The United Nations Conference on Trade and Development (UNCTAD) released a report on the 14th showing that global trade reached a new high of $33 trillion in 2024, an increase of 3.7% compared to 2023, but the momentum of trade growth slowed down in the second half of 2024. The report states that global trade growth in 2024 will mainly be driven by the service industry. In the past year, the service industry grew by 9%, accounting for nearly 60% of the total growth, while goods trade grew by 2%. The report emphasizes that the global trade outlook in 2025 is facing uncertainty. Although trade remained stable at the beginning of the year, increasing geopolitical and economic tensions, protectionist policies, and trade disputes may disrupt trade in the future. Balanced policies and strengthened multilateral cooperation should be implemented to promote global trade and economic growth.
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