Global trade hits record in the first quarter of the year

UNCTAD has announced its global trade update report for July.

The global trade value, which includes trade in goods and services, reached a record $7.7 trillion in the first quarter of 2022, an increase of nearly $1 trillion compared to the same period last year.

In the report, which stated that the global trade value increased by approximately 250 million dollars in the first quarter of the year compared to the last quarter of 2021, it was noted that the trade volumes increased at a low rate and the rising commodity prices supported the increase experienced in this period.

"The war in Ukraine is starting to affect international trade"
Noting that the growth in trade continued to slow in the second quarter of 2022, the report said, "The war in Ukraine is beginning to affect international trade, largely through price increases." assessment was included.

Pointing out that the positive trend in international trade may end soon due to tightening policies and geopolitical frictions, the report emphasized that rising interest rates and the end of economic stimulus packages will have a negative impact on trade volumes for the rest of 2022.

In the report, it was stated that volatility in commodity prices and geopolitical factors will continue to create uncertainty in trade.

Emphasizing that slowing economic growth and the war in Ukraine dampened hopes, the report stated that the war affected international trade by putting more upward pressure on international energy and primary commodity prices.

Trade growth strong in all geographies in the first quarter
Pointing out that the growth in trade was strong in all geographical regions in the first quarter of the year, it was noted that it remained relatively low in East Asia and the Pacific regions.

In the report, it was reported that the increase in exports was generally stronger in commodity-exporting regions as commodity prices increased.

In the report, it was stated that the trade of goods reached 6.1 trillion dollars in the first quarter of the year, an increase of approximately 25 percent compared to the same period of the previous year, while the trade of services reached 1.6 trillion dollars with an increase of approximately 22 percent.

In the report, it was stated that in most economic sectors, significant increases in trade values from year to year were seen in the first quarter of 2022.