On 05 December 2024, the UN Trade and Development (Unctad) said in its new Global Trade Update report that global trade is expected to reach a high of $33 trillion, showcasing resilience despite continuing economic uncertainties challenging global supply chains and market dynamics.
Here’s a summary of the key points from this report from December 2024:
Key Findings:
– Global trade is projected to reach $33 trillion in 2024, a 3.3% increase from the previous year
– Services trade grew by 7% (contributing $500 billion), while goods trade increased by 2%
– Developed economies led growth in Q3 2024, with Japan showing particularly strong performance (5% growth in goods exports and 13% in services exports)
– Developing economies experienced a slowdown, with both imports and South-South trade (trade between developing countries) declining by 1%
Notable Sectors:
– High growth: ICT and apparel sectors (13% and 14% growth respectively in Q3)
– Declining sectors: Energy (down 2% in Q3, 7% annually) and metals (down 3% both quarterly and annually)
– Automotive trade: Decreased 3% in Q3 but expected to grow 4% by year-end
Concerns for 2025:
– Uncertain outlook due to potential U.S. policy shifts and possible trade wars
– Countries with large U.S. trade surpluses could face risks, including:
– China ($280B surplus)
– EU ($205B)
– Mexico ($150B)
– Vietnam ($105B)
– Other significant surpluses: Canada, Japan, South Korea ($50-70B each)
Last updated: December 26th, 2025
