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World trade reaches all-time high, 2022 outlook ‘uncertain’: UNCTAD

GENEVA, 30th November, 2021 (WAM) — Global trade is expected to be worth about $28 trillion this year – an increase of 23 percent on pre-pandemic levels – but the outlook for 2022 remains very uncertain, UN economists said on Tuesday.

This strong growth in demand – for goods, as opposed to services – is largely the result of pandemic restrictions easing, but also from economic stimulus packages and sharp increases in the price of raw materials.

According to UN trade and development body UNCTAD, although worldwide commerce stabilized during the second half of 2021, trade in goods went on to reach record levels between July and September.

In line with this overall increase, the services sector picked up too, but it has remained below 2019 levels.

From a regional perspective, trade growth remained uneven for the first half of the year, but it had a "broader" reach in the three months that followed, UNCTAD’s Global Trade update said.

Trade flows continued to increase more strongly for developing countries in comparison to developed economies overall in the third quarter of the year, moreover.

The report valued the global goods trade at $5.6 trillion in the third quarter of this year, which is a new all-time record, while services stood at about $1.5 trillion.

For the remainder of this year, UNCTAD has forecast slower growth for the trade in goods but "a more positive trend for services", albeit from a lower starting point.

Among the factors contributing to uncertainty about next year, UNCTAD cited China’s "below expectations" growth in the third quarter of 2021.

"Lower-than-expected economic growth rates are generally reflected in more downcast global trade trends," UNCTAD noted, while also pointing to inflationary pressures" that may also negatively impact national economies and international trade flows.

The UN body’s global trade outlook also noted that "many economies, including those in the European Union", continue to face COVID-19-related disruption which may affect consumer demand in 2022.

World

North Korea defends close ties with Russia against South Korean criticism at UN

North Korea on Monday slammed South Korean President Yoon Suk Yeol for criticising its cooperation with Moscow following leader Kim Jong Un’s Russia visit, saying it is “natural” and “normal” for neighbors to keep close relations.

Yoon, speaking at the UN General Assembly last week, said that if Russia helped North Korea enhance its weapons programs in return for assistance for its war in Ukraine, it would be “a direct provocation.”

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In a piece carried by KCNA news agency, the North denounced Yoon for “malignantly” slandering its friendly cooperation with Russia, and said Yoon was serving as a “loudspeaker” for the United States.

“It is quite natural and normal for neighboring countries to keep close relations with each other, and there is no reason to call such practice to account,” it said.

Kim returned home last week from a week-long trip to Russia in which he and Russian President Vladimir Putin agreed to boost military and economic cooperation.

US and South Korean officials have expressed concern that Russia could be trying to acquire ammunition from the North to supplement its dwindling stocks for the war in Ukraine while Pyongyang seeks technological help for its nuclear and missile programs.

Any activities assisting North Korea’s weapons programs are banned under UN Security Council resolutions.

“The foreign policy of the DPRK … will not be tied to anything, and its friendly and cooperative relations with the close neighbors will continue to grow stronger,” the commentary said. DPRK is the initials of the North’s official name, the Democratic People’s Republic of Korea.

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World

Niger military leaders welcome news of French army withdrawal

Niger’s military rulers on Sunday welcomed the announcement that France will pull its troops out of the country by the end of the year as “a new step towards sovereignty.”

The statement came hours after French President Emmanuel Macron announced that Paris would soon withdraw its ambassador from Niger, followed by its military contingent in the coming months.

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“This Sunday, we celebrate a new step towards the sovereignty of Niger,” said a statement from the country’s military rulers, who seized power in late July by overthrowing President Mohamed Bazoum on July 26.

“The French troops and the ambassador of France will leave Nigerien soil by the end of the year.”

The statement, read out on national television, added: “This is a historic moment, which speaks to the determination and will of the Nigerien people.”

Earlier Sunday, before Macron’s announcement, the body regulating aviation safety in Africa (ASECNA), announced that Niger’s military rulers had banned “French aircraft” from flying over the country’s airspace.

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World

Russian air defense thwarts drone attack near Moscow’s Tula region

Russia’s air defense systems were engaged in repelling a drone attack over the Tula region that borders Moscow’s region to its north, Russia’s RIA news agency reported early Monday.

Citing the ministry of regional security, the agency reported that according to preliminary information, there was no damage or injuries as a result of the attack.

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Two of Moscow’s major airports, however, the Vnukovo and Domedovo, limited air traffic, directing flights to other airports, the TASS state news agency reported.

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