The UN Conference on Trade and Development (UNCTAD) has posted a pessimistic outlook for global trade in 2023, despite a return to growth following a downturn in the second half of 2022.
Over the first three months of 2023, trade in goods went up by 1.9% from the last quarter of 2022, adding about 0bn (£79bn) in value. Global services trade also increased by 2.8%, worth an additional bn.
However, UNCTAD’s latest Global Trade Update predicts a slowdown in global trade growth due to persistent inflation, ongoing vulnerabilities in financial markets, the war in Ukraine and wider geopolitical tensions.
Its report said merchandise trade growth has been mixed among the major economies during the last four quarters with Brazil, India, the US and the EU witnessing significant increases in both imports and exports.
All regions saw international trade grow, except for Russia and central Asian economies.
Global trade trends were influenced by the energy sector, where rising prices resulted in higher trade values until an 11% quarterly drop between January and March 2023. Other sectors that experienced trade increases were agri-food prod
