Hi there!
The invasion of Ukraine and renewed Covid-19 outbreaks in China are hitting global trade with a double whammy in 2022: lower volumes and higher prices. We now expect trade to grow by +4.0% in volume terms in 2022 (-2pp lower than expected before the war), and as much as +10.9% in value terms (vs. +7.2% previously expected). Already existing before the war, the risk of a double-dip in global trade volume in H1 2022 has increased.