According to the most recent Global Trade Update from UNCTAD, which was released on Thursday, global commerce in goods is predicted to grow by approximately 1% (year over year) in the first quarter (Q1) of 2023, while trade in services is predicted to grow by about 3% over the same time.

Trade in products reached roughly $25 trillion in 2022, up 10% from 2021, while trade in services reached around $7 trillion, up 15%. “Such record levels are partly attributable to the 2022 first half’s strong growth. In contrast, the research noted that trade growth was weak in the second half of 2022, particularly in the final quarter.

The paper outlined the most significant Economies were impacted by the global trade slump in the fourth quarter of 2022. “Trade in products for all major economies was significantly below levels of the previous quarter, with the exception of imports by the Russian Federation. China’s trade in goods was significantly lower than it was for the previous quarter and the same time last year, the report said.