Global Commodity Returns 2023
The global commodity market has witnessed price declines following the mitigation of post-pandemic and Ukraine war shocks. According to data from the World Bank and IMF, the overall commodity price index for the average of 2023 decreased by 24.2% and 23.3%, respectively, compared to the average of 2022. Specifically, the commodity price index experienced a decrease of around 18% in December 2023 compared to December 2022.
Analyzing World Bank data reveals that the average annual price index for commodities decreased for energy commodities by 29.9%, food and agriculture by 7.2%, and metals and minerals by 9.6% between 2022 and 2023. Conversely, precious metals saw an increase of 7.7% during the same period.
In 2023, certain commodities such as natural gas, coal, lithium, and fertilizers experienced significant price decreases, while others like uranium, oranges, cocoa, coffee, and rice witnessed substantial increases compared to 2022.