Global trade to reach $32 trillion in 2022 due to strong trade growth in H1 2022

Posted on December 19, 2022   |  

In 2022, global trade will reach $32 trillion as trade in goods is expected to grow by 10% to $25 trillion from 2021, and trade in services is expected to grow by 15% to $7 trillion due to robust growth in the first half of 2022. 

In Q3, the value of the global trade in goods was above the levels of Q3 2021 for both developing and developed countries. 

Trade between developing countries (South-South) grew by 13% compared to the same period in 2021, and South-South trade excluding East Asian economies grew by 19%. 

On the other hand, trade growth stopped in H2 2022 and during Q3 2022, trade in goods declined by 1% relative to Q2 2022 but trade in services grew by 1.3% during the same period, indicating that the value of global trade will drop in Q4 2022 both for goods and for services.

The worsening economic conditions and growing uncertainties resulted in a trade slowdown, but the decline in global trade has been insignificant, as the volume of trade persisted to grow throughout 2022. 

The decline in the value of international trade is due to a decline in the prices of primary products, especially energy, while trade in services has been more resilient, with its value growth during the 2nd half of 2022. 

The decline in trade of Q3 2022 concerning Q2 2022 was similar for developed and developing countries.