The value of global trade is set to reach a new record this year, increasing by about 12% to an estimated $32 trillion, according to a UN report that signaled a slowdown heading into 2023.

• The substantial trade growth during the last year was largely due to increases in the value of the trade of energy products.
• Trade in merchandise goods soared to $25 trillion, an increase of about 10% versus the prior year.
• Trade in services grew 15% year-over-year to nearly $7 trillion, according to the report.