World merchandise trade volume will grow 3.0% in 2022, says WTO

Shipping containers in Miami, Florida on March 8, 2022. /CFP

Shipping containers in Miami, Florida on March 8, 2022. /CFP

World merchandise trade volume is expected to grow 3.0% in 2022, down from a previous forecast of 4.7%, according to annual trade statistics and outlook report from the World Trade Organization (WTO). ) published on Tuesday.

The growth rate of world merchandise trade volume is projected at 3.4% in 2023, but it could be subject to revision due to uncertainty about the evolution of the conflict in Ukraine, according to the ‘WTO.

“Trade in services will also be affected by the conflict in Ukraine, including in the transport sector, which covers maritime container transport and air passenger transport,” the WTO said.

Year-on-year growth in world trade in commercial services, 2019-2021 (% change in US dollar values). /WTO Report

Year-on-year growth in world trade in commercial services, 2019-2021 (% change in US dollar values). /WTO report

Meanwhile, WTO economists forecast in the report that global gross domestic product (GDP) at market exchange rates is expected to grow 2.8% in 2022, down 1.3 percentage points from the previous forecast of 4.1%.

Growth is expected to accelerate to 3.2% in 2023, close to the average rate of 3.0% between 2010 and 2019.

The organization expects global merchandise trade volume to grow 3.0% in 2022, down from its previous forecast of 4.7%.

The most immediate economic impact of the crisis has been a sharp rise in commodity prices, according to the report.

(Contributed by Xinhua)