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The ongoing slowdown in global trade is expected to worsen in 2023, the U.N. Conference on Trade and Development (UNCTAD) said on Tuesday.

“While the outlook for global trade remains uncertain, negative factors appear to outweigh positive trends,” UNCTAD said in a trade update.

It said it expects the value of global trade to decrease in the fourth quarter of this year for both goods and for services, after services trade had been more resilient during the second half of 2022.