According to the World Trade Outlook of the World Trade Organisation (WTO), global trade volumes are expected to rebound this year after a challenging 2023, with consumption demand increasing in advanced economies. 

The WTO has revised its forecast for 2024 growth to 2.6 per cent from 3.3 per cent due to ongoing factors impacting trade. In 2023, actual trade declined by 1.2 per cent compared to the 0.8 per cent growth forecasted in October, attributed to high energy prices and inflation affecting demand for manufactured goods. 

The WTO anticipates a recovery in demand for tradable goods in 2024, especially in advanced economies, with a forecasted 3.3 per cent growth for 2025. Asia is expected to play a larger role in driving trade volume growth in the coming years.

 Despite a 5 per cent decrease in global trade value to $24.01 trillion in 2023, commercial services trade saw a significant 9 per cent increase to $7.54 trillion.

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