A United Nations report stated that developing countries, especially India and China, saw better trade expansion from the average of the average in the October-December quarter of 2024. However, in the report, the upcoming quarters have warned of ‘probability of economic recession’ globally.
The latest global trade update by the United Nations Trade and Development (UNCTAD), which covers the figures till the beginning of March, stated that the global trade in 2024 reached $ 33,000 billion with an expansion of about 1,200 billion $ 1,200 billion, or nine percent.
Better trade expansion than average
The report said, “Developing countries, especially China and India, expanded better than average, while in many developed countries trade contractions took place.” China and India saw strong trade pace in the fourth quarter of 2024, while America remained a major driver.
In the fourth quarter of 2024, business trade between major economies showed mixed trends. In the trade of China and India, exports continued to increase especially. In contrast, export growth in South Korea declined, although it was the highest among major economies on an annual basis.
Six percent increase in annual imports of India
In the US, import growth in the fourth quarter of 2024 was positive, while export growth decreased. For Japan, Russia, South Africa and the European Union, the trends of import growth on both quarter and annual basis were negative.
The report stated that India recorded an eight percent import increase in goods trade in the fourth quarter of 2024 and recorded a six percent increase in annual imports, while quarterly export growth in goods was seven percent and annual export growth was two percent.
Service trade continued to increase in the fourth quarter of 2024. However, it was a slower speed compared to the annual figures. This indicates that positive trends in service trade may be stable for most economies. The growth in service trade for India and South Africa was strong. On an annual basis, service trade growth for many largest developing economies reached the double -digit figures, while for most developed economies it was very high.
7% increase compared to previous quarter
The report stated that India recorded a quarter import increase of seven percent in the services and an annual import increase of 10 percent in the fourth quarter compared to the previous quarter, while the quarter export growth was three percent and the annual export growth in services was 10 percent.
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(Tagstotranslate) India China Trade (T) India China Trade Growth (T) Un Report (T) United Nations (T) India and China Trade (T) Economic Recession (T) Economic Recession (T) UNCTAD
