Robust growth in services trade, up by 7 per cent for the year, accounted for half of the expansion, while goods trade rose by 2 per cent but remained below its 2022 peak.
Global trade is set to reach a record $33 trillion in 2024, according to the latest Global Trade Update by UNCTAD, which said this $1-trillion increase, reflecting 3.3 per cent annual growth, highlights resilience in global trade despite persistent challenges.
Goods trade rose by 2 per cent but remained below its 2022 peak.
Developing economies faced headwinds this year.
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 (Q3).
In contrast, developed economies led Q3 growth, with stable demand driving a 3 per cent rise in imports and 2 per cent in exports.
Global apparel trade surged by 14 per cent in Q3 2024.
Stable global growth forecasts and easing inflation also present a chance to build resilience in 2025, the OECD report noted.
Traditional sectors critical to developing economies faced declines. Energy trade fell 2 per cent quarter on quarter (QoQ) and 7 per cent year on year (YoY)).
The UNCTAD report urged developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks.
Fibre2Fashion News Desk (DS)
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