According to the latest UNCTAD [United Nations Conference on Trade and Development] Global Trade update, after the rebound linked to the end of the Covid pandemic at the end of 2020 and in 2021, global trade has been falling in value terms since mid-2022 and is set to fall by 4.5% in 2023 compared with 2022.
Annual trade growth for goods and services, 2019-2023
Source: UNCTAD.
Between 2022 and 2023, global trade in goods and services slowed in value overall. But while trade in goods has shrunk by 7.5% compared with 2022, trade in services is still up by 7%.
This decline in foreign trade is more marked in developing countries, with a particularly sharp fall in South-South trade. North America is the region where trade has fallen the least, thanks in particular to intra-regional trade. However, according to UNCTAD, the contraction in global trade is due to weaker demand in rich countries, the weaker economic performance of East Asian countries and the fall in commodity prices. Although the value of international trade in goods fell, its volume remained slightly positive. In terms of value, it was trade in communications equipment, office equipment, textiles and clothing that fell the most; conversely, it was transport equipment and road vehicles that were traded more between countries.
More importantly for the future, global trade has been reconfigured by giving priority...
