World Trade Organization (WTO) Report | Statistical Review FY 2022

Excerpt:  “The World Trade Statistical Review 2022 looks at the effects of COVID-19 and the war in Ukraine on the global economy, commodity prices, international trade in goods and services, and supply chains. Director-General Ngozi Okonjo-Iweala says in the foreword to the report: ‘The war, which started in February 2022, has weighed heavily on world trade, with sharp rises in commodity prices and disruptions in access to essential goods such as grain, gas, and fertilizers. The Black Sea Grain Initiative, a deal brokered by the United Nations and Türkiye to get trapped Ukrainian grain, as well as Russian food and fertilizer, to international markets, has delivered critical supplies to people in developing and other countries, and put downward pressure on world market prices. But prices remain high by historical standards in many countries, particularly in local currency terms.'”