Global trade in goods and seevices have resumed growth in 2024

Global trade trends turned positive in the first quarter of 2024, according to the latest Global Trade Update from UN Trade and Development, launched today.

The value of trade in goods increased by around 1% quarter-over-quarter, while trade in services by about 1.5%.

This surge, fueled by positive trade dynamics for the United States and developing countries, particularly large Asian developing economies, is expected to add approximately $250 billion to goods trade and $100 billion to services trade in the first half of 2024 compared to the second half of 2023.

Global GDP growth forecasts remain at around 3% for 2024, with the short-term trade outlook being cautiously optimistic. If positive trends persist, global trade in 2024 could reach almost $32 trillion, though it is unlikely to surpass the record levels seen in 2022.

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