GL BAL update July 2022 Infation and rising commodity prices drive global trade Global trade growth decelerated in Q1 2022, still increasing by about US$ 1 trillion relative to the same period of 2021. The value of global trade is fueled by rising commodity prices; trade volumes have increased to a much lower extent. The conf ict in Ukraine is starting to inf uence international trade, largely through increases in prices. Tightening policies and geopolitical frictions are expected to negatively affect global trade during 2022. Rising prices infate international trade Merchandise trade in values and volumes (Index 2019=100) Nowcast Index 2019=100 150 Peliminary Values 130 110 90 Volumes 70 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2018 2019 2020 2021 2022 Source: UNCTADStat. @UNCTAD @UNCTADtrade2 GLOBAL TRADE UPDATE Global trade trends and nowcast The value of global trade increased during Q1 2022, although its growth continued to decelerate. Overall, the value of global trade reached a record level of about US$ 7.7 trillion in Q1 2022, an increase of about US$ 1 trillion relative to Q1 2021, and of about US$ 250 million relative to Q4 2021.