The volume of world trade in 2024 reached a record $33 trillion, increasing by 3.7% ($1.2 trillion) over the year. This is stated in a report by the UN Conference on Trade and Development (UNCTAD), the League writes.
► Subscribe to the telegram channel “Minfina”: the main financial news
Services led the way, growing by 9% last year and adding $700 billion (about 60% of the overall growth). Trade in goods grew by 2% ($500 billion).
Emerging economies outpaced developed countries in trade growth, with their exports and imports up 4% year-on-year. Developed countries saw a 2% decline.
Trade imbalances in goods have widened. The US trade deficit with China has reached $355 billion, while the deficit with the EU has increased to $241 billion. China's trade surplus has reached its highest level since 2022.
Trade remained stable in early 2025, but rising geoeconomic tensions, protectionist policies and trade disputes signal potential disruptions ahead, the report said.
Today, about two-thirds of international trade is carried out without tariffs. But escalating tariffs will hamper exports, especially from developing countries, UNCTAD concludes.