Global trade hits record 33 trillion USD in 2024: UN report

GENEVA, March 14 (Xinhua) -- Global trade hit a record 33 trillion U.S. dollars in 2024, marking a 3.7 percent increase from 2023, according to the latest Global Trade Update by the United Nations Trade and Development (UNCTAD).

The growth was driven by services, which rose 9 percent and accounted for nearly 60 percent of the total growth, the report says, adding that trade in goods grew 2 percent.

Developing economies outpaced developed nations in 2024, with imports and exports rising 4 percent for the year and 2 percent in the fourth quarter.

Meanwhile, developed economies' trade stagnated, with imports and exports flat for the year and down 2 percent in the last quarter, it says.

The report highlights mounting geoeconomic tensions, protectionist policies and trade disputes that could disrupt trade ahead, despite signs of trade stability in early 2025.

The report, which was released on Friday, calls for efforts to prevent the formation of isolated trade blocs and avoid undermining long-term growth by properly managing policy shifts. ■