2023-12-11 17:01:55
Global trade is clearly smaller this year than last year, the UN Department of Trade and Development reports in a new report. This is partly due to increased interest rates and tensions between the United States and China. It is still uncertain whether things will be better next year.
Trade in goods and services will decline by 5 percent this year, the UN organization UNCTAD expects. The total value amounts to just under 31 trillion dollars, equivalent to more than 28.5 trillion euros. Last year, global trade reached a record high of more than $32 trillion.
The decline this year is mainly because goods are traded for less money. The value of trade in services is increasing.
According to UNCTAD researchers, it is very uncertain what world trade will do next year. In the report they are generally gloomy regarding the prospects. “Ongoing geopolitical tensions, high debt levels and widespread economic vulnerability are likely to negatively impact global trade patterns,” the report said.
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