«UNCTAD« Expects Global Trade to Contract by 5% in 2023

  • International
  • 12 December 2023
1

The United Nations Conference on Trade and Development (UNCTAD) predicted that global trade volume will contract by 5 percent in 2023 with a generally pessimistic outlook for 2024. UNCTAD revealed that trade this year reached nearly $30.7 trillion. Trade in goods is expected to contract by about $2 trillion in 2023 or 8 percent, but trade in services will increase by about $500 billion, or 7 percent.

UNCTAD attributed the contraction in world trade, partly to the weak performance of developing countries' exports. Global trade witnessed a decline throughout 2023, primarily affected by declining demand in developed countries, weak performance in East Asian economies, and falling commodity prices.

Source (Al-Sharq Al-Awsat Newspaper, Edited)

 

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