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Global Trade Update (December 2023)

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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.
     
Global Trade Update (December 2023) (UNCTAD/DITC/INF/2023/3)
12 Dec 2023
 
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