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February 18,2022

Andrew Campbell 

According to UNCTAD's Global Trade Update released on February 17th, global trade in goods remained high in 2021 and trade in services finally reverted to pre-COVID-19 levels. However, it is expected to slow this year due to a variety of factors, including continued delays in global supply chains.

Global trade value hit a record amount of $28.5 trillion in 2021, according to the report. This represents a 25% increase over 2020 and a 13% increase over 2019, before the COVID-19 pandemic started.

In terms of this year's outlook, the UNCTAD believes that last year's economic drivers will "abate." According to the study, the COVID-19 pandemic, ongoing logistical disruptions, and rising energy prices might shorten supply chains and diversify suppliers, changing global trade patterns in 2022.