UPS AND DOWNS OF GLOBAL TRADE DATA

 

QUICK UPDATES ON GLOBAL TRADE DATA

As per a Global Trade Data and Import-Export Data report, it is found that the Global Trade Data hit a record high of USD 28.5 trillion in the year 2021. Developing nations contributed more as compared to developed nations. According to the Global Trade update that was released by UNCTAD, the trade of goods remained strong and became like the pre-pandemic level only because of the developing nations who participated actively in trading goods. Due to this active participation of the nations, global trade reached a record high of USD 28.5 trillion in 2021, which is considered a rise of close to 25% and 13% when compared with 2020 and 2019 respectively.

In the case of services, a rise of USD 50 billion in the year 2021 made the value cross a mark of USD 1.6 trillion.

RISE IN TRADE DUE TO ACTIVE PARTICIPATION OF DEVELOPING NATIONS

Based on a similar type of report, in the last quarter of the year 2021, all economies were able to reach their pre-pandemic levels by trading goods and services on a larger scale. On analyzing further, it became clearer that the major contribution to the rise of Global Trade Data was of developing nations.

A gap of 30% was noted between the trade performed by developing nations and developed nations.



GROWTH OBSERVED IN MOSTLY ALL THE SECTORS

As the Global Trade Data touched its all-time high in the year 2021, every sector was affected by this and saw a considerable amount of growth. The only exception to this was the transport equipment which didn’t show much change due to the shortage of semiconductor chips and semiconductors.

CURRENT STATUS OF GLOBAL TRADE DATA 2022

As per the UNCTAD reports for the year 2022, the Global Trade Data was reduced in the first quarter of the year 2022. Although the growth rates will be positive but will be marginal. In the year 2021, the growth was due to the upliftment of covid restrictions, and every business wanted to get supplies to fulfill demands, but in 2022 the situation got stable to a big extent, hence causing a decline in Import Export Data for that year.

So, it is evident from the reports, that the trade growth in the year 2022 remained lower than expected. The IMF has also revised its forecasts at the beginning of the year to match the growth rates with its forecasts.

CONCLUSION

From the above insights and statistics, it is evident that in the year 2021, the Global Trade Data and Import-Export Data went up high only because it was the year in which Covid restrictions were lifted and life came on track again. Marketers and traders across the world were interested to refill their stocks and supplies to meet the demand of people and generate extra profits. These rapid trading activities boosted Import Export Data of the world. Till 2022, the situation got normalized, and hence the Global Trade Data also declined.

In 2021 also, because of developing nations, the Global Trade Data showed growth and a similar was the case in 2022 also.

EXPERT ADVICE

If you want further analysis and the best advice about the Import Export Data or Global Trade Data of any country, then get in touch with TradeImeX® Info Solution Pvt Ltd. We are one of the best companies available online that provide 100% accurate and reliable trade data from more than 70 countries including Vietnam Export Data and Turkey Import Data at affordable prices. We deal in providing customized databases to our clients which are highly curated as per each client’s needs and wants and are known as the best Import Export Data Provider in the industry.

To stay insightful and aware of the international market’s happenings and trends, follow our newsletter and stay in touch with our website and blog page: https://www.tradeimex.in/blogs.

For more information, connect with us over the mail at info@tradeimex.in or simply visit https://www.tradeimex.in/

 

Comments

Post a Comment

Popular posts from this blog

SCENARIO OF GLOBAL TRADE DATA IN THE DEVELOPING COUNTRIES OF THE WORLD

Image
  Regular selling and buying of goods and services by different nations to and from the world is called Global Trade and the proper maintenance of this record is done in a well-designed database called Global Trade Data which is made under high precision and subject knowledge of the experts. It is believed that global trade is one of the main factors that are responsible for the eradication of poverty in a country as trade helps to maintain the economy of the nation and at the same time make things available to all the citizens of a particular country. Based on the targets that were set by SDG (Sustainable Development Goals), it was decided that exports from the Least Developed Countries would be encouraged to rise so as to boost their contribution to global exports in 2020. Due to the onset of the pandemic, this target is not achieved to date. UPS AND DOWNS IN THE TRADE VALUES OF LDCs (Least Developed Countries) The share of the textile industry and its exports from LDC i...
Read more

REASONS FOR MAINTAINING GLOBAL TRADE DATA – BENEFITS FOR SUPPLIERS AND BUYERS

Image
  At present, all the countries are taking part actively in global trade to expand their markets and to increase their economy. Global trade, as the term suggests, is a process of exchanging goods and services across international borders. Various processes that are included in it are exports, FDI, Imports, setting MNCs, job outsourcing, etc. Now the question arises that how to keep records of imports, exports, and entrepots of different countries on regular basis. For this, every country maintains its Global Trade Data which records all necessary information about the products, their prices, quantity, most imported and exported goods, etc. in one place so that it gets easy to understand for the trader. Global Trade Data is considered one of the 3Cs of foreign trade (compliance, content, and connectivity). Every detail about the product, source country, and the destination country is mentioned in the data. Global Trade Data is collected from each country and consists of shipme...
Read more