Global trade is projected to reach $33 trillion in 2024, up $1 trillion, to reflect a 3.3% increase from a year ago, according to the United Nations Conference on Trade and Development (UNCTAD). The growth has been fueled by a 7% rise in trade in services, adding $500 billion, while trade in goods rose by a modest 2%, staying below its 2022 peak.
Looking ahead, UNCTAD warns that uncertainties remain going into 2025. Escalating trade wars, geopolitical tensions, and potential shifts in U.S. trade policy, including broader tariffs, could disrupt global value chains and impact key trading partners.
Countries with large trade surpluses with the U.S. face the most risk. These countries include China (approximately $280 billion), the EU ($205 billion), Vietnam ($105 billion), and India ($45 billion).
Source: Splash247.com
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