The United Nations Conference on Trade and Development (UNCTAD) predicted on Tuesday (13.12.2022) that world trade will reach a record level of almost USD 32 trillion in 2022However, the organization believes that the deterioration of the global economy and growing uncertainty generated a negative trend in their nominal value during the second half of this year.
“World trade is expected to reach a record level of around $32 trillion in 2022, with trade in goods up 10% (to nearly $25 trillion) and trade in services up 15% (to nearly $7 trillion). These record levels are largely due to strong growth in the first half of 2022,” the report explains.
Furthermore, the publication notes that Demand for foreign goods has proven resilient over the current year, with trade volumes up 3%. “In the third quarter of 2022, the value of world merchandise trade was significantly above the levels of the third quarter of 2021 for both developing and developed countries. Trade among developing countries was about 13 percent higher than in the same period in 2021,” it adds.
According to the Conference data, the countries with the highest commercial activity in the third quarter were Brazil, China and India.
On the other hand, the report maintains that it is expected that Geopolitical frictions, persistent inflation and weaker global demand negatively affect global trade throughout 2023.”
And he concludes: “Negative factors seem to outweigh positive trends.” (Global Trade Update, UNCTAD)
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