Global trade is set to reach a record US$33 trillion in 2024, according to UNCTAD, translating to a 3.3% annual growth or a US$1 trillion increase.
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, 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% 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,” noted UNCTAD, adding that stable global growth forecasts and easing inflation also present a chance to build resilience in the next year.
While ICT and apparel showed strong momentum, traditional sectors critical to developing economies faced declines. Energy trade fell 2% for the quarter and 7% for the year, while metals trade contracted by 3% both quarterly and annually.
Meanwhile, automotive trade dropped 3% in Q3 but is expected to end the year with a modest 4% 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.”
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