The 2023 ICC Trade Registry Report is now available for purchase and download via the following link:
Here are some of the emerging trends identified in the Report:
International goods trade flows reached $23.8 trillion in 2022, up 10.7% from 2021 and slightly above the forecast in last year’s Trade Register of $23.3 trillion.
The travel and transportation sector saw the fastest trade growth among sectors, amounting to 41% in 2022.
Computer and Telecoms services grew in line with its previous trend, at a pace of 6% in 2022.
Trade in services reached $6.8 trillion in 2022, up 14% from 2021, driven by strong growth across all regions in a continued post-pandemic recovery.
Energy, metals and mining is expected to see the largest decline in nominal terms, with a 4.9% decrease from 2022 to 2023
Real two-way trade flows between Russia and Western countries are expected to continue to decline (by 32% with the UK, by 44% with the USA, and by 35% with the EU), while flows between Russia and other countries are expected to increase (38% with India, 16% with China).
Boston Consulting Group forecasts nominal goods trade to decline by 1.9% from 2022 to 2023, as the reduction in commodity prices causes prices for traded goods to fall.