Global trade is projected to reach a record $33 trillion in 2024, marking a 3.3% annual increase compared to the previous year. The rise is driven largely by a 7% growth in services trade, contributing $500 billion to the total expansion, while trade in goods has grown at a slower rate of 2% and remains below its 2022 peak.
Disparity Between Developed and Developing Economies
Developed nations led the growth, with robust demand and improving business conditions. In Q3 2024, imports for these countries grew 3%, and exports rose by 2%. Japan showed the strongest gains in goods exports, while the U.S. saw significant growth in merchandise imports. Meanwhile, the European Union exhibited steady growth in services trade.
On the other hand, developing nations faced challenges, with Q3 imports dropping by 1% and South-South trade declining. However, annual growth remained positive at 3%. China and India experienced mixed results, with strong annual growth in services exports but weaker performance in goods trade. Sectors such as information and communication technology and apparel emerged as key growth drivers globally, while the automotive industry faced a downturn
