Global trade hit a record 33 trillion U.S. dollars in 2024, marking a 3.7-percent increase from 2023, showed a report released Friday by the United Nations Trade and Development (UNCTAD).
The growth was driven by services, which rose 9 percent and accounted for nearly 60 percent of the total growth, the Global Trade Update report says, adding that trade in goods grew 2 percent.
Developing economies outpaced developed nations in 2024, with imports and exports rising 4 percent for the year and 2 percent in the fourth quarter.
Foreign trade of China and India both showed strong growth momentum in the fourth quarter of 2024, the report says.
Meanwhile, developed economies' trade stagnated, with imports and exports flat for the year and down 2 percent in the last quarter, it says.
The report highlights mounting geoeconomic tensions, protectionist policies and trade disputes that could disrupt trade ahead, despite signs of trade stability in early 2025.
The report calls for efforts to prevent the formation of isolated trade blocs and avoid undermining long-term growth by properly managing policy shifts.
Global trade hits record 33 trillion USD in 2024: UN report
Global trade hits record 33 trillion USD in 2024: UN report
Yemen's transport ministry on Thursday rejected new Saudi-imposed flight restrictions, calling a requirement for planes to stop in Saudi Arabia for security inspections an "air blockade" that undermines national sovereignty.
Officials loyal to the secessionist Southern Transitional Council (STC) have refused to comply with the new protocols ordered by Yemen's Saudi-backed central government, and have partially halted operations in Aden International Airport, the country's primary gateway, a source within the Yemeni government told China's Xinhua News Agency.
The standoff is the latest sign of a deepening fracture within the coalition fighting the Houthi group. While the STC is technically part of Yemen's ruling Presidential Leadership Council (PLC), the group seeks independence for southern Yemen and is frequently at odds with the internationally recognized government.
Saudi Arabia recently ordered all international flights departing and entering Yemen to undergo security screenings at Jeddah Airport before continuing to their final destinations. While some of those restrictions were later eased, they remain in place for all flights traveling to and from the United Arab Emirates (UAE), which is allegedly the main backer of STC.
Government officials said the measures are intended to curb the movement of STC leaders between Yemen and the UAE, effectively cutting off external support for the secessionist movement.
Tensions between the factions escalated this week after the STC seized large swathes of the oil-rich Hadramout province and the eastern province of Al-Mahrah. Riyadh considers these areas a "red line" due to their proximity to the Saudi border and their concentration of Yemen's remaining energy reserves.
On Tuesday, a Saudi-led coalition airstrike targeted vehicles at the port of Mukalla in Hadramout. Saudi officials said the vehicles were intended for STC forces. Following the strike, PLC Chairman Rashad al-Alimi canceled a joint defense agreement with the UAE and ordered all Emirati forces to leave the country within 24 hours. The UAE confirmed Thursday it has begun withdrawing its remaining troops from Hadramout, citing safety concerns.
The STC commands significant control over Aden and other southern cities. Several cabinet members, including Transport Minister Abdulsalam Saleh Humaid, are loyal to the STC rather than the central leadership.
Aden's pro-separatist officials reject Saudi flight restrictions, partially halt airport operations
Aden's pro-separatist officials reject Saudi flight restrictions, partially halt airport operations
