Global Trade Set to Reach Record $33 Trillion in 2024

Global trade is projected to achieve a historic high of $33 trillion in 2024, as per the latest report from UNCTAD, the trade body of the United Nations.

This represents a 3.3% annual increase, primarily fueled by a 7% surge in the trade of services, which has added $500 billion to overall growth. In comparison, trade in goods has seen a modest 2% rise this year, staying below the peak levels observed in 2022.

However, UNCTAD has cautioned that uncertainty clouds the outlook for 2025, citing potential trade wars and ongoing geopolitical tensions.

“The 2025 trade outlook is clouded by potential US policy shifts, including broader tariffs that could disrupt global value chains and impact key trading partners,” the organization noted in its statement.

Countries most at risk from changes in US trade policies are those with significant trade surpluses with the US or higher tariff exposure. According to 2023 data on goods trade, these include China (approximately $280 billion surplus), India ($45 billion), the European Union ($205 billion), and Vietnam ($105 billion).