Global trade in goods hits all-time quarterly high of $5.6 trillion

The value of world imports and exports of goods hit $5.6 trillion in the third quarter of 2021, setting a new quarterly record, according to a UNCTAD report published on 30 November. New projections in the November edition of the organization’s Global Trade Update show trade in goods and services reaching $28 trillion for the year – an increase of 23% in 2020 and 11% compared with pre-COVID-19 levels.
But trade’s overall strong performance masks that the recovery has been uneven across countries and sectors, the report says. “The positive trend for international trade in 2021 is largely the result of the strong recovery in demand due to subsiding pandemic restrictions, economic stimulus packages, and increases in commodity prices,” it says. It also warns that the forecast for 2022 remains very uncertain.