Global trade to hit $33 trillion in 2024 as inflation eases

Posted on December 6, 2024   |  

Global trade is expected to hit a record $33 trillion in 2024, driven by lower inflation and a boom in service trade.

The forecast shows a $1 trillion increase from previous estimates, thanks to steady growth.

After a slight slowdown in 2023, goods trade has picked up due to strong demand from developed nations.

Consumer tech and apparel have seen strong growth, fueled by high-income economies and importers preparing for potential U.S. tariffs.

Service trade grew by 7%, contributing $0.5 trillion to the increase in global trade.

Commodities important for developing nations have struggled, with energy trade down 7% and metals trade 3% lower.