World’s least developed countries off track to meet exports target, and other global trade news this month

A new report has revealed that the world’s least developed countries (LDCs) are not on track to reach a target of doubling their share in global exports by 2030.

The objective of increasing the 46 LDC nations’ share of global exports from 1% in 2011 to 2% by 2030 is part of the United Nations’ 17 Sustainable Development Goals (SDGs), which aim to end poverty through economic growth, among other aspirations.

But the UN Trade & Development (UNCTAD)'s annual report on progress towards the goals shows that the share of global exports among LDCs has stagnated at around 1% since 2011.

The report, SDG Pulse 2024, pulls together statistics which track the progress of the 17 goals, and was published shortly after the UN revealed that only 17% of the targets are on track.

Commenting on the SDG Pulse 2024, UN Trade and Development Secretary-General Rebeca Grynspan said: “This report serves as a call to action, urging policymakers, businesses, and civil society to leverage its insights to drive meaningful change. The time for data-informed action is now.”

The World Trade Organization's (WTO) 2024 World Trade Report highlights a strong link between high trade participation and GDP per capita catchup by low—and middle-income economies. The report also finds that while domestic income inequality remains high, it is not systematically linked to trade—there is a weak correlation between trade openness and within-country income inequality.

“True inclusiveness demands a comprehensive strategy — one that integrates open trade with supportive domestic policies and robust international cooperation,” said WTO Chief Economist Ralph Ossa.

The report was presented on the first day of the WTO’s Public Forum in Geneva.

A new Trade Concerns Database was also launched at the Forum. The database, according to WTO Deputy Director General Angela Ellard, is “an extensive repository of data on trade concerns discussed across various WTO bodies [which] equips stakeholders with the information to act on emerging issues that may be affecting their commercial interests.”

China’s exports grew by 8.7% year-on-year in August, the fastest pace for 18 months. Imports grew by just 0.5% amid weak consumer demand. The growing trade surplus may increase calls for barriers in other markets. The largest outbound increase, of 13.4%, was to the European Union. However, during a visit to Shanghai, Spanish Prime Minister Pedro Sanchez urged EU member states to reconsider plans for higher tariffs on Chinese electric vehicles, saying “we don’t need a trade war”.

Employees have returned to work at Canada’s two biggest railway operators following a labour strike that business groups said would have devastating economic consequences across North America if allowed to continue. Canadian National and Canadian Pacific Kansas City staff returned to work on 26 August following the walkout on 22 August, after Canada’s government ordered the two companies to enter binding arbitration with the Teamsters Canada union.

United States President Joe Biden and his Chinese counterpart Xi Jinping are set to speak by telephone in “the coming weeks”, says the White House, as the two nations seek to bolster their relationship following trade tensions and other disputes.

China’s steel exports are expected to reach an eight-year high of more than 100 million tonnes this year, the most since 2016, according to a Shanghai-based consultancy firm. China is the world’s biggest steel producer.

The head of the global shipping industry body says rising US economic nationalism could harm world trade. Guy Platten, secretary-general of the International Chamber of Shipping, criticized the current US administration’s plans to increase tariffs on Chinese imports, and warned against further hikes should Donald Trump become president in November, saying, “When we last did this, it didn’t work.”

A new partnership between the US Trade and Development Agency and Kenya aims to boost semiconductor manufacturing in the East African nation. In this article we explore why Africa could provide the next semiconductor ecosystem for the chip business.

A major milestone in the fight to tackle the climate crisis is set to be reached this year—global investment in clean energy will almost double the amount going to fossil fuels. Here’s how developing nations can benefit.

Geopolitical events, the climate crisis and the widespread adoption of artificial intelligence have combined to create an era of economic instability. This article explores how to build a resilient investment portfolio in uncertain times.