India Outperforms Global Trade Average as Services Drive Exports

India outperformed global trade averages with services exports driving growth as total world trade hit a record $33 trillion in 2024, expanding 3.7 per cent, according to the latest Global Trade Update by UN Trade and Development (UNCTAD).

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However, the report warns that while global trade remains strong with a $1.2 trillion year-on-year increase in 2024, uncertainty looms in 2025.

Services drove growth, rising 9 per cent for the year and adding $700 billion—nearly 60 per cent of the total growth. Trade in goods grew 2 per cent, contributing $500 billion, according to the report.