Analysis and Studies - Country Analysis
2023 Trade Trends
January 2nd 2023
In the second half of 2022, global trade has been affected by a slowdown mostly caused by geopolitical tensions and tough financial conditions. As the latest Global Trade Update published by UNCTAD reports, this decline is expected to worsen in 2023.
The Covid-19 pandemic and the war in Ukraine both had a great impact on the import and export of products. Despite this, in 2022 trade in goods and services saw a growth of 10% and 15% from the year before.
2023 is set to be a more difficult year. In fact, the Global Trade Update published on the 13th of December stated that different factors are going to affect the global economy: higher energy prices, rising interest rates, inflation, and the negative effects of the war in Ukraine. Also, as the countries are heading towards a greener economy, this transition could also slow down trade, together with the evolution of global supply chains.
On the bright side, as the value of international trade declines, the trade volumes are expected to keep on growing, showing a sign of resilience.
Learn more on the website of the UNCTAD: https://unctad.org/news/global-trade-set-hit-record-32-trillion-2022-outlook-increasingly-gloomy-2023
