On March 23rd the United Nations Conference on Trade and Development (UNCTAD) released its latest update on global trade, finding that global trade is greener in 2022, driven by environmental goods. The classification of environmental or green goods (also known as environmentally friendly goods) in the report is based on the OECD’s consolidated list of environmental goods, which use fewer resources and emit fewer pollutants than traditional trade. According to statistics, the global trade volume of environmental goods reached 1.9 trillion US dollars in 2022, accounting for 10.7% of the trade volume of manufactured goods. In 2022, the commodity structural adjustment of global trade is obvious. Compare different kinds of goods on the basis of monthly trade volume. In terms of commodity value, the trade volume in January 2022 was 100. The trade volume of environmental goods in 2022 accelerated from April to 103.6 in August, and then maintained a relatively stable growth to 104.2 in December. In contrast, other manufactured goods, which started at 100 in January, rose to an annual high of 100.9 in June and July, then fell sharply, falling to 99.5 by December.
It is worth noting that the rapid growth of environmental goods is clearly correlated with the growth of global trade, but it is not completely synchronized. In 2022, global trade reached a record $32 trillion. Of this total, trade in goods was about US $25 trillion, an increase of 10% over the previous year. Trade in services was about $7 trillion, up 15 percent from the previous year. From the time distribution of the year, global trade volume was mainly driven by the growth of trade volume in the first half of the year, while the weak (but still maintained growth) trade volume in the second half of the year (especially the fourth quarter) weighed on the growth of trade volume in the year. While the growth of global trade in goods is clearly under pressure in 2022, trade in services has shown some resilience. In the fourth quarter of 2022, global trade volume maintained growth despite a decline in trade volume, indicating that global import demand remained strong.
The green transformation of the global economy is accelerating. To meet the demand of infrastructure construction and consumption, the trade of various environmental products is accelerating. Green economy has redefined the comparative advantages of all parties in the international trade network and formed a new driving force mechanism for development. In the international trade of green products, no matter at what stage, it is possible to benefit from the trade of goods and services related to the environment at the same time. First mover economies in the production and application of environmental goods and technological innovation, giving full play to their technological and innovation advantages and expanding exports of related products or services; Economies that consume green products or services urgently need to import environmental products to meet the needs of green economic transition and development, shorten the cycle of green transition, and support the “greening” of the national economy. The development of technology has created more new ways to match and satisfy the supply and demand of green products, which further supports the accelerated development of green trade. Compared with 2021, global trade in almost every category of goods declined in 2022, with the exception of road transport, where environmental goods played an important role. Trade in electric and hybrid vehicles increased 25 per cent year on year, non-plastic packaging by 20 per cent and wind turbines by 10 per cent. The enhanced consensus on green development and the scale effect of products and services reduce the cost of green economy and further increase the market impetus for green trade development.