(MENAFN) Based on a report published by the UN Conference on Trade and Development (UNCTAD) on Tuesday, international trade is predicted to hit USD28 trillion during this present year, increasing by 23 percent from the previous year.
According to the Global Trade Update report, worldwide merchandises trade achieved a new score by hitting USD5.6 trillion during the period from July till September of 2021.
It mentioned that while this was a 24 percent rise from the corresponding period of last year, it was a 13 percent increase in comparison to the July-September time span of 2019. It also mentioned that "trade in goods is expected to remain constant at about USD5.6 trillion in the fourth quarter of 2021, while the trade in services will likely continue to slowly recover."
The report stated, "the value of global trade in goods continued to increase during each quarter of 2021. The recovery has been more muted for trade in services, which remains below its levels of 2019."
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