Global trade hits $7.7 trillion in 2022
10 July 2022 |
3:44 am
The value of global trade has increased by approximately $1 trillion in the first quarter of the year to hit $7.7 trillion compared to the same period last year, according to United Nations Conference on Trade and Development (UNCTAD).
The value of global trade has increased by approximately $1 trillion in the first quarter of the year to hit $7.7 trillion compared to the same period last year, according to United Nations Conference on Trade and Development (UNCTAD).
The growth, which represents an increase of about $250 million from the immediately preceding quarter, is driven by higher commodity prices as trade volumes have increased to a much lesser extent.
UNCTAD Global Trade Update said although it is expected to remain positive, trade growth has continued to slow during the second quarter of 2022.
“The war in Ukraine is starting to influence international trade, largely through increases in prices,” said the report.
The report added that rising interest rates and winding down of economic stimulus packages will likely have a negative impact on trade volumes for the rest of the year.
It added that both commodity price volatility and geopolitical factors will also continue to make trade developments uncertain.
According to the report, trade for merchandise goods reached $6.1 trillion, which translates to an annual increase of about 25 per cent and a jump of about 3.6 per cent from the previous quarter. The value of merchandise exports from developing countries was about 25 per cent higher year-on-year.
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