GLOBAL TRADE DATA IS READY TO SET A NEW RECORD IN 2022 OF USD 32 TRILLION

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ANALYSIS OF GLOBAL TRADE DATA TRENDS IN 2022

According to various experienced statisticians and experts, the Global Trade Data will be crossing the benchmark of USD 32 trillion in the year 2022. The world would have crossed this benchmark earlier only but due to the slow pace in the later six months of 2022, the trade practices were slowed down even more between the countries which will certainly impact the growth of global trade in the year 2023 due to the coming of geopolitical tensions and tight financial conditions.

As per the Global Trade Data report for the year 2022, the trade of goods and services both grew despite the ongoing war between Ukraine and Russia. The trading of goods grew by 10%, whereas the trading of services grew by 15% reaching a mark of USD 25 trillion and USD 7 trillion respectively. It is estimated by the big authorities that global trade will decline in 2023 due to various reasons such as high energy prices, growth in interest rates, inflation, and war.

NOT ALL NEWS IS BAD NEWS   


Although the trade value is declining and is expected to decline even more in the future, but the trade volumes are going to grow as they grew in 2022. Reports also mention why there was a decline in international trade during the latter half of 2022 which was due to the fall in prices of primary products. After analysis, the experts talked about the agreements that India has signed with various countries like Free Trade Agreement, regional comprehensive economic partnership, etc.

It has also been observed that East Asian countries are the countries where no considerable amount of decline was observed in the third quarter of 2022 as compared with 2021. Moreover, trade declined in almost all nations except East Asian nations which showed resilience. For instance, if we compare the Philippine's Trade data for two years, we will not observe any decline in the Philippines Import Data or Philippines Export Data for both years. Similar is the case with other nations too.

 

WHAT FACTORS ARE GOING TO AFFECT THE GLOBAL TRADE DATA IN THE YEAR 2023          

The two main factors that can influence the global trade pattern of next year could be Global Supply chains and a shift towards a green economy.

The evolution of supply chains may involve the replacement of suppliers, diversification of other middlemen, etc. these activities can have a strong effect on global trade data. On the other hand, the shift to the green economy includes the elimination of fossil fuels and harmful chemicals and the usage of eco-friendly resources. These two factors will affect the Global Trade Data to a large extent.

 

CONCLUSION

It is great to see that the world is progressing every year and achieving new benchmarks. As in the year 2022, the Global Trade Data touched the USD 32 trillion mark, let’s expect that the same trend continues in 2023 also despite having various barriers and hurdles. As mentioned in reports, the upcoming year will be coming with new geopolitical tensions, inflation, and raised energy prices, let’s hope everything goes smoothly and the world reaches new heights.

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