The Global Trade Update report, recently released by the United Nations Conference on Trade and Development (UNCTAD), showed positive growth in global trade in goods and services in the first quarter of 2023. This growth was pronounced after the decline in the second half of 2022. The report shows that global trade in goods grew by 1.9% compared to the fourth quarter of 2022, in three months prior to 2023.

However, for the second quarter of 2023, UNCTAD predicts that global trade growth will slow. The report noted that the recent downgrade of world economic forecasts and factors such as ongoing inflation, financial vulnerability and geopolitical tensions will affect global trade prospects.

China Customs data showed that in the first quarter of 2023, Chinas general trade import and export of 6.46 trillion yuan, the same growth of 7.9%, accounting for the gross value of import and export of 65.3%, increased by 1.9 percentage points compared to the same period last year. of which, the export of 3.68 trillion yuan, the growth of 12.7%; the import of 2.78 trillion yuan, the growth of 2.2%. It is worth noting that Chinas electrical products and labor-intensive products exports have achieved growth, especially new energy products such as electric cars, lithium batteries, solar cells export growth is significant.

The report also points out that global trade is increasingly concentrated and the diversity of trade partners has declined. This trend may be related to the concept of Friendship Outsourcing put forward by U.S. Treasury Secretary Yellen. This concept claims that in global competition, the United States should not only strengthen itself but also support the development of its allies.

Overall, despite uncertainty about global trade prospects, China and India’s export growth and new energy products’ exports have brought a sense of optimism to global trade. However, the trend of global trade concentration and various geopolitical factors still pose challenges to global trade prospects. In the future, countries need to further strengthen cooperation to jointly address challenges and promote healthy global trade development.