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
The Republic of Korea (ROK) is seeing a surge in demand for plastic trash bags as concerns over potential disruptions to petrochemical supplies from the ongoing Middle East conflict prompt consumers to stockpile.
In ROK, residents are required to use government-designated bags to dispose of household waste. Without them, garbage won’t be collected, making them an essential part of daily life.
The surge in demand reflects fears that the Middle East conflict, which has disrupted oil flows and heightened uncertainty in global petrochemical markets, could choke supplies of naphtha, the raw material for South Korea’s garbage bags.
The government is now regulating naphtha exports to help ensure a stable domestic supply.
Climate, Energy and Environment Minister Kim Sung-whan has also assured the public that there are enough standard garbage bags in stock and that there is no need to stockpile or worry about price hikes. Despite such reassurances, many people are still buying ahead.
Sales of garbage bags in Seoul supermarkets have surged in recent weeks, with some stores now limiting how many each person can buy.
"It's inconvenient because they're unavailable. It's frustrating. We need them, but the stores don't have enough. What are we supposed to do?" said Han, a shopper.
"With garbage bags and plastic goods, there are a lot of difficulties right now because of raw material shortages. I just hope this conflict ends soon," said Kim Man-seok, another shopper.
Experts say it is the fear of disruption, not the disruption itself, that is changing how people behave.
ROK sees panic buying of trash bags as Middle East conflict stirs supply fears
