Global trade reached a record high of $33 trillion in 2024, marking a 3.7 percent increase from the previous year, driven by an uptick in the services sector.

According to the latest Global Trade Update from the UN Conference on Trade and Development, services drove growth, rising 9 percent for the year and adding $700 billion — nearly 60 percent of total exchange expansion.

Meanwhile, trade in goods grew 2 percent, contributing $500 billion.

“This positive momentum is expected to continue into Q1 (first quarter) 2025, building on a global trade value of nearly $33 trillion in 2024,” the report said.

UNCTAD’s analysis highlighted a continued shift in global trade dynamics, with developing countries — particularly China and India — outperforming their developed counterparts.

While many advanced economies faced exchange contractions, emerging markets sustained momentum, bolstered by strong exports and domestic demand.  China’s trade surplus expanded significantly in 2024, fueled by robust exports. Meanwhile, the US trade deficit widened, reflecting its growing reliance on imports. South-South trade, involving exchanges between developing economies, remained a key driver of global trade growth.

Source: ARABNEWS