Daily Management Review

UNCTAD: Global trade grows by 25% in 2021


The volume of global trade in 2021 increased by 25% from 2020 to around $28.5 trillion, according to UN Conference on Trade and Development (UNCTAD) report.

"World trade reached a record level of about $28.5 trillion in 2021, up about 25 per cent from 2020 and about 13 per cent from pre-pandemic 2019 levels," the report said.

It noted that the positive trend in international trade last year was largely due to rising commodity prices, easing of coronavirus restrictions and a significant recovery in demand thanks to economic stimulus packages.

According to UN experts, global trade will be affected by slower-than-expected economic growth in 2022. Experts recall that the International Monetary Fund earlier lowered its forecast for global economic growth for the current year by 0.5 points (from 4.9% to 4.4%) due to persistent inflation in the US and concerns about China's real estate sector.

According to the report, trade patterns in 2022 are expected to reflect growing global demand for sustainable products. Global trade patterns may also be affected by increased demand for strategic goods needed to support greener alternative energy sources (e.g. cobalt, lithium and rare earth metals).

source: unctad.org