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According to estimates, international trade continued to rebound strongly from the COVID-19 epidemic in the third quarter of 2021 — albeit unevenly across countries and sectors.
According to analysis released on November 30, the value of global imports and exports of goods reached $5.6 trillion in the third quarter of 2021, a new quarterly high.
According to new predictions published in the November issue of the organization’s Global Commerce Update, global trade in goods and services will surpass $28 trillion this year, up 23% from 2020 and 11% higher than pre-COVID-19 levels.
However, the research claims that trade’s overall robust performance hides the fact that recovery has been unequal between countries and sectors.
“The significant recovery in demand due to decreasing pandemic restrictions, economic stimulus packages, and increases in commodity prices is essentially the result of the favorable trend for international commerce in 2021,” it states.
It also warns that the outlook for 2022 is still very hazy.