UNCTAD reports global trade adds $350B goods and services in early 2024

Anjali Sharma

GG News Bureau
UNITED NATIONS, 3rd July.  UN Trade and Develiopment agency on Tuesday reported that global trade trends turned positive in the first quarter of 2024, with the value of trade in goods rose by 1 per cent quarter-over-quarter and services by about 1.5 per cent.

According to UNCTAD’s Global Trade Update for July 2024, the surge was fuelled by positive trade dynamics for the US and developing countries, large Asian developing economies.

“This is expected to add approximately $250 billion to goods trade and $100 billion to services trade in the first half of 2024 compared to the second half of 2023,” it said.

UNCTAD reported that global forecasts for GDP growth remain at around 3 per cent for 2024, “with the short-term trade outlook being cautiously optimistic.”

“If positive trends persist, global trade in 2024 could reach almost $32 trillion, yet it is unlikely to surpass its record level seen in 2022,” it added.

The report voiced concern over the impact of geopolitical and policy challenges.

Unctad SAID THAT despite these positive trends, “the outlook for 2024 is tempered by potential geopolitical issues and industrial policy impacts”.

It added that geopolitical tensions, rising shipping costs, and emerging industrial policies could reshape global trade patterns.

UNCTAD warned that an increasing focus on domestic industries and trade restrictions could hinder international trade growth.