GLOBAL trade is set to reach a record US$33 trillion in 2024, according to UNCTAD, representing a 3.3 per cent annual growth or a US$1 trillion increase, according to Greece's Container News.
Robust growth in services trade, up 7 per cent for the year, accounted for half of the expansion, while goods trade rose 2 per cent but remained below its 2022 peak, said UNCTAD in a release.
According to the report, developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1 per cent and South-South trade falling by the same margin in the third quarter.
In contrast, developed economies led Q3 growth, with stable demand driving a 3 per cent rise in imports and 2 per cent in exports.
'Despite these challenges, opportunities remain for developing economies to capitalize on high-growth sectors,' noted UNCTAD, adding that stable global growth forecasts and easing inflation also present a chance to build resilience in the next year.
While information and communications technology (ICT) and apparel showed strong momentum, traditional sectors critical to developing economies faced declines. Energy trade fell 2 per cent for the quarter and 7 per cent for the year, while metals trade contracted by 3 per cent both quarterly and annually.
Meanwhile, automotive trade dropped 3 per cent in Q3 but is expected to end the year with a modest 4 per cent increase.
UNCTAD urges developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks.
'Trade remains a cornerstone of sustainable development,' said UNCTAD Secretary-General Rebeca Grynspan. 'To seize the opportunities in 2025, developing economies need coordinated support to navigate uncertainty, reduce dependencies, and strengthen their links to global markets.'
SeaNews Turkey
Robust growth in services trade, up 7 per cent for the year, accounted for half of the expansion, while goods trade rose 2 per cent but remained below its 2022 peak, said UNCTAD in a release.
According to the report, developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1 per cent and South-South trade falling by the same margin in the third quarter.
In contrast, developed economies led Q3 growth, with stable demand driving a 3 per cent rise in imports and 2 per cent in exports.
'Despite these challenges, opportunities remain for developing economies to capitalize on high-growth sectors,' noted UNCTAD, adding that stable global growth forecasts and easing inflation also present a chance to build resilience in the next year.
While information and communications technology (ICT) and apparel showed strong momentum, traditional sectors critical to developing economies faced declines. Energy trade fell 2 per cent for the quarter and 7 per cent for the year, while metals trade contracted by 3 per cent both quarterly and annually.
Meanwhile, automotive trade dropped 3 per cent in Q3 but is expected to end the year with a modest 4 per cent increase.
UNCTAD urges developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks.
'Trade remains a cornerstone of sustainable development,' said UNCTAD Secretary-General Rebeca Grynspan. 'To seize the opportunities in 2025, developing economies need coordinated support to navigate uncertainty, reduce dependencies, and strengthen their links to global markets.'
SeaNews Turkey
