According to the United Nations Conference on Trade and Development (UNCTAD), global trade is expected to reach a record $32 trillion in 2022, with trade in goods expected to total $25 trillion, a 10% increase over 2021. However, UNCTAD also noted that trade growth “turned negative” during the second half of 2022 and there are expectations of a slowdown heading into 2023. Despite a decrease in value for trade of goods in Q4 2022, volumes rose by 3%, reflecting resilience in global demand. Factors contributing to this include improved logistics, lower congestion and falling freight rates. However, lower economic growth, the high price of goods, and concerns about debt sustainability may also have an impact on trade. Additionally, international trade patterns are being reshaped by diversification of sourcing, reshoring and near-shoring, reflecting a movement towards a greener economy.
Source: Seatrade Maritime News