Global trade hit a record of $28.5 trillion in 2021

UNCTAD released its global trade update report for February. In the report, it was stated that the global trade value, which includes trade in goods and services, increased by 25 percent compared to the previous year and broke a record with $28.5 trillion in 2021. In the report, it was stated that the global trade value reached 5.8 trillion with an increase of approximately 200 billion dollars in the last quarter of last year, and this allowed to keep the annual increase in global trade at 25 percent in 2021. This value decreased by 9 percent in 2020 compared to the previous year due to the effect of the pandemic.

"International trade trends are expected to normalize in 2022"

In the UNCTAD report, it was stated that the global trade value in 2021 was 13 percent above the value in 2019, and it was emphasized that the positive trend in trade last year was the result of the strong recovery in demand due to the increase in commodity prices, the reduction of the restrictions caused by the pandemic and the economic stimulus packages. The strong recovery in demand is expected to decline this year due to economic stimulus packages, the report said, adding: "As these trends are likely to decline, international trade trends are expected to normalize in 2022." In the report, which stated that global trade will be affected by various factors in 2022, these factors were "slower-than-expected economic growth", "ongoing supply chain woes", "raising concerns about debt sustainability", "transition to a greener economy", "trade deals". and "regionalisation of trade". In the report, which recorded that the strong increase in the trade value of the energy sector in the last quarter of last year was due to high fuel prices, while the growth in the metals and chemicals trade was above average, it was stated that the trade growth in communication equipment, automobiles and precision instruments was suppressed as a result of the global chip shortage in the 4th quarter of 2021.