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UNCTAD foresees global trade could soar amid challenges in 2024

Geneva, Mar 23 (Prensa Latina) United Nations Conference on Trade and Development (UNCTAD) foresaw on Saturday that global trade could soar this year 2024 despite persistent geopolitical tensions and disruptions in supply chains and shipping routes.

UNCTAD’s latest analysis predicts consistent improvement in world trade on account of moderating global inflation, and enhanced economic growth forecasts.

However, it warns of the potential for surged ocean shipping costs, longer travel times and disruptions to supply chains due to hindrances in shipping routes. The latter associated with security predicaments in the Red Sea and Suez Canal, and issues with adverse weather phenomena on water levels in the Panama Canal, the publication notes.

Despite the outlook, UNCTAD considers that international trade will rebound in 2024 after declines for several quarters.

The international organization explains that global trade contracted by 3% , trade in goods fell by USD$1.3 trillion compared to 2022.

In contrast, the services sector ramped up its earnings by about USD$500 billion compared to the previous year, indicating resilience amid difficult conditions.

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