The United Nations Conference on Trade and Development (UNCTAD) predicted that global trade volume will contract by 5 percent in 2023 with a generally pessimistic outlook for 2024. UNCTAD revealed that trade this year reached nearly $30.7 trillion. Trade in goods is expected to contract by about $2 trillion in 2023 or 8 percent, but trade in services will increase by about $500 billion, or 7 percent.
UNCTAD attributed the contraction in world trade, partly to the weak performance of developing countries' exports. Global trade witnessed a decline throughout 2023, primarily affected by declining demand in developed countries, weak performance in East Asian economies, and falling commodity prices.
Source (Al-Sharq Al-Awsat Newspaper, Edited)
