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A UN analysis found that world trade reached record levels in 2022, although trade growth turned negative in the last quarter, DPA reported, BTA reported.

The United Nations Conference on Trade and Development (UNCTAD) predicts that the volume of trade will remain stagnant in the first half of 2023, according to the report published by the organization.

The total volume of world trade in 2022 reached 32 trillion dollars, UNCTAD estimates.

Trade in goods increased by about 10% compared to 2021, reaching an estimated value of 25 trillion.

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Global trade in services grew even stronger, increasing by 15% from 2021 to reach $7 trillion, UNCTAD estimates.

According to UNCTAD, factors helping trade growth include that logistical problems at ports have largely been resolved, global transport capacity has increased, and freight costs, which have skyrocketed during the coronavirus pandemic, have already fallen to pre-pandemic levels.

However, inflation, rising interest rates and high energy, food and metal prices, among other factors, have worsened the outlook, UNCTAD said.

According to the report, in the last quarter of 2022, Russian exports saw the largest decline among the major countries.

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The Russian economy has been hit by major sanctions since Russia invaded Ukraine in February 2022. The invasion also created instability in global food and energy markets, DPA said.

The report cited "geopolitical tensions, including the Russian Federation's conflict with Ukraine," as the "biggest risks" to global trade in 2023.

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UN