Global trade is projected to reach an unprecedented $33 trillion in 2024, despite concerns over tariffs.

Global trade is expected to hit a record $33 trillion in 2024, marking a $1 trillion increase from 2023, driven by a 7% rise in trade services. Developed economies have supported this growth, while developing economies faced challenges, including a 1% drop in imports. High-growth sectors like ICT and apparel showed significant increases, contrasting with declines in energy and metals. Looking ahead to 2025, UNCTAD warns that potential U.S. tariff disruptions could impact global value chains and create uncertainty, particularly affecting countries with significant trade surpluses with the U.S.