GENEVA (Bernama-Xinhua): Global trade hit a record US$33 trillion in 2024, marking a 3.7 per cent increase from 2023, according to the latest Global Trade Update by the United Nations Trade and Development (UNCTAD), reported Xinhua.
The growth was driven by services, which rose 9 per cent and accounted for nearly 60 per cent of the total growth, the report said, adding that trade in goods grew 2 per cent.
Developing economies outpaced developed nations in 2024, with imports and exports rising 4 per cent for the year and 2 per cent in the fourth quarter.
Meanwhile, developed economies' trade stagnated, with imports and exports flat for the year and down 2 per cent in the last quarter, it stated.
The report highlighted mounting geoeconomic tensions, protectionist policies and trade disputes that could disrupt trade ahead, despite signs of trade stability in early 2025.
The report, which was released on Friday, called for efforts to prevent the formation of isolated trade blocs and avoid undermining long-term growth by properly managing policy shifts. - Bernama-Xinhua
