The United Nations Conference on Trade and Development (UNCTAD) reported that global trade reached a record high of 7.7 trillion dollars in the first quarter of this year.
According to UNCTAD’s July global trade update report, the value of global trade, including trade in goods and services, reached a record level of 7.7 trillion dollars in the first quarter of 2022, an increase of approximately 1 trillion dollars compared to the same period last year.
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In the report, which stated that the global trade value increased by 250 million dollars, it was noted that trade volumes increased at a low rate and rising commodity prices supported the increase in this period.
“The war in Ukraine is starting to affect international trade”
Noting that trade growth continued to slow in the second quarter of 2022, the report said, “The war in Ukraine is beginning to affect international trade, largely through price increases.”
Pointing out that the positive trend in international trade may end soon due to tightening policies and geopolitical frictions, the report emphasized that rising interest rates and the end of economic stimulus packages will have a negative impact on trade volumes for the rest of 2022.
The report stated that volatility in commodity prices and geopolitical factors will continue to create uncertainty in trade.
The report emphasized that slowing economic growth and the war in Ukraine have dampened prospects and that the war has put further upward pressure on international energy and primary commodity prices, affecting international trade.
Trade growth was strong in all geographical regions in the first quarter.
The report noted that trade growth was strong in all geographical regions in the first quarter of the year, but remained relatively low in East Asia and the Pacific.
The report said that export growth was generally stronger in commodity-exporting regions as commodity prices rose.
It was stated in the report that trade in goods increased by about 25 percent in the first quarter of the year compared to the same period last year, reaching 6.1 trillion dollars, while trade in services increased by about 22 percent to 1.6 trillion dollars.
The report stated that most economic sectors saw significant year-on-year increases in trade values in the first quarter of 2022.