Title: Global Trade Sees $300 Billion Surge Amid Economic Uncertainties
Strong Growth in First Half of 2024
The United Nations Conference on Trade and Development (UNCTAD) reported that global trade expanded by approximately $300 billion in the first half of 2024, despite signs of slowing economic growth. According to UNCTAD’s latest report, trade volumes rose by 1% in Q1, with projections indicating a 2% acceleration in Q2.
Challenges Loom in Second Half
However, the outlook for global trade remains uncertain due to persistent policy instability, geopolitical tensions, and weakening global economic growth. Rising commodity prices contributed to the overall increase in trade value, though physical trade volumes saw only modest growth.
Services Trade Leads Expansion
The services sector remained a key driver, surging by 9% over the past 12 months. Meanwhile, merchandise trade among major economies showed mixed trends, with developed nations outpacing developing economies—a reversal of recent patterns. The U.S. saw a 14% rise in imports, while the EU recorded a 6% export growth, further deepening trade imbalances.
Rising Trade Tensions
UNCTAD also warned of growing risks from trade disruptions, citing recent U.S. tariffs—including a 10% baseline levy and additional duties on steel and aluminum. The report cautioned that further unilateral measures could escalate trade conflicts.
While global trade demonstrates resilience, uncertainties in the latter half of 2024 could reshape its trajectory.
