The United Nations Conference on Trade and Development (UNCTAD) has stated in its just released March Global Trade Update that while global trade is poised to rebound this year, in effect reversing the downward trend observed last year, other factors including “geopolitical issues and shipping disruptions” impacted by international conflict could stifle what, in different circumstances, might have been a much more positive outlook.
UNCTAD reports that overall, the value of global trade fell by 3% in 2023. For trade in goods, the value shrunk by 5% while transactions grew by 8% for trade in services.
Arguably, the most poignant observation made in the UNCTAD 2024 report was that during last year, trade among developing countries and South-South trade performed worse than the global average, a reflection of a generous measure of sluggishness in the performances of the economies of poor countries.
