Global trade in both goods and services is poised to achieve an unprecedented $33 trillion in 2024, marking a substantial $1 trillion increase and 3.3% annual growth despite persistent challenges, according to UNCTAD’s latest Global Trade Update.
The services sector emerged as the primary growth driver, recording a robust 7% annual increase and contributing to half of the overall trade expansion. Meanwhile, goods trade showed modest growth at 2%, though still not reaching its 2022 peak levels.
A notable shift in global trade dynamics has emerged, with developed economies taking the lead in the third quarter. These nations recorded a 3% increase in imports and a 2% rise in exports, driven by stable demand. In contrast, developing economies, traditionally powerful forces in global trade, experienced setbacks with a 1% contraction in imports and similar decline in South-South trade.
The technology and apparel sectors showed particular promise, with ICT and apparel trade experiencing remarkable growth of 13% and 14% respectively in Q3 2024. However, traditional sectors faced significant headwinds, with energy trade declining 2% quarterly and 7% annually, while metals trade contracted by 3% across both quarterly and annual measurements.
“Trade remains a cornerstone of sustainable development,” said UNCTAD Secretary-General Rebeca Grynspan. “To seize the opportunities in 2025, developing economies need coordinated support to navigate uncertainty, reduce dependencies, and strengthen their links to global markets.”
Looking ahead, stable global growth forecasts and easing inflation present opportunities for economic resilience building in 2025. UNCTAD advocates for developing economies to implement targeted policies focusing on trade diversification and investment in high-value sectors to effectively manage risks and enhance their global market position.
Shipowners and charterers are altering leasing contracts to cope with the multi-million dollar port fees expected to be imposed on Chinese-built vessels by the Trump administration, according to people familiar with the matter.
The United States' announcement of a 25% tariff on auto imports rippled throughout the world on Thursday, as global vehicle suppliers warned of immediate price hikes and dealers raised fears of job losses in countries with a large car industry.
March 27, 2025
Total Views: 819
Get The Industry’s Go-To News
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
— just like 108,891 professionals
Secure Your Spot
on the gCaptain Crew
Stay informed with the latest maritime and offshore news, delivered daily straight to your inbox
— trusted by our 108,891 members
Your Gateway to the Maritime World!
Essential news coupled with the finest maritime content sourced from across the globe.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.