Projected 3.3% growth in 2024 global trade reflects resilience: UNCTAD

Robust growth in services trade, up by 7 per cent for the year, accounted for half of the expansion, while goods trade rose by 2 per cent but remained below its 2022 peak.

Developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1 per cent and South-South trade falling by the same margin in the third quarter (Q3).

In contrast, developed economies led Q3 growth, with stable demand driving a 3 per cent rise in imports and 2 per cent in exports.

Global apparel trade surged by 14 per cent in Q3 2024.

Stable global growth forecasts and easing inflation also present a chance to build resilience in 2025, the OECD report noted.

Traditional sectors critical to developing economies faced declines. Energy trade fell 2 per cent quarter on quarter (QoQ) and 7 per cent year on year (YoY)).

The UNCTAD report urged developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks.

Fibre2Fashion News Desk (DS)