Geneva, Switzerland – The United Nations Conference on Trade and Development (UNCTAD) forecasts that global trade will exceed US$35 trillion for the first time this year. This represents a 7% increase, or approximately US$2.2 trillion, compared to last year.
The report, released Wednesday, indicated that trade in services is leading the expected growth at 8.8% ($750 billion), while trade in goods rose by 6.3% ($1.5 trillion).
East Asia recorded the strongest export growth at 9%, driven by a 10% expansion in intra-regional trade. China and South Korea played a prominent role. Africa also saw a 10% increase in imports and a 6% increase in exports, with South Africa being a key driver of this performance.
At the country level, India and China led the growth in service exports. UNCTAD also projected that trade growth would outpace global economic growth this year, reversing the slowdown seen in 2023-2024.
However, the report warned that trade growth could weaken next year. This is due to the global economic slowdown, rising debt, and increased trade costs. Uncertainty also persists.
