Global Trade Races To US$32 Trillion

In a recent update from the United Nations Conference on Trade and Development (UNCTAD), it noted an increase in the value of trade in 2022 despite deteriorating economic conditions and rising uncertainties in the year.

It stated that the trade in “green goods,” also called “environmentally friendly goods,” led the growth, with a four percent uptick in the trade of those goods in the second half of the year.

The combined value of trade in the category hit a record US$1.9 trillion in 2022, adding more than $100 billion compared to 2021.

Among green goods that performed especially well were electric and hybrid vehicles, which increased 25 percent, non-plastic packaging, up 20 percent; and wind turbines, up 10 percent.

UNCTAD said, however, growth in 2022 turned negative in the last half of the year and is set to slow in the first half of 2023.

It stated that the slowdown hit goods harder than services.

The report shows that global trade in goods worth $25 trillion in 2022 declined by three percent in the fourth quarter.

Trade in services remained almost constant, however, finishing the year at $7 trillion.

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Edited by Jesus Chan

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