Global trade surges in Q1 2024: Goods up 1%, Services up 1.5%

Posted on July 18, 2024   |  

In Q1 2024, global trade improved, with goods trade rising by 1% and services by 1.5% quarter-over-quarter.

The surge, led by the US and major Asian economies, could add $250 billion to goods trade and $100 billion to services trade in the first half of 2024 compared to the second half of 2023.

Global GDP growth for 2024 is expected to be around 3%, with a positive trade outlook; global trade could reach nearly $32 trillion but is unlikely to exceed 2022 levels.

Q1 2024 saw increased exports from China (9%), India (7%), and the US (3%), while Europe’s exports were flat, and Africa’s exports decreased by 5%.

Trade in developing countries and South-South trade grew by 2% in imports and exports in Q1 2024, while developed countries had flat imports and a 1% rise in exports.

Annually, South-South trade fell by 5% when comparing Q1 2023 to Q1 2024.

Green energy and AI-related products saw strong growth, with high-performance servers up 25%, other computers, and storage units up 8%, and electric vehicle trade up 25% compared to Q1 2023.