Global Trade Update (December 2023)

Global trade in goods to decline by nearly US$2 trillion in 2023, but trade in services to expand by US$500 billion.
Exports from developing countries under performed, South-South trade sharply decreased, and East Asia trade remained below average.
Geopolitical trends, including declining interdependence between China and the United States, are having a growing impact on global trade.
Trade growth remains subdued in Q4 2023, indicating persisting challenges. Outlook for 2024 still uncertain but overall pessimistic.