Tuba Sahin
07 July 2022•Update: 08 July 2022
ANKARA
Global trade reached $7.7 trillion in the first quarter of this year, the UN Conference on Trade and Development (UNCTAD) said Thursday.
The figure rose by $1 trillion year-on-year and $250 million quarter-on-quarter, fueled by surge in commodity prices due to Russia's war on Ukraine, it said in a statement.
Merchandise goods trade hit $6.1 trillion in January-March, an annual rise of 25% from the same period of last year, and 3.6% from the previous quarter.
Trade in services grew to $1.6 trillion in the three months period, up 22% from a year ago.
High fuel prices led the rise in the value of energy trade, the UN said, adding that trade growth was above average for metals and chemicals.
By contrast, trade in the transportation sector and in communication equipment has remained below the levels of 2021 and 2019.
UNCTAD said rising interest rates and the winding down of economic stimulus packages will likely have a negative impact on trade volumes for the rest of this year.
The UN group added that volatility in commodity prices and geopolitical tensions will create uncertainty on global trade.
