Global trade is poised to rebound in 2024, reversing the downward trend observed last year

• Overall, the value of global trade fell by 3% in 2023. For trade in goods, it dropped by 5% but grew by 8% for trade in services.
• During 2023, the trade of developing countries and South-South trade performed worse than global averages.
• Trade in environmental products grew in 2023, with electric cars sparking trade growth in motor vehicles.
• The outlook for 2024 is positive, but geopolitical issues and shipping disruptions increase uncertainties.