Global trade
A United Nations report states that India and China have seen better trade expansion than average in the October-December quarter of 2024. The report also warns of ‘probability of economic recession’ globally among the upcoming quarters. The latest global trade update by the United Nations Trade and Development (UNCTAD), which covers data up to the beginning of March, stated that in 2024 the global trade reached $ 33,000 billion with an expansion of $ 1,200 billion, $ 9 percent, $ 9 percent. The report said, “Developing countries, especially China and India, expanded better than average, while trade in many developed countries declined.”
China and India’s strong trade remained strong
It states that China and India saw strong trade pace in the fourth quarter of 2024. 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. In the US, import growth in the fourth quarter of 2024 was positive, while export growth declined. For Japan, Russia, South Africa and the European Union, the trends of import growth on both quarter and annual basis were negative.
Import increased
The report said that India recorded an 8 percent import increase in goods trade in the fourth quarter of 2024 and recorded a six percent increase in annual imports. Whereas quarterly export growth in goods was 7 percent and annual export growth was 2 percent. Service trade continued to grow 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 business growth for many largest developing economies reached the double digit figures. While it was at a very high level for most developed economies. The report stated that India recorded a quarter import increase of seven percent and an annual import increase of 10 percent in services in the fourth quarter compared to the previous quarter. While quarterly export growth was three percent and annual export growth in services was 10 percent.
(PTI/Language)
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