07 Dec World trade thrives amidst uncertainty
According to The United Nations Conference on Trade and Development (UNCTAD), world trade is on track to reach a record US$33 trillion in 2024. This represents an annual growth rate of 3.3% and highlights the resilience of global trade despite persistent challenges.
However, despite this monumental achievement, UNCTAD says the risks of expanded trade wars and ongoing geopolitical challenges cast uncertainty over the outlook for 2025.
Developing economies, traditionally strong drivers of global trade, did face headwinds in 2024, with imports contracting by 1% and trade falling by the same margin in the third quarter. In contrast, developed economies led third quarter growth, with stable demand driving a 3% rise in imports and 2% in exports.
Despite these challenges, UNCTAD said opportunities remain for developing economies to capitalise on high-growth sectors throughout 2025, however given the uncertain trade landscape ahead, it will be pivotal for them to have coordinated support to navigate uncertainty, reduce dependencies and strengthen global market links.
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