Global trade reached a record US$ 32 trillion in 2022.Tradein goods was about US$ 25 trillion (an increase of about 10 per cent from 2021)and trade in services totalled about US$7 trillion (an increase of about 15 per cent from 2021). Those record levels are largely due to robust growth in the first half of 2022. Conversely, trade growth has been subpar during the second half of 2022, especially in the last quarter of 2022. In Q4 2022 trade in goods declined by about US$ 250 billion relative to Q3 2022. Trade in services remained virtually constant. The UNCTAD nowcast for Q1 2023 indicates global trade in goods to increase by about 1 per cent,whiletrade in services is expected to increase by about 3 per cent onthesamebasis.
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