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Global trade set to contract by 5 per cent in 2023
- Global trade in goods to decline by nearly US$2 trillion in 2023, but trade in services to expand by US$500 billion.
- Exports from developing countries under performed, South-South trade sharply decreased, and East Asia trade remained below average.
- Geopolitical trends, including declining interdependence between China and the United States, are having a growing impact on global trade.
- Trade growth remains subdued in Q4 2023, indicating persisting challenges. Outlook for 2024 still uncertain but overall pessimistic.