UNCTAD Global Trade Update March 2025 Shows Strong Trade Growth in Q4 2024 for Developing Countries Led by China and India.
International
In March 2025, the United Nations Conference on Trade and Development (UNCTAD), based in Geneva (Switzerland), released its latest report, Global Trade Update (March 2025). According to the report, developing countries, particularly China and India, saw better-than-average trade growth in the 4th Quarter (Q4) of 2024. In contrast, many developed countries experienced a decline in trade during the same period.
- The report highlighted that rising deficits in countries like the United States (USA), the European Union (EU), and India, among others, along with changes in energy tariffs, investment shifts, and restrictions, could increase economic uncertainty.
- The report revealed that developing economies grew faster than developed countries, with both imports and exports increasing by 4% for the year and 2% in Q4 of 2024. This growth was mainly driven by East and South Asia.
Main Point :- (i) The report showed that global trade expanded significantly to USD 33 trillion in 2024, a 3.7% increase (USD 1.2 trillion) from 2023. This growth was led by developing economies and strong services trade, except in regions like Europe and Central Asia.
(ii) The report stated that India saw an 8% growth in goods imports in Q4 2024 compared to the previous quarter and a 6% year-on-year (Y-O-Y) increase in imports.
About United Nations Conference on Trade and Development (UNCTAD)
Secretary-General: Rebeca Grynspan (Costa Rica)
Headquarters: Geneva, Switzerland
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