"UNCTAD": Global trade is about to reach a new record high

2024/12/05 11:42:56 PM

1 minute read

Geneva, December 5, 2024 – The United Nations Trade and Development Organization (UNCTAD) said in a report today that global trade is expected to reach a record level of $33 trillion in the current year 2024, noting that the $1 trillion increase, which… Reflecting annual growth of 3.3%, it highlights the resilience of global trade despite ongoing challenges.

The organization pointed out that the strong growth in services trade by 7% for this year represented half of the expansion, while goods trade rose by 2%, but remained below its peak in 2022.

The report added that developing economies, which have traditionally been strong engines of global trade, faced headwinds in 2024, with imports shrinking by 1% and South-South trade declining by the same margin in the third quarter. In contrast, advanced economies led third-quarter growth with stable demand that pushed… An increase of 3% in imports and 2% in exports.

He explained that despite these challenges, opportunities remain available for developing economies to benefit from high-growth sectors, and that trade in information technology, communications and clothing rose by increases of 13% and 14%, respectively, in the third quarter of 2024, as this growth confirms the potential for diversification and income. In value-added industries.

The report indicated that stable global growth expectations and easing inflation provide an opportunity to build resilience in 2025.

In terms of sectors and growth prospects, the report said that while information technology, communications and clothing showed strong momentum, traditional sectors crucial to developing economies faced declines. Energy trade declined by 2% for the third quarter and 7% for the year, while metals trade contracted by 3% quarterly and trade declined. Cars increased by 3% in the third quarter, while it is expected to end the year with a modest growth of 4%.