During 2024… the value of global trade will rise to a record level

The United Nations Trade and Development Organization (UNCTAD) explained in a report that the value of global trade reached a record level of 33 trillion US dollars in 2024, an increase of one trillion dollars compared to last year, i.e. 3.3% annual growth, which reflects the flexibility of global trade. Despite the continuing challenges and strong growth in services trade, which rose by 7% during the current year.
While commodity trade rose by 2%, it remained below its peak in 2022.

Cornerstone of sustainable development

UNCTAD Secretary-General Rebecca Greenspan said: Trade remains the cornerstone of sustainable development, and in order for us to seize the opportunities in 2025, developing economies need coordinated support to overcome uncertainty, reduce dependency, and strengthen their links to global markets.
The report revealed that developing economies faced slower growth in trade, and that the advancement of high-growth sectors such as information technology, communications and clothing created opportunities for diversification and flexibility in stable global growth, as the decline in global inflation led to an opportunity for developing economies.

He pointed out that developing economies, which have traditionally been a strong driver of global trade, faced headwinds in 2024, with imports contracting by 1%, and South-South trade declining by the same margin in the third quarter of the year, as stable demand led to a 3% rise in imports. And 2% in exports.

An opportunity for developing economies

The report explained that despite these challenges, opportunities remain available for developing economies to benefit from high-growth sectors, as trade in information and communications technology and clothing increased by increases of 13% and 14%, respectively, in the third quarter.
This growth confirms the possibility of diversification and entry into value-added industries.
Regarding the strong momentum shown by the results of information technology, communications and clothing, the report confirmed that the traditional sectors crucial to developing economies faced declines, including a decline in energy trade by 2% in the third quarter and 7% for the year, and metals trade contracted by 3% quarterly and annually, and decreased Automotive trade increased by 3% in the third quarter, and is expected to end the year with a modest growth of 4%.
The United Nations Trade and Development Organization (UNCTAD) urged developing economies to adopt policies aimed at promoting the diversification of trade and investment in high-value sectors to mitigate risks.