World trade hits record in 2022

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This was announced by the UN Conference on Trade and Development (UNCTAD), held in Geneva on Thursday. For the first half of 2023, the organization expects recession.

Unctad estimates the total trade volume in 2022 to be $32 trillion. Compared to 2021, trade in goods increased by about 10 percent to $25 trillion, while trade in services increased by 15 percent to $7 trillion.

Unctad cites as a positive factor that the logistics problems at the ports have been largely resolved, ship capacities have increased and freight costs have fallen to pre-coronavirus levels. For example, inflation, rising interest rates and higher prices in energy, food and metals dampened the outlook.

One glimmer of hope is the development of “green” products. With this, trade increased by four percent in the second half of the year to $1.9 trillion. This refers to goods that are intended to use less resources or cause less pollution than conventional products for a similar purpose. These include electric or hybrid driven cars (up 25 percent), plastic-free packaging (20 percent up), and wind turbines (10 percent up).

Unctad was founded in Geneva in 1964 and is particularly committed to the interests of low- and middle-income countries in the United Nations. It has 195 member states.

(SDA)

Source :Blick