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Global trade to hit $33 trillion in 2024 as inflation eases
Posted on December 6, 2024 |
Global trade is expected to hit a record $33 trillion in 2024, driven by lower inflation and a boom in service trade.
The forecast shows a $1 trillion increase from previous estimates, thanks to steady growth.
After a slight slowdown in 2023, goods trade has picked up due to strong demand from developed nations.
Consumer tech and apparel have seen strong growth, fueled by high-income economies and importers preparing for potential U.S. tariffs.
Service trade grew by 7%, contributing $0.5 trillion to the increase in global trade.
Commodities important for developing nations have struggled, with energy trade down 7% and metals trade 3% lower.