Global trade rises 25% in 2021 to hit record high of $28.5 trillion : UNCTAD

Global trade rises 25% in 2021 to hit record high of $28.5 trillion : UNCTAD

• The UN Conference on Trade and Development (UNCTAD) released its annual Global Trade Update 2022 on 17 February 2022, which shows that the value of global trade, both in goods and services, reached a record level of $28.5 trillion in 2021.
• This is an increase of 25% compared to 2020 and 13% higher compared to 2019.
• The main factors behind the positive trend for trade in 2021 was increase in commodity prices, subsiding pandemic restrictions and a strong recovery in demand due to economic stimulus packages
• However, the UNCTAD report indicates that trade growth will slow during the first quarter of 2022.
• The factors responsible for slowdown may include slower than expected economic growth, continued supply chain disruptions, rising concerns about debt sustainability, transition towards a greener global economy, trade agreements and trade regionalisation.

Points to Remember:

1. As per the Global Trade Update report of UNCTAD, what was the global trade value recorded in the year 2021?
2. The global trade value recorded in 2021 was what percent higher than in 2020 as per Global Trade Update 2022 report of UNCTAD
3. Global Trade Update report is released by which organisation?
4. UN Conference on Trade and Development (UNCTAD) headquarter- Geneva, Switzerland