World trade hit record USD 7,7 billones in the first quarter of 2022, an interannual increase of around USD 1 trillion, according to statistics released today (07.07.2022) by the United Nations.
Driven by the price increases in raw materials, as trade volumes have increased to a much lesser extent, trade experienced this positive trend at the beginning of the year, concluded the United Nations Agency for Trade and Development (UNCTAD).
" War in Ukraine is beginning to affect international trade, largely through price increases,” the report says.
Although global trade performance is expected to remain positive, it will slow down in the remainder of the year, UNCTAD said. In this regard, it believes that the increase in interest rates in several countries and the end of economic stimulus packages will have a negative impact on trade volumes in the remainder of the year.
Watching the exchanges of goods In terms of countries, the UN agency notes that growth rates remained strong in all geographic regions, although they were somewhat lower in the East Asia and Pacific regions. The rise was strongest in commodity-exporting regions.
El trade in services grew by around USD 1,6 trillion, an increase of almost 22% compared to the first quarter of 2021 and an increase of around 1,7% compared to the fourth quarter of 2021.
The report also shows that most of the economic sectorss recorded substantial increases in the value of their trade.
High fuel prices are behind the increase in the value of trade in the energy sector. In the case of metals and chemicals were also above average. On the other hand, trade in transport and communication equipment was below the levels of last year and 2019.
UNCTAD says global trade performance is likely to be affected by rising interest rates, inflationary pressures and concerns about debt sustainability in many economies.
Challenges to global supply chains, regionalization trends and policies supporting the transition to a greener global economy are also other factors expected to influence world trade, UNCTAD warns.Global Trade Update, July 2022)
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
