India & China Saw Stronger Trade Momentum in Q4 2024: UN Report

Global trade expanded by nearly $1.2 trillion in 2024, reaching $33 trillion—a result of a 9% rise in services trade and a 2% increase in goods trade

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UNITED NATIONS: Developing nations, particularly India and China, saw better than average trade expansion in the fourth quarter of 2024, a UN report has said but warned of a "potential for an economic slowdown" globally in the upcoming quarters.

The latest Global Trade Update by UN Trade and Development (UNCTAD), covering data through early March, said that global trade expanded by nearly $1.2 trillion in 2024, reaching $33 trillion—a result of a 9 per cent rise in services trade and a 2 per cent increase in goods trade.

"Developing nations, particularly China and India, saw better than average trade expansion, while many developed nations experienced trade contractions," it said.

It said that China and India saw stronger trade momentum in Q4 2024 while the US remained a key driver.

Merchandise trade showed mixed trends among major economies in Q4 2024. China and India trade continued to increase, particularly in exports.

Conversely, export growth in South Korea decelerated, although it remained the highest among major economies on an annual basis.