Global trade is set to reach a record $33 trillion in 2024, according to the latest Global Trade Update published by UN Trade and Development (UNCTAD) on 5 December. This $1 trillion increase, reflecting 3.3% annual growth, highlights resilience in global trade despite persistent challenges.
Robust growth in services trade, up 7% for the year, accounted for half of the expansion, while goods trade rose 2% but remained below its 2022 peak. Developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1% 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% rise in imports and 2% in exports. Despite these challenges, opportunities remain for developing economies to capitalize on high-growth sectors.
ICT and apparel trade surged, with increases of 13% and 14%, respectively, in the third quarter 2024. This growth underscores the potential for diversification and entry into value-added industries. UNCTAD urges developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks.
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The organization underscores that trade is a cornerstone of sustainable development. To capitalize on opportunities in 2025, developing economies require coordinated support to navigate uncertainty, reduce dependencies and strengthen global market links.
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