The Global Trade Update projects that global trade in 2023 will amount to approximately US$ 31 trillion, contracting by close to US$ 1 trillion (or 3 per cent) compared to the record high of 2022. Specifically, trade in goods expected to contract by about US$ 1.3 trillion in 2023, or 5 per cent, while services trade expected to gain about US$ 500 billion, or 8 per cent. The UNCTAD nowcast for Q1 2024 foresees a small but positive increase both in goods and services trade.

Source: UNCTAD
Post by: Republic of Türkiye Ministry of Trade