The United Nations Conference on Trade and Development (UNCTAD) has projected a 5% contraction in global trade for the year 2023. According to UNCTAD’s latest world trade report, merchandise trade is poised to decline by 8%, amounting to a $2trn reduction. Consequently, the aggregate global trade is predicted to fall to $30.7trn, marking a 5% dip compared to the previous year. The report notes that multiple factors contributed to the downturn in global trade during 2023, including reduced demand in developed economies, sluggish growth in East Asian countries, and falling commodity prices. Looking ahead to 2024, the outlook for global trade remains uncertain and predominantly negative.

Source: Daily News Egypt December 12, 2023 20:12 UTC