Global Trade Update (March 2023)


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.