The United Nations Conference on Trade and Development (UNCTAD) reported that the value of global trade in goods and services showed an upward trend in the second quarter of 2024 compared to the previous quarter. Trade in goods grew by approximately 1% in the first quarter of 2024, while trade in services increased by 1.5% in the same period, quarter-on-quarter.
UNCTAD forecasts a more pronounced positive trend for the second quarter of 2024, with a projected increase of 2% for the first half of 2024. This increase would add approximately $250 billion to goods trade and around $100 billion to services trade, compared to the second half of 2023.
“If the positive trends continue, global trade in 2024 could reach nearly $32 trillion, although it is unlikely to surpass the 2022 record,” stated UNCTAD.
In 2022, global exports of goods were valued at $24.9 trillion, and in 2023 they totaled $23.8 trillion. Meanwhile, global exports of services increased from $7.3 trillion to $7.9 trillion.
