GLOBAL TRADE DATA IS READY TO SET A NEW RECORD IN 2022 OF USD 32 TRILLION
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. NO