Global trade jumps 25% in 2021

In 2021, global trade rose by 25% from 2020, reaching about $28.5 trillion, Report informs referring to the UN Conference on Trade and Development.

“Global trade volume reached a record high of about $28.5 trillion in 2021, up about 25% from 2020 and about 13% from pre-pandemic 2019 levels,” the report says.

The positive trend in international trade last year is largely due to rising commodity prices, mitigation of coronavirus restrictions and a strong recovery in demand thanks to economic stimulus packages.

According to UN experts, in 2022 global trade will be affected by slower-than-expected economic growth. Experts remind that the International Monetary Fund previoysly lowered its forecast for global economic growth for the current year by 0.5 points (from 4.9% to 4.4%) due to continued inflation in the United States and fears related to China’s real estate sector.

Trade patterns in 2022 are expected to reflect growing global demand for sustainable products, according to the report. The pattern of global trade could also be affected by increased demand for strategic commodities needed to support greener alternative energy sources (such as cobalt, lithium and rare earth metals).