UNCTAD: global trade to hit USD32T in 2024
(MENAFN) According to a recent press release by the UN Conference on Trade and Development (UNCTAD), global trade is poised to hit USD32 trillion this year if current trends persist. The report highlights a positive upturn in global trade dynamics, with trade in goods rising by approximately 1 percent quarter-over-quarter and services by about 1.5 percent in the first quarter of 2024.
This surge is largely driven by favorable trade conditions observed in the United States and several developing economies, particularly prominent Asian nations. Compared to the latter half of 2023, the first half of 2024 is expected to see an additional USD250 billion in goods trade and USD100 billion in services trade, contributing to the overall positive outlook.
The UNCTAD report forecasts a global GDP growth of around 3 percent for 2024, underscoring a cautiously optimistic short-term trade outlook. Notably, the growth in world trade during January-March was primarily fueled by increased exports from major economies such as China (9 percent), India (7 percent), and the United States (3 percent).
In contrast, the report also notes stagnation in Europe’s export growth and a 5 percent decline in exports from Africa over the same period. These insights indicate a varied landscape across different regions amid the global trade recovery.
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