Following a record year, global trade growth now turns negative.
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Global trade is set to reach almost US$32 trillion for 2022, but its growth has turned negative during the second half of 2022.
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Demand for foreign goods proved resilient throughout 2022, with trade volumes increasing by 3 per cent.
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Trade of East Asian economies has shown more resilience, South- South trade has lagged during Q3 2022.
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Geopolitical frictions, persisting inflation, and lower global demand are expected to negatively affect global trade during 2023.
