Overall global trade is expected to flounder throughout 2023 amidst weaker global economic growth, troublesome inflation and geopolitical turmoil, according to the United Nations Conference on Trade and Development (UNCTAD). It’s also changing shape, the UN’s latest report notes, with “friend-shoring” (the prioritization of trade partners with similar political values) and less diversity of trade partners characterizing trade patterns since late 2022.
Production of many agri-food products is expected to increase in 2023 year-over-year (YoY), but some of the same forces could constrain their global trade.
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