The Strategist

WTO: World trade grew in 2022

04/06/2023 - 11:33

A World Trade Organization (WTO) report published on Wednesday shows that global trade has stayed resilient, increasing by 2.7% in 2022.

Despite the effects of the conflict between Russia and Ukraine, the WTO reported that commerce in goods remained more resilient than anticipated for the majority of 2022.

According to the study, "merchandise trade growth averaged 4.2 percent year-over-year in the first three quarters of 2022, followed by a 2.4 percent decline in the fourth quarter, lowering year-over-year growth to 2.7 percent."

A number of factors, including higher global commodity prices, monetary tightening in response to inflation, and the COVID-19 outbreak, which hampered production and trade in China, were responsible for the abrupt decline.

The organization notes that the final result for 2022 was close to an earlier estimate of 3.0% made in last April but below the WTO's forecast of 3.5% made in October.