The highest level of Globalization through global trade
World leader in terms of co-operation, peace and sustainability called United Nations has recently released its report. In report UN clearly showed the new record level of the value of global trade reaching this year which is increasing by about 12% to an estimated $32 trillion.
Here is pointed out that the United Nations has also state in its previous report that global economy is heading towards slowdown in next year.
Reason behind growth:
In report the United Nations Conference on Trade and Development stated that the substantial trade growth during the last year had been largely due to increases in the value of the trade of energy products.
Trade in merchandise goods surged to $25 trillion, an increase of about 10% versus the prior year. The growth of trade in services registered at 15% year-over-year to nearly $7 trillion.
Some of growing demand in many sectors, industries and businesses backed global trade growth in a wide aspect.
The UN body anticipating that the inflation-adjusted value of global trade might fall next year because of the combined impact of geopolitical frictions, lower economic growth, higher prices for goods and record levels of global debt.
Based data over volumes of global trade, the trend of growth might be continued to increase throughout 2022, a signal of resilient global demand,”
Still, weaker economic growth and inflation are likely to strangle international commerce in the year ahead.
The United Nations Conference on Trade and Development also reported that the outlook for global trade remains uncertain, negative factors appear to outweigh positive trends.
Question & Answer:
Q1. At what record level of global trade has been registered by the United Nations recently?
Ans. $32 trillion
Q2. Where is headquarter of the United Nations Conference on Trade and Development located?
Ans. Geneva, Switzerland
Q3. What amount of trade in merchandise goods has been recorded recently?
Ans. $25 trillion