Global trade is set to reach a record level of about US$ 32 trillion for 2022. Trade in goods is expected to total almost US$ 25 trillion (an increase of about 10 per cent from 2021). Trade in services is expected to total almost US$ 7 trillion (an increase of about 15 per cent from 2021). Those record levels are largely due to robust growth in the first half of 2022. Conversely, trade growth has been subdued during the second half of the year. During Q3 2022, trade in goods declined by about one per cent relative to Q2 2022. Trade in services increased by about 1.3 per cent during the same period. The UNCTAD nowcast indicates that the value of global trade will decrease in Q4 2022 both for goods and for services.
While the value of international merchandise trade has stabilized during the second half of 2022, the volume of trade increased during Q3 2022 and is expected to continue increasing during Q4. Positive growth in the volume of international trade indicates resilience of global demand.
