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The United Nations Conference on Trade and Development (UNCTAD) reported that global trade volume this year will be about 5% lower than last year due to high interest rates, tensions between the United States and China, supply chain changes and policy restrictions. Product trade volume decreased by US$2 trillion (about 8% decrease), while services increased by US$500 billion (about 7% increase).
The report emphasizes that trade between geopolitically friendly countries has increased, while trade between hostile countries has decreased. This divergence poses a threat to future trade prospects. The trade outlook is full of uncertainty, and the report is pessimistic, believing that geopolitical tensions, high debt, and economic fragility will have a negative impact on global trade.
(Source: retailnews Image source: freepik)
