The World Trade Organization (WTO) reports that global trade remained resilient and performed better than the pessimistic predictions for 2022 as economies greatly affected by the war in Ukraine found alternative sources of supply.

In a document titled "One year of war in Ukraine: Assessing the impact on global trade and development" the WTO estimates that trade growth in 2022 was above the trade forecast of 3% issued in April and substantially higher than its estimates for more pessimistic scenarios for the year.

The stability of global trade was also evident in global supply chains, confirmed by the 4% year-on-year growth of trade in intermediate goods in the second quarter of 2022.

Furthermore, trade in products significantly affected by the war and trade by the most exposed countries were remarkably resilient.

Trading partners found alternative sources to fill in the gaps for most products affected by the conflict, such as wheat, maize, sunflower products, fertilizer, fuels and palladium a rare earth mineral used in catalytic converters for cars.

 

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