Global Trade Update (June 2023)

Global trade growth returns but outlook is poor:

• Trade growth among major economies was mixed in Q1 2023; with notable export growth in China and India.
   

• Trade interdependence between China and the United States has decreased, amid global friend-shoring trends.
   

• Growth in services trade outperformed growth in goods trade. Trade in ICT related products continued to decline.
   

• Trade growth is projected to weaken in Q2 2023, with an unfavourable outlook for the latter half of the year.