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According to UNCTAD’s Global Trade Update published on February 17th, global trade in goods continued strong in 2021, and trade in services finally returned to the levels of pre-COVID-19. Global trade touched $28.5 trillion which is a record level in 2021, according to the research. This shows a 25% increase over 2020 and a 13% increase over 2019 before the COVID-19 pandemic started.
While the majority of global trade growth occurred in the first half of 2021, it continued in the second half of the year. After a slow third quarter, trade growth accelerated in the fourth quarter, with goods trade increasing by about USD 200 billion to USD 5.8 trillion. Meanwhile, service trade increased by USD 50 billion to USD1.6 trillion, which is slightly higher than pre-pandemic levels.
What does the report show?
By: Brijesh Kumar ProfileResourcesReport error
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