Global trade hits record high of $28.5 trillion in 2021, but likely to be subdued in 2022
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(UNCTAD Press Release) UNCTAD’s Global Trade Update published on 17 February shows that in 2021, world trade in goods remained strong and trade in services finally returned to its pre-COVID-19 levels.
“Overall, the value of global trade reached a record level of $28.5 trillion in 2021,” the report says. That’s an increase of 25% on 2020 and 13% higher compared to 2019, before the COVID-19 pandemic struck.
While most global trade growth took hold during the first half of 2021, progress continued in the year’s second half.
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After a relatively slow third quarter, trade growth picked up again in the fourth quarter, when trade in goods increased by almost $200 billion, achieving a new record of $5.8 trillion.
Meanwhile, trade in services rose by $50 billion to reach $1.6 trillion, just above pre-pandemic levels.
The report shows that in the fourth quarter 2021, all major trading economies saw imports and exports rise well above pre-pandemic levels in 2019.
But trade in goods increased more strongly in the developing world than in developed countries.
Exports of developing countries were about 30% higher than during the same period in 2020, compared with 15% for wealthier nations.
The growth was higher in commodity-exporting regions, as commodity prices increased. Moreover, South-South trade growth was above the global average, with a 32% year-on-year increase.
Read more at: UNCTAD
Source: CARICOM TODAY