Global Trade of Goods Expected to Grow by 2.6% in 2024: WTO
The World Trade Organization (WTO) forecasts a 2.6% growth in the volume of global trade in products for the year 2024, followed by an increase of 3.3% in 2025. Despite a 1.2% decline in trade last year, the WTO anticipates a gradual recovery driven by decreasing inflationary pressures and improving real household incomes.
The decline in trade is attributed to factors such as high energy prices and inflation, which particularly affected the demand for manufactured goods. However, improvement is expected over the next two years. Regionally, decreases in import demand were observed in Europe and North America, while Asia and major fuel-exporting economies showed an increase.
Regarding merchandise trade, pre-pandemic levels were surpassed in 2023, with a slight decline towards the end of the year. Growth in trade volume is primarily led by Asia, according to projections. Despite decreases in imports in many economies, some major energy exporters such as the United Arab Emirates, Russia, and Saudi Arabia experienced an increase.
Global GDP growth slowed in 2023, but not at the same pace as trade volume, reflecting a complex global economic dynamic.
To read the full article: https://www.eleconomista.com.mx/empresas/El-comercio-mundial-de-productos-crecera-2.6-en-2024-y-3.3-en-2025-OMC-20240410-0045.html