Please find attached the latest issue of the UNCTAD Global Trade Update. Its key findings show that:
- Global trade will amount to approximately US$ 30.7 trillion in 2023, representing a contraction of about US$1.5 trillion (or 5 per cent) compared to the 2022 record high.
- Trade growth has remained subdued in Q4 2023, indicating persisting challenges. Outlook for 2024 is still uncertain but overall pessimistic.
- Global trade in goods is set to decline by approximately US$2 trillion in 2023, but trade in services is expected to expand by US$500 billion.
- Exports from developing countries underperformed, South-South trade sharply decreased and East Asian trade remained below average.
- Geopolitical trends and including declining interdependence between China and the United States are having a growing impact on global trade.
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