The volume of global merchandise trade is expected to increase by 2.7 percent in 2024, the World Trade Organization (WTO) said in an update of the Global Trade Outlook and Statistics released on Thursday.
This prediction is slightly higher than the WTO's earlier forecast of 2.6 percent made in April.
According to the report, global merchandise trade experienced an uptick in the first half of 2024, showing a year-on-year increase of 2.3 percent. This growth is expected to be followed by further moderate expansion throughout the remainder of the year and into 2025.
The report forecasts a decline in exports in Europe by 1.4 percent and a decrease in imports by 2.3 percent in 2024. European exports have been negatively impacted by the region's automotive and chemicals sectors.
Meanwhile, exports in Asia for this year are expected to grow by 7.4 percent, outpacing other regions. Driven by manufacturing powerhouses such as China, Singapore and South Korea, the region's exports rebounded strongly in the first half of this year.
Speaking at a press conference in Geneva, Switzerland on Thursday, WTO chief economist Ralph Ossa said the stronger than expected Asian export growth has been sustained by increased shipments of electronics, automotive products and other manufactured goods from China.
The short-term outlook for services trade is more optimistic than that for goods trade, with an 8-percent year-on-year growth in the U.S. dollar value of commercial services trade recorded in the first quarter of 2024.
The statistics indicate this relatively strong growth is likely to continue into the second quarter for services trade, says the report.
Global trade to increase 2.7 pct in 2024: WTO report
