Global Trade about to recover

UNCTAD’s Global Trade Update shows encouraging signs amidst persistent challenges.

The overall outlook for trade in 2024 is positive, with increasing demand for environmental goods, especially electric cars, set to play a crucial role in driving growth.

✅ International trade is expected to rebound in 2024 after experiencing declines for several quarters.

✅ Preliminary figures indicate a $1 trillion contraction in global trade in 2023, driven primarily by subdued demand in developed nations and weaker trade within East Asia and Latin American regions.

✅ While trade in goods decreased during 2023, trade in services continued to grow, signalling resilience amidst challenging conditions.