This growth is driven by a 7% surge in services trade, which accounts for a significant portion of the overall expansion. Key sectors contributing to this growth include financial services, professional services, and ICT-related services. While goods trade experienced a modest 2% rise, it still played a crucial role in supporting overall trade growth.
Technological Transformation and Consumer Trends
A 13% increase in ICT goods trade which shows the ongoing digital transformation, with a growing reliance on technology across various industries with products like smartphones, computers, and networking equipment, which have seen substantial demand
A 14% growth in the apparel trade also shows a shifting consumer behaviors, particularly the rise in online shopping and e-commerce activities. These trends have boosted trade in the fashion and retail sectors.
Challenges in Traditional Sectors
Despite the overall positive growth, traditional sectors such as energy and metals have faced declines. Energy trade fell by 2%, and metals trade contracted by 3%, showing the need for diversification and innovation to maintain growth in such areas.
Regional Performance
When we come to regional performance, Developed economies have led the growth in the third quarter of 2024, supported by stable demand and improving business conditions. Imports for these economies increased by 3%, while exports grew by 2%. While, developing economies have faced more challenges, with imports contracting by 1% and South-South trade falling by the same margin, mainly due to currency fluctuations and political instability.
Challenges in Traditional Sectors
The positive projections for 2024 present a hopeful outlook for global trade. However, potential risks such as escalating trade wars, geopolitical tensions, and shifting policies from major economies could pose significant challenges.
Developing economies, in particular, must adopt targeted policies to enhance trade diversification and invest in high-value sectors to mitigate these risks.
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