The downturn is due to geopolitical tensions and export underperformance from developing nations, according to a report Global trade will contract by 5% in 2023 compared to last year, the United Nations Conference on Trade and Development (UNCTAD) reported this week, expressing a generally negative outlook for 2024.

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India is planning to become the world’s leading wheat exporter amid the ongoing conflict between top suppliers Russia and Ukraine, Mint newspaper reported on Wednesday, citing sources in the Indian government.