Latest statistics from the World Trade Organization (WTO) have revealed significant growth in global trade during 2022.
The WTO World Trade Statistical Review 2023 shows global trade of goods and services rose 13 per cent year on year to a total of US$31tn. This was boosted particularly by a post-pandemic recovery in services during the year, notably the computer services sector, which grew by 44 per cent on pre-pandemic levels, helped by remote working, online learning, and home entertainment.
International demand for software, cloud services, machine learning and enhanced cybersecurity has continued to rise.
According to the report, the value of air transport has increased ‘only marginally’ compared with pre-pandemic levels overall, despite recovery in many regions of the world. High shipping rates helped expand the sea transport business during 2021, with the growth rate slowing during 2022 as rates fell.
The report said geopolitical tension, food and energy insecurity, increased risk of financial instability, and high levels of external debt, dampened the outlook for 2023.