Global Trade Poised to Hit Record $33 Trillion in 2024

According to the latest data from UNCTAD, the United Nations Conference on Trade and Development, global trade is on track to hit a record $33 trillion in 2024.

This 3.3% annual growth has been primarily driven by a 7% increase in service trade, which contributed $500 billion to the overall expansion. In contrast, trade in goods has grown more slowly, at just 2%, and remains below its peak levels from 2022.

Despite this growth, UNCTAD is warning that uncertainty looms over the trade outlook for 2025 as risks of trade wars and ongoing geopolitical tensions persist.

“The trade outlook 2025 is clouded by the potential for shifts in US policies, including the implementation of broader tariffs that could disrupt global value chains and negatively impact key trading partners,” UNCTAD stated in a release.

Countries most exposed to changes in US trade policy are likely to have large trade surpluses with the United States and higher tariff barriers. Based on 2023 figures for goods trade, UNCTAD identified China (with a $280 billion trade surplus), India ($45 billion), the European Union ($205 billion), and Vietnam ($105 billion) as particularly vulnerable.

Source: Splash247

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