According UNCTAD, the value of world trade increased by about $ 1 trillion in the first quarter of this year, reaching $ 7.7 trillion compared to the same period last year. This growth represents an increase of approximately $ 250 million from the previous quarter. Mainly due to higher commodity prices as trading volumes increased at a much lower rate.
UNCTAD said trade growth is expected to remain positive, but slowed further in the second quarter of 2022 on July 7. The report added that rising interest rates and the phasing out of stimulus measures are likely to adversely affect the remaining trade volume in 2022. Both commodity price volatility and geopolitical factors will continue to uncertain trade development. Trade growth continued to be strong in the first quarter of 2022, but declined slightly in East Asia and the Pacific, according to the report.
Visit the shipping section: https://essfeed.com/category/shipping/
At the same time, export growth in the commodity export region was generally strong due to the rise in commodity prices. Trade incommodities reached $ 6.1 trillion, an annual increase of about 25%, followed by a gradual increase of about 3.6%. Exports of goods from developing countries increased by about 25% year-on-year. This is comparable to about 14% of developed countries. Trade in services increased to approximately $ 1.6 trillion, an increase of approximately 22% from the first quarter of 2021 and an increase of approximately 1.7% from the fourth quarter of 2021.
Transaction value for the first quarter of 2022 compared to the previous year. The significant increase in trade in the energy sector is based on soaring fuel prices, and trade in metals and chemicals is also above average.Meanwhile, trade between the transport sector and telecommunications equipment remained below levels in 2021 and 2019. UNCTAD states that the rest of the world trade development in 2022 is likely to be affected by slower-than-expected economic growth due to rising interest rates, inflationary pressures and debt sustainability concerns in many economies.
In the short term, rising food and energy prices can lead to higher trade values and a slight decrease in trade volume. Other factors expected to affect world trade this year include war, ongoing challenges in the global supply chain, localization trends, and the transition to a more environmentally friendly global economy, as mentioned above. Includes policies to support.