{"id":6524,"date":"2024-12-12T14:31:30","date_gmt":"2024-12-12T14:31:30","guid":{"rendered":"https:\/\/travelcommunication.net\/global-trade-set-to-reach-new-high-to-hit-record-33-trillion-in-2024"},"modified":"2024-12-12T14:31:30","modified_gmt":"2024-12-12T14:31:30","slug":"global-trade-set-to-reach-new-high-to-hit-record-33-trillion-in-2024","status":"publish","type":"post","link":"https:\/\/www.top25golfcourses.com\/indonesia\/global-travel-news\/global-trade-set-to-reach-new-high-to-hit-record-33-trillion-in-2024\/","title":{"rendered":"Global Trade Set to Reach New High, to Hit Record $33 Trillion in 2024"},"content":{"rendered":"
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\"Global<\/a>Geneva, Switzerland, December 12, 2024 \/ TRAVELINDEX \/ Global trade is poised to hit an all-time high of nearly $33 trillion in 2024, with a $1 trillion increase largely driven by a 7% rise in services trade. Developing economies face slower trade growth, but high-growth sectors like information and communication technology (ICT) and apparel offer opportunities for diversification and resilience. Stable global growth and easing inflation create a window for developing economies to strengthen their trade position amid rising geopolitical uncertainties.<\/p>\n

Global trade is set to reach a record $33 trillion in 2024, according to the latest Global Trade Update by UN Trade and Development (UNCTAD). This $1 trillion increase, reflecting 3.3% annual growth, highlights resilience in global trade despite persistent challenges. Robust growth in services trade, up 7% for the year, accounted for half of the expansion, while goods trade rose 2% but remained below its 2022 peak.<\/p>\n

Global trade grows 3.3% in 2024, driven by a 7% rise in trade in services.<\/p>\n

Opportunities amidst uncertainty<\/strong><\/p>\n

Developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1% and South-South trade falling by the same margin in the third quarter. In contrast, developed economies led Q3 growth, with stable demand driving a 3% rise in imports and 2% in exports.<\/p>\n

Despite these challenges, opportunities remain for developing economies to capitalize on high-growth sectors. ICT and apparel trade surged, with increases of 13% and 14%, respectively, in the third quarter 2024. This growth underscores the potential for diversification and entry into value-added industries. Stable global growth forecasts and easing inflation also present a chance to build resilience in 2025.<\/p>\n

Sectoral pressures and growth prospects<\/strong><\/p>\n

While ICT and apparel showed strong momentum, traditional sectors critical to developing economies faced declines. Energy trade fell 2% for the quarter and 7% for the year, while metals trade contracted by 3% both quarterly and annually. Automotive trade dropped 3% in Q3 but is expected to end the year with modest 4% growth.<\/p>\n

A call for strategic action<\/strong><\/p>\n

UNCTAD urges developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks. The organization underscores that trade is a cornerstone of sustainable development. To capitalize on opportunities in 2025, developing economies require coordinated support to navigate uncertainty, reduce dependencies and strengthen global market links.<\/p>\n

About UN Trade and Development (UNCTAD)<\/strong>
\nUN Trade and Development (UNCTAD) is dedicated to promoting inclusive and sustainable development through trade and investment. With a diverse membership, it empowers countries to harness trade for prosperity.<\/p>\n

Source<\/a><\/p>\n

First published at TravelCommunication.net – Global Travel News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Geneva, Switzerland, December 12, 2024 \/ TRAVELINDEX \/ Global trade is poised to hit an all-time high of nearly $33 trillion in 2024, with a $1 trillion increase largely driven by a 7% rise in services trade. Developing economies face slower trade growth, but high-growth sectors like information and communication technology (ICT) and apparel offer …<\/p>\n","protected":false},"author":2,"featured_media":6525,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[105],"tags":[116,107,110,4199,117,4178,121,118,726,119,111,120],"class_list":["post-6524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-travel-news","tag-global-travel-news","tag-international-organizations","tag-news","tag-suppliers","tag-tourism-updates","tag-trade","tag-travel-news-hub","tag-travelindex","tag-travelnewshub","tag-unwto-news","tag-updates","tag-wttc-news"],"_links":{"self":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/posts\/6524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/comments?post=6524"}],"version-history":[{"count":0,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/posts\/6524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/media\/6525"}],"wp:attachment":[{"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/media?parent=6524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/categories?post=6524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.top25golfcourses.com\/indonesia\/wp-json\/wp\/v2\/tags?post=6524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}