Global merchandise trade rebounds in Q3 2024, but geopolitical
According to the latest Goods Trade Barometer report from the World Trade Organization (WTO), global merchandise trade continued to recover in the third quarter of 2024. This marks a rebound in global merchandise trade from its sluggish performance in 2023, with trade growth averaging 0.7% quarter-on-quarter over the past two quarters, or 2.7% annualized. This is very consistent with the WTO's earlier forecast of a 2.6% increase in trade this year. Also read: WTO Director-General warns of rising protectionism and its threat to global trade The WTO noted that trade growth starts to pick up in late 2023 and gains momentum in the first half of 2024, growing 1% in the first quarter and 1.4% year-on-year. The recovery comes after a period of weak demand due to high inflation and high interest rates in major markets. However, the report highlighted that trade growth was uneven across regions. Europe’s performance lagged behind expectations, while other regions performed stronger than expected. The…
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