According to UNCTAD recent report, despite many challenges, and in the midst of a pandemic, trade has continued its steady climb since the global financial crisis, reaching an all-time high of $5.6 trillion in the 3rd quarter of 2021.
The report highlighted the following key points:
- Valued at about US$ 5.6 trillion, the global trade in goods set a new all-time record in Q3 2021. Trade in services stood at about US$ 1.5 trillion.
- The quarter-over-quarter growth of trade in goods was about 0.7 per cent, while that of services was about 2.5 per cent. On a year-over-year basis, the trade growth rate for goods remains substantially higher than for services (22 per cent vs 6 per cent).
- Both the trend of a slower growth for the trade in goods, as well as a more positive trend for services, will probably continue in Q4 2021. Trade in goods is expected to remain constant at about US$ 5.6 trillion in Q4 2021, while the trade in services will likely continue to slowly recover.
- Overall, 2021 is set to be a strong year for international trade. In 2021, the value of global trade in goods and services is expected to increase by about US$ 5.2 trillion relative to 2020, and by about US$ 2.8 trillion relative to 2019, the equivalent of an increase of about 23 per cent and 11 per cent, respectively. Trade in goods is projected to reach a record level of US$ 22 trillion in 2021. Trade in services should be valued about US$ 6 trillion in 2021, still slightly below its pre-pandemic level.
- However, in Q3 2021 trade growth has been relatively lower for East Asian economies than for other developing countries.
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