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Global Trade Report of UNCTAD: Global Trade Expected to Rise by 23% to $28 trillion in 2021

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Global trade likely to hit $28 trillion in 2021As per the Global Trade update report (November 2021) of UNCTAD (United Nations Conference on Trade and Development), the Global trade is expected to increase by 23 percent to reach about US$ 28 trillion in 2021, when compared to 2020.

  • Global trade growth stabilized during the second half of 2021, increasing by 1 percent quarter-over-quarter.
  • India trade growth accelerated in Q3 2021 both in goods and services, while China remained relatively constant.

India’s Trade in Goods and Services in Q3 2021:

Q3 2021 Relative to 2019 Average  Q3 2021 Relative to Q2 2021
Imports Exports Imports Exports
Goods 26% 27% 15% 5%
Services 3% 7% 18% 17%

Key Analysis:

i.The outlook for 2022 remains very uncertain due to slowing economic recovery, disruptions of logistics and rise in shipping costs, global semiconductor shortage, regionalisation of trade flows, debt burden, and governmental policies affecting international trade.

ii.2021 is set to be a strong year for international trade. The value of global trade in goods and services in 2021 is expected to increase by 23 percent about US$ 5.2 trillion relative to 2020, and by 11 percent about US$ 2.8 trillion relative to 2019.

iii.Trade in goods is projected to reach a record level of $22 trillion in 2021. Trade in services should be valued about $6 trillion in 2021.

Recent Related News:

On 19 October 2021, the United Nations Conference on Trade and Development (UNCTAD) awarded the ‘United Nations Investment Promotion Awards’ to investment promotion agencies (IPAs) from Costa Rica, the Netherlands, and the Republic of Korea for excellence in promoting investment in health sectors.

About UNCTAD (United Nations Conference on Trade and Development):

Establishment – 1964
Headquarters – Geneva, Switzerland
Secretary-general – Rebeca Grynspan