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Global trade hits record high of $ 28.5 trillion in 2021

Global trade hits record high of $ 28.5 trillion in 2021

Geneva, Feb 17 (Prensa Latina) the values of global trade has reached a record level of .5 trillion in 2021, an increase of 25% on 2020 and 13% higher compared to 2019, before the Covid-19 pandemic struck.

The UN Conference on Trade and Development (UNCTAD) published positive figures for the global goods and services sale, driven by the rise in raw materials price and the elimination of health restrictions.

While most global trade growth took hold during the first half of 2021, progress continued in the year’s second half. After a relatively slow third quarter, trade growth picked up again in the fourth quarter, when trade in goods increased by almost $200 billion, achieving a new record of $5.8 trillion. Meanwhile, trade in services rose by $50 billion to reach $1.6 trillion, just above pre-pandemic levels.

The UNCTAD report indicates that trade growth will slow during the first quarter of 2022. Positive growth rates are expected for both trade in goods and services, albeit only marginally, keeping trade values at levels similar to the last three months of 2021. “The positive trend for international trade in 2021 was largely the result of increases in commodity prices, subsiding pandemic restrictions and a strong recovery in demand due to economic stimulus packages,” the report says.

The International Monetary Fund has revised its world economic growth forecast downwards by 0.5 points, the report notes, considering persistent inflation in the United States and concerns related to China’s real estate sector.

During 2021, a rise of 43% in China´s exports stood out, while in the United States, the European Union and Japan the rise was more moderate (12, 10 and 6%, respectively).

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