Global merchandise trade saw continued growth in the third quarter of 2024, with volumes rising by 1.1% from the previous quarter and 3.3% year-on-year, marking the fourth consecutive quarter of positive expansion. This growth demonstrates the resilience of global trade, even amid uncertainties. In dollar terms, the value of merchandise trade increased by 4.3% year-on-year, an improvement over earlier quarters.
For the year through September, global trade volume rose by 2.4% compared to 2023, slightly below the World Trade Organization’s forecast of 2.7% for the year, while the value of merchandise trade grew by 1.6%. This suggests that while trade volume is increasing, the price of goods traded is slightly declining, reflecting a more stable market environment.
Regional trade also showed positive momentum in the third quarter, with the Commonwealth of Independent States leading the way in export growth. North America, Asia, and the Middle East also reported increases in merchandise trade volumes. Despite a dip in Europe’s trade performance due to ongoing manufacturing challenges, the overall outlook remains optimistic for continued growth in global commerce.
Key exporters like Argentina and Vietnam demonstrated impressive growth in trade value, showcasing the strength of emerging markets. Vietnam, in particular, led the way in both export and import growth, reflecting its expanding role in global trade. While some regions, like Argentina, faced challenges, their resilience is indicative of broader global trade dynamics.
Looking ahead, global merchandise trade is expected to maintain its upward trend, with positive forecasts for the remainder of 2024. This trend signals continued opportunities for international businesses, with trade expanding in both volume and value across multiple regions.
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