According to the United Nations Conference on Trade and Development’s (UNCTAD) July trade update, global trade rose in Q1 2024 with goods up by 1% and services by 1.5%. This increase could add $200 billion to the goods trade and $100 billion to the services trade. The world economy is expected to grow 3% in 2024, and if global trends continue, trade could reach $32 trillion in 2024, though it remains less than the record set in 2022.
China, India, and the U.S. were the primary drivers of global trade growth in Q1 2024 at 9%, 7%, and 3% respectively. Europe’s exports showed no growth, and Africa’s exports fell by
-5%. Sectors like green energy and AI-related products recorded strong growth. The trade value of high-performance servers rose by 25%, and the value of electric vehicles increased by 25%. Other computers and storage units saw an 8% increase.
UNCTAD notes that outlook for 2024 hinges on potential geopolitical issues, rising shipping costs, and industrial policies. The report also highlights a rising focus on domestic industries and trade restrictions which could limit international trade growth.
Source: gCaptain
