China-EU rail freight volumes on the main Eurasian corridor fell by 48% in the first semester of 2023, back to the pre-pandemic level of 2019.

The outlook for the global economy has slightly improved since the WTO’s most recent trade forecast was issued in October of last year but the pace of trade expansion in 2023 is still expected to be subpar, weighed down by the ongoing conflict in Ukraine, stubbornly high inflation, tighter monetary policy and financial uncertainty.