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According to a UN report, global trade is expected to increase by 23% to $28 trillion by 2021.

According to research released Tuesday by the United Nations Conference on Trade and Development, global trade will exceed USD28 trillion in 2021, up 23% from last year (UNCTAD).

According to the Global Trade Update report, global goods trade reached a new high of USD5.6 trillion in the third quarter of this year.

While this was a 24% increase over the same period in 2020, it was a 13% increase over the third quarter of 2019, according to the report.

“In the fourth quarter of 2021, trade in goods is predicted to stay stable at around USD5.6 trillion, while trade in services is expected to slowly recover,” it stated.

According to the data, services trade totaled almost USD1.5 trillion from July to September this year.

“During each quarter of 2021, the value of worldwide trade in products increased. The rebound has been more modest in the services sector, which is still below its 2019 levels “According to the research,

“In 2021, goods trade is expected to reach a new high of USD22 trillion. In 2021, the value of services trade is expected to be around USD6 trillion, somewhat lower than pre-pandemic levels “It was also added.

The UNCTAD cautioned that the global trade prognosis for 2022 is “very unpredictable” due to a stalling economic recovery, logistic network interruptions, and rising shipping prices.

Global semiconductor shortages, geopolitical reasons, regionalization of trade flows, governmental regulations affecting international commerce, and debt loads are among the other factors.

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