Pricing has come down sharply in ocean transport. Although some have seen this as brewing disaster for global trade, that isn't the case. At least not yet, according to the World Trade Organization. In fact, in the current year, trade volumes are better than expected.
However, next year is a different matter. The organization expects some growth, but a third of what they had previously thought.
Good news first. "WTO economists now predict global merchandise trade volumes will grow by 3.5% in 2022—slightly better than the 3.0% forecast in April," the organization said.
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