Geneva: All major trading economies saw imports and exports rise above pre-pandemic levels in the fourth quarter of 2021, with trade in goods increasing more strongly in the developing world than in developed countries, according to a report published by UNCTAD on Thursday
UNCTAD’s Global Trade Update shows that in 2021, world trade in goods remained strong and trade in services finally returned to its pre-COVID-19 levels.
"Overall, the value of global trade reached a record level of $28.5 trillion in 2021," the report says.
That’s an increase of 25% on 2020 and 13% higher compared to 2019, before the COVID-19 pandemic struck.
While most global trade growth took hold during the first half of 2021, progress continued in the year’s second half.
After a relatively slow third quarter, trade growth picked up again in the fourth quarter, when trade in goods increased by almost $200 billion, achieving a new record of $5.8 trillion.
Meanwhile, trade in services rose by $50 billion to reach $1.6 trillion, just above pre-pandemic levels.
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