Published: December 18, 2024

Global trade is expected to grow by 3.3% in 2024, reaching a record $33 trillion, according to the World Trade Organization’s Goods Trade Barometer. This growth is largely fueled by a 7% increase in services trade, while goods trade sees a modest 2% growth, still recovering from the pandemic’s economic disruptions.

The United States continues to play a central role, with quarterly and annual goods imports rising 4%, driven by strong domestic demand. The EU and Japan also show positive trends, with the EU’s robust services trade and Japan’s energy imports contributing significantly to global trade dynamics.

China remains a pivotal player, retaining its position as the world’s second-largest importer with $2.56 trillion in goods imports for 2023. The strong trade relationship between the U.S. and China underlines the importance of cross-border supply chain collaboration.

As trade uncertainties persist, businesses are increasingly adopting digital solutions and resilient strategies to navigate evolving global supply chain challenges, ensuring continued growth and efficiency.

Sources: World Trade Organization, UNCTAD