3P0o4sLqacD5CXWVI-CBmpZWrWOClU_wsg6m9c.png 320w\" alt=\"Semiconductor shortages have been a key aspect of global supply chain pressures over the past 18 months.\" data-src=\"https:\/\/assets.weforum.org\/editor\/7uOL_6TMr7qd2AEiQ-G3zD6Y6RkVz8me2HEBWVb95m4.png\" data-srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_r_TTQ1z--3MwQ2d007Jpq_zE_L-UNPIopUN2WTopWsw.png 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_qKk6iddn8xHQ8eDWp-n0KDkbrbsQHhQKILN94rYtqxc.png 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_SCfBE3P0o4sLqacD5CXWVI-CBmpZWrWOClU_wsg6m9c.png 320w\" data-sizes=\"100vw\" data-was-processed=\"true\" \/> \r\n \r\n \r\n \r\n \r\n Semiconductor shortages have been a key aspect of global supply chain pressures over the past 18 months. \r\n Image: McKinsey & Company \r\n \r\n \r\n \r\n \r\n \r\n\r\nTo address the situation, the\u00a0 US\u2019 CHIPS and Science Act came into effect at the start of this year \u00a0with the aim of\u00a0 boosting domestic semiconductor manufacturing . Washington also introduced export controls and restrictions on China, prompting China to file a dispute with the World Trade Organization.\r\n\r\n \r\n 2. Britain and EU agreed post-Brexit trade deal \r\n\r\n \r\n\r\nMarch 2023 saw the announcement of a trade agreement between the UK and the European Union, following Britain's decisions to leave the bloc in 2016.\r\n\r\n \r\n \r\n\r\nThe Windsor Framework aims to address trade and border sensitivities by introducing \u2018red\u2019 and \u2018green\u2019 lanes for trade imports to Northern Ireland from the UK mainland.\r\n\r\n \r\n \r\n\r\nThe deal will also introduce separate processes for goods with a final destination in the Republic of Ireland (the EU).\r\n\r\n \r\n 3. The impact of Russia's war in Ukraine on trade \r\n\r\n \r\n\r\nRussia's invasion of Ukraine continues to impact millions of people caught up in the conflict, and its repercussions reverberate around the world.\r\n\r\n \r\n \r\n\r\nAs March 2023 marked one year since the war began, the World Trade Organization (WTO) published a report assessing the conflict's impact on trade and development.\r\n\r\n \r\n \r\n\r\nIt found that while prices rose significantly for the goods most affected by the war, the increases were less than was expected when the fighting began. The story was similar for overall world trade growth.\r\n\r\n \r\n \r\n\r\nAnd although Russia ended its participation in the year-old Black Sea grain deal, the collapsed initiative had facilitated the export of more than 30 million tonnes of grain and other foodstuffs as of May 2023, averting a global humanitarian crisis.\r\n\r\n \r\n \r\n \r\n <source srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_webp_d2FAcm3uwBd0XAr7GpOd_YxiiNtp1CWrMD8wBeu-WiE.webp 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_webp_0J_NTakLCqhxCXCqYTU1_pS6d1low0qXGxA1d-mYQ7s.webp 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_webp_sbaiG-ay7N7d5LDWUCA_l1pvqS_andtPA45NMAA6lhM.webp 320w\" type=\"image\/webp\" sizes=\"100vw\" data-srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_webp_d2FAcm3uwBd0XAr7GpOd_YxiiNtp1CWrMD8wBeu-WiE.webp 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_webp_0J_NTakLCqhxCXCqYTU1_pS6d1low0qXGxA1d-mYQ7s.webp 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_webp_sbaiG-ay7N7d5LDWUCA_l1pvqS_andtPA45NMAA6lhM.webp 320w\" data-sizes=\"100vw\" \/><img class=\"js-lazyload loaded\" src=\"https:\/\/assets.weforum.org\/editor\/uURB79_waIxNIDpwdMlUgsx7KTbWmxuI1nX-_VA0MJg.png\" sizes=\"100vw\" srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_2JCEqq0CLruWPGwuao7T4RrdyXzWn_8HX44TVFTGV18.png 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_OKG3LSUJu2teZpzQWYAGfIPyg5j8ZDm9BSxa7Gl_3gI.png 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_09SslxdLuSpyHFsG8dCj4bHHct2YJnqonvKZnc6b0aU.png 320w\" alt=\"World merchandise trade volume.\" data-src=\"https:\/\/assets.weforum.org\/editor\/uURB79_waIxNIDpwdMlUgsx7KTbWmxuI1nX-_VA0MJg.png\" data-srcset=\"https:\/\/assets.weforum.org\/editor\/responsive_large_2JCEqq0CLruWPGwuao7T4RrdyXzWn_8HX44TVFTGV18.png 850w, https:\/\/assets.weforum.org\/editor\/responsive_medium_OKG3LSUJu2teZpzQWYAGfIPyg5j8ZDm9BSxa7Gl_3gI.png 640w, https:\/\/assets.weforum.org\/editor\/responsive_small_09SslxdLuSpyHFsG8dCj4bHHct2YJnqonvKZnc6b0aU.png 320w\" data-sizes=\"100vw\" data-was-processed=\"true\" \/> \r\n \r\n \r\n \r\n \r\n World merchandise trade volume. \r\n Image: World Trade Organization \r\n \r\n \r\n \r\n \r\n \r\n\r\n\"Simulations run by WTO economists in a scenario of cascading export restrictions on food forecast wheat prices increasing by up to 85% in some low-income regions. However, the actual increase was 17%,\" the report says.\r\n\r\n \r\n 4. Drought disrupts Panama Canal shipping \r\n\r\n \r\n\r\nExtreme drought left ship owners facing 'unprecedented challenges', as low water levels hampered the movement of cargo vessels through the Panama Canal this summer.\r\n\r\n \r\n \r\n\r\nWater scarcity forced cargo ships to wait days or even weeks to cross the busy waterway, in another example of the disruption of global trade flows caused by the climate crisis.\r\n\r\n \r\n \r\n\r\nRestrictions were also imposed on ships' depth while in the canal, curbing the amount of cargo they could hold.\r\n\r\n \r\n \r\n\r\nThe ensuing disruption has caused delays to global supply chains, with several private shipping lines reportedly implementing cargo surcharges for good passing through the canal.\r\n\r\n \r\n 5. Green trade is centre stage at WTO Public Forum \r\n\r\n \r\n\r\nGreen trade was the focus of this year\u2019s World Trade Organization Public Forum.\r\n\r\n \r\n \r\n\r\nThe event's agenda included sessions discussing: The Route to Transport Decarbonization, Green Energy Investments in Africa and Promoting Smallholders\u2019 Inclusion in the Advancement of Green Trade.\r\n\r\n \r\n \r\n\r\n\u201cThe future of trade is green,\u201d said World Trade Organization (WTO) Director-General: Ngozi Okonjo-Iweala. \u201cTrade can support national and international efforts to keep the ambition of limiting global warming to 1.5\u00b0C alive.\u201d\r\n\r\n \r\n "

"5 must-read stories about global trade from 2023"

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