According to a UN report, the value of global trade is set to set a new record this year, increasing by about 12% to an estimated $32 trillion, before slowing down in 2023.
“The significant trade growth over the last year was largely due to increases in the value of energy product trade,” the United Nations Conference on Trade and Development said in a report released.
Trade in merchandise goods increased by about 10% year on year to $25 trillion. According to the report, service trade increased 15% year on year to nearly $7 trillion. The UN body predicts that the inflation-adjusted value of global trade will fall next year. This is as a result of geopolitical tensions and lower economic growth.
