Global Trade Surges to $32 Trillion Record in 2022
17th Dec 2022
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Global Trade Surges to $32 Trillion Record in 2022
- The value of global trade is set to reach a new record this year, increasing by about 12 per cent to an estimated $32 trillion, according to a UN report that signalled a slowdown heading into 2023. “The substantial trade growth during the last year was largely due to increases in the value of the trade of energy products,” the United Nations Conference on Trade and Development said in the report.
- Trade in merchandise goods soared to $25 trillion, an increase of about 10 per cent versus the prior year. Trade in services grew 15 per cent year-over-year to nearly $7 trillion, according to the report.
- Weaker economic growth and inflation are likely to hamper international commerce in the year ahead. “While the outlook for global trade remains uncertain, negative factors appear to outweigh positive trends”.
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