The volume of global merchandise trade has shown a positive upturn in the first quarter of 2024, recording a 1.0% increase compared to the previous quarter, according to the latest data from the WTO. This growth marks a significant improvement after a period of stagnation in 2023. Additionally, trade volume saw a 1.4% rise compared to the same period last year, reflecting a robust start to the year for international trade.
While Europe experienced declines in both exports and imports, most other regions contributed positively to the overall increase in trade volume, underscoring global trade's resilience.
These quarterly statistics align closely with earlier forecasts by WTO economists, who anticipated a 2.6% growth in world merchandise trade volume for 2024, followed by a further increase of 3.3% in 2025. If current trends continue, 2024 is poised to see a 2.7% rise in annual trade volume compared to 2023.
Despite a 2% year-on-year decline in the US dollar value of world merchandise trade in Q1 2024, the concurrent rise in trade volumes suggests a positive shift in trade dynamics, driven by increased volumes rather than fluctuating prices.
The latest WTO data paints a promising picture of global trade, emphasizing resilience and growth in trade volumes amidst evolving economic landscapes.
#ITCNewsUpdates #BreakingNews #GlobalTradeGrowth #EconomicResilience #TradeForecast #PositiveNews #BusinessOptimism
