Global trade growth remained strong during 2021, as its value continued to increase through each quarter of 2021. Trade growth was not only limited to goods. Trade in services also grew substantially through 2021, to finally reach pre-pandemic levels during Q4 2021.
Overall, the value of global trade reached a record level of about US$ 28.5 trillion in 2021, an increase of about 25 percent relative to 2020 and an increase of about 13 per cent relative to the pre-pandemic level of 2019. While most global trade growth took hold during the first half of 2021, growth continued in the second half of 2021. After a relatively slow third quarter, trade growth picked up again in Q4 2021, when the value of global trade increased by about 3 per cent relative to Q3 2021.
Trade in goods and trade in services followed similar patterns during 2021, with stronger increases during the first half of the year. Trade growth continued to be positive for both goods and services in Q3 2021 and especially in Q4 2021.
During Q4 2021, trade in goods increased by almost US$ 200 billion to reach about US$ 5.8 trillion, a new record. During the same period, trade in services rose by about US$ 50 billion to reach about US$ 1.6 trillion, a value just above prepandemic levels. On a year over-year basis, trade in goods strongly outperformed trade in services, with increase of about 27 per cent and 17 per cent respectively.ditcinf2022d1_en
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