5 top global trade stories of 2024

In April, the World Trade Organization (WTO) raised its global trade growth forecast. It subsequently revised expectations upwards, from 2.6% to 2.7%, in October due to resilience in demand despite ongoing geopolitical challenges. Trade recovery was anticipated, particularly in sectors like technology and energy.​

A December report from the United Nations shows global trade in 2024 is set to hit a record $33 trillion, up $1 trillion from 2023, driven by 3.3% growth. Services trade, up 7%, fuelled half the expansion, while goods trade grew 2%, still below 2022 levels.

Geopolitical tensions remain a top risk to trade in 2025, along with trade wars and potential shifts in US trade policies.

In May, the US increased tariffs on Chinese exports, including electric vehicle batteries and solar panels, to address perceived unfair trade practices and overproduction.

These changes reflect ongoing efforts to protect US industries. With President-Elect Trump’s return to office, these tariffs could increase further, continuing to impact US-China relations and global trade.​

Geopolitical pressures in 2024 have significantly reshaped global trade dynamics. Key factors include the ongoing US-China tensions, Russia's war in Ukraine and shifting alliances. Trade flows have increasingly been influenced by countries' geopolitical alignments rather than just economic factors. These articles look at the cost of interregional rivalries and how leaders can best navigate global shocks, including these four ways to establish stronger frameworks:

Despite the ongoing geopolitical and economic tensions around the world, trade deals are being signed.

In December, for instance, the European Union and four Mercosur countries – Argentina, Brazil, Paraguay and Uruguay – announced that a long-delayed free trade agreement had been reached. The deal aims to increase bilateral trade and investment, create more stable and predictable trade rules, and advance progress on various issue areas such as sustainable development, worker’s rights and environmental protections, among others.

Other significant new deals include a free trade deal between Thailand and EFTA states – Iceland, Liechtenstein, Norway and Switzerland – as well as the Agreement on Climate Change, Trade and Sustainability (ACCTS), which is the first legally binding trade agreement between Costa Rica, Iceland, New Zealand and Switzerland that primarily pursues environmental policy objectives.

As noted, trade policy is no longer just about goods and services. It is also a tool for non-trade objectives (NTOs). In a recent white paper, the World Economic Forum’s Global Future Council on Trade discusses how businesses can navigate NTOs while ensuring open and collaborative trade, emphasizing the role of governments in maintaining a balanced approach.

TradeTech is focused on enhancing the global exchange of goods by leveraging technology for improved efficiency. At the February 2024 TradeTech Forum in Abu Dhabi, over 400 trade and tech leaders discussed ways to improve transparency, foster cooperation between agencies, and enable data sharing for better risk management.

The World Economic Forum’s TradeTech initiative aims to facilitate trade by streamlining these processes and ensuring smoother, more secure global trade. Read more here:

To learn more about the Forum's work and keep up to date with the latest trends, challenges and how the public and private sectors are tackling them, visit the Centre for Regions, Trade and Geopolitics page.