China News Service, February 18. According to the United Nations website, the "Global Trade Update" report released by the United Nations Conference on Trade and Development shows that in 2021, the total global trade volume will reach a record 28.5 trillion US dollars, and the world trade in goods will remain strong. Trade in services has finally recovered to pre-coronavirus levels.
Overall, global trade will hit a record $28.5 trillion in 2021, a 25% increase from 2020 and 13% higher than 2019, before the COVID-19 outbreak, the report noted.
On the other hand, trade growth in developing countries accelerated.
Exports from developing countries rose by around 30% in the fourth quarter of 2021 compared to the same period in 2020, while exports from rich countries rose by 15%.
The report also showed that growth in trade in communications equipment, road vehicles and precision instruments has been dampened by a global shortage of semiconductor wafers.
For 2022, the UNCTAD report indicates that trade growth will slow in the first quarter of 2022.
The positive trend in international trade in 2021 is mainly the result of higher commodity prices, the lifting of epidemic restrictions and a strong recovery in demand due to economic stimulus packages, the report said.
As these trends are likely to subside, international trade trends are expected to normalize in 2022.