Global Trade To Hit New Record $33 Trillion This Year
By Sulaimon Salau
Global trade is poised to hit an all-time high of nearly $33 trillion in 2024, up $1 trillion from the previous year, the United Nations Trade and Development (UNCTAD) has said.
UNCTAD, in its latest report obtained by SlyeNews stated that this 3.3% annual growth has been driven largely by a 7% rise in trade in services, contributing $500 billion to the overall expansion.
Trade in goods has grown at a slower 2% this year, remaining below its 2022 peak, according to the report.
It stated that developed countries outpaced developing nations in third quarter trade growth.
“In the third quarter of 2024, developed economies led global trade growth, supported by stable demand and improving business conditions. Imports for this group grew 3% for the quarter, while exports increased 2%,” it stated.
“By contrast, developing regions struggled during the same period. Imports fell 1% for the quarter, while rose by just 1%. Trade between developing countries, known as South-South trade, dropped 1% for the quarter, reversing earlier trends. However, developing countries’ trade remained positive on an annual basis, growing by about 3%,” it added
The report also disclosed that ICT and apparel drove growth, while the automotive sector declined.
“Trade in information and communications technology (ICT) products and apparel led sectoral growth in the third quarter of 2024.
“Trade in communication equipment grew 13% for the quarter, significantly outpacing the sector’s modest 1% annual increase.
“Imports and exports of office equipment rose 13% for the quarter – in line with the sector’s strong 15% growth for the year.
“The apparel sector posted a robust 14% quarterly increase in trade – in stark contrast to its 5% annual decline.
“Road vehicles saw a 3% drop in trade values in the third quarter due to slowing demand, but the sector is still expected to post 4% growth for the year.
“Energy trade fell 2% for the quarter and 7% on the year; Metals imports and exports declined 3% both quarterly and annually; Textiles trade dropped 4% in the quarter, with no growth reported for the year,” it stated
