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Value of global trade soared to a record $7.7 trillion in Q1 2022
Posted on July 18, 2022 |
- The growth means a rise of $250 million relative to Q4 2021, which is fuelled by high commodity prices, as trade volumes grew slowly.
- However, rising interest rates, plunging economic stimulus packages, and volatile commodity prices will likely hurt trade volumes for the rest of 2022.
- Merchandise trade goods reached $6.1 trillion, which is an increase of 25% compared to Q1 2021, and an increase of 3.6% compared to Q4 2021.
- The value of merchandise exports from developing countries grew by 25% in Q1 2022 compared to Q1 2021, and trade services grew by 22% to $1.6 trillion compared to Q1 2021, and a rise of 1.7% compared to Q4 2021.
- The war in Ukraine is pressuring international trade on the international prices of energy and primary commodities, and rigid global demand for food and energy products, high food and energy prices will likely result in higher trade values and marginally lower trade volumes.
Image: Port Technology