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Daily News Analysis » May 2024 » Global Trade Update 2024 – UNCTAD : 16 May 2024

Global Trade Update 2024 – UNCTAD : 16 May 2024

The United Nations Conference on Trade and Development (UNCTAD) has released its Global Trade Update 2024.

Table of Content

Why in the News?

The United Nations Conference on Trade and Development (UNCTAD) has released its Global Trade Update 2024.
Additionally, UNCTAD has officially rebranded as “UN Trade and Development” as part of its 60th-anniversary celebrations.

Key Highlights of the Global Trade Update 2024

Global trade dipped by 3% to USD 31 trillion in 2023 after peaking in 2022.

Developing countries saw a sharper decline in trade, with imports and exports falling by 5% and 7%, respectively.
Most regions saw negative trade growth in 2023, except for a significant increase in intra-regional trade in Africa.

About UNCTAD

Full Name: United Nations Conference on Trade and Development.
Establishment: 1964, headquartered in Geneva, Switzerland.
Purpose: Promotes sustainable development, particularly in developing countries, through international trade, investment, finance, and technology transfer.