UNCTAD – Global Trade Update, July 2024

In the first quarter of 2024, trade growth in developing countries and South-South trade surpassed that in developed countries. China, India, and the United States saw increased exports, while Europe and Africa underperformed. Green energy and AI-related products showed stronger growth. The outlook for 2024 is positive, but geopolitical issues and industrial policies will impact global trade patterns. Goods trade increased by 1% QoQ in Q1 2024, with services trade growing by 1.5%. The UNCTAD predicts a 2% increase in Q2 2024, adding around US$ 250 billion to goods trade and US$ 100 billion to services trade. If positive trends continue, global trade in 2024 could reach almost US$ 32 trillion but may not surpass the record level seen in 2022. Global trade in goods and services has resumed growth in 2024.