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Mohamed Ben Abderrazek
| December 8, 2024 at 8:50 p.m.
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A recently released report by the United Nations Trade and Development Organization highlights the resilience of global trade despite persistent challenges.
Global trade is expected to reach a record $33 trillion in 2024, says the United Nations Trade and Development Organization (UNCTAD), in a report published Thursday. This increase of 1 trillion dollars, reflecting annual growth of 3.3%, highlights the resilience of global trade despite persistent challenges, underlines the UN agency in its latest global trade update.
Solid growth in services trade, up 7% on the year, accounted for half of the expansion, while goods trade rose 2%, but remains short of its 2022 peak, says the same source.
UNCTAD also notes that developing economies, traditionally powerful drivers of global trade, faced headwinds in 2024, with a contraction in imports of 1% and a drop in South-South trade by the same amount. magnitude in the third quarter.
-On the other hand, she continues, developed economies drove growth in the third quarter, with stable demand leading to a 3% increase in imports and a 2% increase in exports. Despite these challenges, developing economies still have opportunities to benefit from high-growth sectors. ICT and clothing trade surged, with increases of 13% and 14%, respectively, in the third quarter of 2024.
This growth highlights the potential for diversification and entry into value-added industries. Stable global growth forecasts and falling inflation also offer opportunities to strengthen the resilience of the economy in 2025. UNCTAD therefore calls on developing countries to adopt targeted policies that promote trade diversification and invest in high value-added sectors to mitigate risks.
Based in Geneva, UN Trade and Development (UNCTAD) is dedicated to promoting inclusive and sustainable development through trade and investment. With the diversity of its members, it allows countries to put trade at the service of prosperity.
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