Developing economies led global trade growth in 2024

Developing economies outperformed developed nations in 2024, with trade rising by 4% for the year, driven by East and South Asia. In contrast, developed economies experienced stagnant trade and a 2% decline in the last quarter. Global trade reached a record $33 trillion, growing by 3.7%. Services saw significant growth of 9%, while goods trade increased by only 2%. However, trade growth slowed in the second half of the year. The US trade deficit with China widened to $355 billion, and the EU posted a trade surplus for the year. Early 2025 trade remains stable, but rising tensions and protectionist policies may disrupt future activity.