The volume of global trade in merchandise should increase by 2.6 percent this year, the World Trade Organization (WTO) said in its annual trade statistics and outlook report published on Wednesday, reported Xinhua.
According to the WTO, the volume of world trade in merchandise fell by 1.2 percent last year, but will increase by 3.3 percent in 2025.
Global trade is expected to pick up gradually this year following a contraction in 2023 that was driven by the lingering effects of high energy prices and inflation, the report said.
Inflationary pressures are expected to further abate this year, allowing real incomes to grow again, thus providing a boost to the consumption of manufactured goods. "A recovery of demand for tradable goods in 2024 is already evident, with indices of new export orders pointing to improving conditions for trade at the start of the year," the report noted.
WTO Director-General Ngozi Okonjo-Iweala said: "We are making progress towards global trade recovery, thanks to resilient supply chains and a solid multilateral trading framework — which are vital for improving livelihoods and welfare."
"It's imperative that we mitigate risks like geopolitical strife and trade fragmentation to maintain economic growth and stability," she added.
The report forecasts that Africa's exports will grow by 5.3 percent this year, faster than any other region. Furthermore, strong import volume growth of 5.6 percent in Asia and 4.4 percent in Africa should help prop up global demand for traded goods in this year.
While the economic impact of the Suez Canal disruptions stemming from the Middle East conflict has so far been relatively limited, some sectors, such as automotive products, fertilizers and retail, have already been affected by delays and freight costs hikes, the report noted.
The report said that geopolitical tensions have affected trade patterns marginally but have not triggered a sustained trend toward de-globalization.
"Some governments have become more skeptical about the benefits of trade and have taken steps aimed at re-shoring production and shifting trade towards friendly nations," WTO Chief Economist Ralph Ossa remarked.
The resilience of trade is also being tested by disruptions on the Panama Canal and the Red Sea, two of the world's main shipping routes, he added.
The report estimates that global GDP growth at market exchange rates will remain mostly stable over the next two years at 2.6 percent in 2024 and 2.7 percent in 2025.
Source: www.dailyfinland.fi
Global trade is such a crucial aspect of the world economy and it’s great to see a projected rebound of 2.6% in 2024 according to the WTO. It’s encouraging to hear about the expected growth in the volume of world trade, especially with the challenges faced in 2023. Ngozi Okonjo-Iweala’s remarks highlight the importance of resilient supply chains and a strong trading framework for global recovery. Let’s hope for a smooth recovery in global trade without any major disruptions.
It’s encouraging to see the WTO predicting a rebound in global trade for 2024. The increase in trade volume is essential for economic growth and stability. Ngozi Okonjo-Iweala’s insights on the importance of resilient supply chains resonate strongly. Looking forward to a positive impact on livelihoods and welfare.
It’s great news that the WTO is predicting a 2.6% rebound in global trade by 2024. This projection brings hope for economic recovery and increased opportunities for international business interactions.
It’s great to see the WTO predicting a rebound in global trade for 2024. The projections for an increase in trade volume indicate positive momentum for the economy. Ngozi Okonjo-Iweala’s emphasis on the importance of resilient supply chains and a stable trading framework resonates well with the current challenges in the global market. Let’s hope for a smooth recovery and sustainable growth in international trade.
It’s great to see the WTO predicting a 2.6% rebound in global trade by 2024. Hopefully, this will lead to improved economic conditions worldwide and benefit various regions like Africa with a significant export growth forecasted at 5.3%. Director-General Ngozi Okonjo-Iweala’s insights on the importance of resilient supply chains and a solid trading framework resonate as crucial for global trade recovery. Let’s work together to mitigate risks and foster sustainable economic growth for all.
It’s great news that the WTO predicts a 2.6% rebound in global trade by 2024. I believe that with the positive outlook for world trade, we can expect to see an improvement in economic conditions globally. Let’s hope that the recovery continues and leads to more stability in the trade market.
Do the projections take into consideration the impact of ongoing geopolitical tensions on global trade?
Yes, the projections mentioned in the article do account for the impact of ongoing geopolitical tensions on global trade. The report emphasizes the need to mitigate risks like geopolitical strife to maintain economic growth and stability. It’s crucial to address these challenges to ensure a steady recovery of global trade.
As a trade enthusiast, I believe the predicted 2.6% rebound in global trade by 2024 is a positive sign for economic recovery. It’s reassuring to see that the volume of world trade is expected to increase following the challenges faced in previous years. Let’s hope for a smooth trajectory towards a stable and prosperous global trade environment.
It’s great to hear that the WTO is predicting a 2.6% rebound in global trade by 2024. Hopefully, with the expected increase in world trade, we will see a positive impact on economies worldwide. Ngozi Okonjo-Iweala’s statement on the progress towards global trade recovery is reassuring, emphasizing the importance of resilient supply chains and a solid multilateral trading framework. Let’s hope geopolitical strife and trade fragmentation are effectively managed to ensure economic growth and stability.
As a trade enthusiast, I am thrilled to see the WTO’s optimistic prediction for a 2.6% rebound in global trade by 2024. It’s crucial for economies worldwide to recover from the setbacks of previous years and work towards sustainable growth. Ngozi Okonjo-Iweala’s leadership at the WTO is commendable, and her emphasis on maintaining a solid multilateral trading framework resonates well with global trade stakeholders.
As a trade analyst, I believe the WTO’s prediction of a 2.6% rebound in global trade by 2024 is promising. It is crucial for international trade to recover steadily this year, supported by resilient supply chains and a solid multilateral trading framework. This growth in global trade will not only boost economies but also enhance livelihoods and welfare worldwide.