<\/p>\n
Services trade drives 7% growth while developing economies face mixed outcomes amid rising opportunities in ICT and apparel sectors.<\/p>\n
Global trade is set to hit a historic $33 trillion in 2024, posting a 3.3% annual growth, according to the latest Global Trade Update by the United Nations Conference on Trade and Development (UNCTAD) released.<\/p>\n
The robust growth in services trade, which surged by 7% this year, was a key driver, contributing $500 billion, or half of the total hike.<\/p>\n
Goods trade grew by just 2% and remained below its 2022 peak.<\/p>\n
This divergence reflects a global shift toward digital and knowledge-based industries, as services like information and communication technology (ICT) and finance play an increasingly dominant role in trade dynamics.<\/p>\n
Both sectors saw trade values rise in the third quarter, with momentum expected to carry into the year\u2019s final quarter, read the report.<\/p>\n
While developed economies drove growth in the third quarter of 2024, imports and exports increased by 3% and 2%, respectively.<\/p>\n
Japan led the way, with a 5% increase in goods exports for the quarter and a 13% annual hike in services exports.<\/p>\n
The US saw merchandise imports climb 4% both quarterly and annually, with exports increasing 2% year-on-year and 1% in the quarter.<\/p>\n
In contrast, developing economies faced headwinds. Their overall imports contracted by 1%, and South-South trade\u2014a critical component of their economic resilience\u2014also fell by 1% in July-September.<\/p>\n
China\u2019s goods trade weakened, with a 1% drop in imports and a 2% decline in exports in July-September. Services trade, however, remained a bright spot as exports grew 9% quarterly and annually, while imports rose 17% year-over-year.<\/p>\n
India also had mixed results. Its goods imports and exports fell by 1% and 3%, respectively, during the quarter, but annual figures showed a 4% increase in imports and a 2% rise in exports.<\/p>\n
India’s services trade expanded modestly, with imports and exports up 1% quarterly.<\/p>\n
The ICT and apparel trade posted impressive gains of 13% and 14%, respectively, in the third quarter, presenting a significant opportunity for developing nations to diversify their economies and move into higher-value industries.<\/p>\n
Traditional trade sectors, on the other hand, faced declines. Energy trade fell 2% in the third quarter, led by reduced demand and price volatility. Metals trade also contracted by 3%, reflecting slowing industrial demand. Automotive trade dipped by 3% in the three months to September but is expected to recover with modest annual growth of 4%.<\/p>\n
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Services trade drives 7% growth while developing economies face mixed outcomes amid rising opportunities in ICT and apparel sectors. Global trade is set to hit a historic $33 trillion in 2024, posting a 3.3% annual growth, according to the latest Global Trade Update by the United Nations Conference on Trade and Development (UNCTAD) released. The […]<\/p>\n","protected":false},"author":1,"featured_media":3041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bez-rubriki"],"featured_image_src":{"landsacpe":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/Global-trade-2-1024x445.png",1024,445,true],"list":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/Global-trade-2-463x348.png",463,348,true],"medium":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/Global-trade-2-300x200.png",300,200,true],"full":["https:\/\/relinvestmentsgroup.com\/wp-content\/uploads\/2024\/12\/Global-trade-2.png",1024,683,false]},"_links":{"self":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/3040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/comments?post=3040"}],"version-history":[{"count":1,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/3040\/revisions"}],"predecessor-version":[{"id":3042,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/posts\/3040\/revisions\/3042"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media\/3041"}],"wp:attachment":[{"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/media?parent=3040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/categories?post=3040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/relinvestmentsgroup.com\/en\/wp-json\/wp\/v2\/tags?post=3040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}