2023-12-13 08:06:23
World trade will decline by around 5% this year, according to a new report from the United Nations Conference on Trade and Development (UNCTAD) published on Monday. Rising interest rates and tensions between the United States and China, among other things, are weighing on the economy. The UN body does not foresee any improvement for next year either.
The total value of trade in goods and services will reach $30.7 trillion, or more than €28.5 trillion, at the end of December, according to UNCTAD estimates. Last year, global trade reached a record $32.2 trillion.
The decline recorded this year is mainly explained by the reduction in merchandise trade (-8%). The value of trade in services, on the other hand, increased (+7%).
According to UNCTAD researchers, the evolution of world trade next year is very uncertain. In its report, the UN body appears pessimistic regarding the prospects. “Ongoing geopolitical tensions, high debt levels and widespread economic vulnerability are expected to have a negative impact on the structure of global trade,” the report said.
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