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