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.