New import-restrictive measures hit $336bn of trade merchandise

LAGOS (Capital Markets in Africa) – The World Trade Organization indicated that WTO members have put in place 20 new trade-restrictive measures between mid-October 2018 and mid-May 2019, compared to 40 measures between mid-May 2018 and mid-October 2018. Trade restrictive measures consisted of 16 import-related restrictions and four export-related measures.

The WTO members introduced an average of three trade-restrictive measures per month during the covered period, down from eight measures per month between mid-May 2018 and mid-October 2018, and representing the lowest average since 2012. The WTO pointed out that new import-restrictive measures covered an estimated $336bn of trade merchandise, and were equivalent to 1.93% of the value of world merchandise imports between mid-October 2018 and mid-May 2019. This constituted the second highest amount on record, following measures that covered $481bn between mid-May 2018 and mid-October 2018.

In parallel, it said that its members introduced 29 new trade-liberalizing or facilitating measures during the covered period, consisting of 25 import-related measures and four export-related procedures. As such, WTO members introduced an average of four new trade-facilitating measures per month in the covered period, the lowest monthly average registered since 2012. It said that import-facilitating measures implemented during the review period covered an estimated $397.2bn of trade merchandise, which is 1.8 times higher than $216bn between mid-May 2018 and mid-October 2018, and is equivalent to 2.3% of world merchandise imports.