India’s trade saw strong growth during the last quarter of 2024, according to a new report by the United Nations Conference on Trade and Development (UNCTAD). The report highlights that while global trade expanded significantly in 2024, many developed nations faced trade contractions. However, India performed better than average, with both imports and exports increasing.
According to the latest UNCTAD report, global trade grew by nearly 1.2 trillion US dollar in 2024, reaching an unprecedented 33 trillion US dollar. This surge was fueled by a remarkable 9 percent increase in services trade and a steady 2 percent rise in goods trade. India also maintained strong trade momentum in the fourth quarter of 2024, showcasing positive growth in both merchandise and services trade.
The report also warned that the global economy may slow down in the coming months. Concerns over geopolitical tensions and changing trade policies may create further disruptions in 2025.