Global trade hit US$32 trillion in 2022

Global trade was valued at US$32 trillion in 2022.
In its latest update published on Thursday, the United Nations Conference on Trade and Development (UNCTAD), says this was achieved despite deteriorating economic conditions and rising uncertainties in the year.
It says the trade in "green goods", also called "environmentally friendly goods", led the growth, with a four per cent uptick in the trade of those goods in the second half of the year.
The combined value of trade in the category hit a record US$1.9 trillion in 2022, adding more than $100 billion compared to 2021.
Among green goods that performed especially well were electric and hybrid vehicles which increased 25 per cent, non-plastic packaging up 20 per cent and wind turbines up 10 per cent.
UNCTAD says, however, growth in 2022 turned negative in the last half of the year, and is set to slow in the first half of 2023.
It says the slowdown hit goods harder than services.
The report shows that global trade in goods, worth $25 trillion in 2022, declined by three per cent in the fourth quarter.
Trade in services remained almost constant however, finishing the year at $7 trillion.

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