Global trade growth turns negative for most countries and sectors.
- Global trade reached more than $32 trillion in 2022, but growth turned negative during the last quarter of the year.
- Developing countries' trade was particularly weak during the fourth quarter of 2022, with East Asia and Latin America under-performing.
- While manufacturing trade declined overall, trade in environmentally friendly goods continued to increase throughout the second half of 2022.
- UNCTAD nowcasts suggest continuing trade stagnation for the first quarter of 2023, but the outlook is more positive for the second half of the year.