World trade volume may reach $32T this year

ISTANBUL

Global trade is expected to reach $32 trillion this year if existing positive trends persist, the UN Conference on Trade and Development (UNCTAD) said on Tuesday.

Global trade trends turned positive in the first quarter of this year, with the value of trade in goods rising by around 1% quarter-over-quarter and services by about 1.5%, a press release said.

It noted: "This surge, fueled by positive trade dynamics for the United States and developing countries, particularly large Asian developing economies, is expected to add approximately $250 billion to goods trade and $100 billion to services trade in the first half of 2024 compared to the second half of 2023."

It added that world GDP is forecast to grow by around 3% in 2024, with the short-term trade outlook being cautiously optimistic.

It also said world trade growth this January-March was mainly driven by increased exports from China (9%), India (7%), and the US (3%).

Conversely, Europe’s exports showed no growth and Africa’s exports fell 5% over the same period.