Global Trade Overview 2023 and 2024 Outlook: UNCTAD Report

The United Nations Conference on Trade and Development (UNCTAD) has released its Global Trade Update report, outlining the state of global trade in 2023 and projections for 2024. Despite a 3% dip in global trade to $31 trillion in 2023, a rebound is expected in 2024 amid geopolitical uncertainties and logistical challenges.

Global Trade Trends in 2023

• Global trade contracted by 3%, amounting to a $1 trillion decrease from the record high of $32 trillion in 2022.
• Trade in goods experienced a 5% decline compared to 2022, while the services sector witnessed an 8% year-on-year growth.

Quarterly Growth Trends

• Some major economies, including China and India, showed a return to growth in the last quarter of 2023.
• Despite quarterly improvements, the overall statistics for 2023 remained negative.

India’s Trade Performance in 2023

• Merchandise exports in India grew by 5% in the last quarter of 2023 compared to the same period in the previous year.
• However, annual export growth witnessed a 6% contraction.
• Services exports remained stagnant in the last quarter of 2023 but saw a notable 14% growth on an annual basis.