GLOBAL trade is set to reach a record US$33 trillion in 2024, according to UNCTAD, representing a 3.3 per cent annual growth or a US$1 trillion increase, according to Greece's Container News.

Robust growth in services trade, up 7 per cent for the year, accounted for half of the expansion, while goods trade rose 2 per cent but remained below its 2022 peak, said UNCTAD in a release.

According to the report, developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1 per cent and South-South trade falling by the same margin in the third quarter.

In contrast, developed economies led Q3 growth, with stable demand driving a 3 per cent rise in imports and 2 per cent in exports.

"Despite these challenges, opportunities remain for developing economies to capitalize on high-growth sectors," noted UNCTAD, adding that stable global growth forecasts and easing inflation also present a chance to build resilience in the next year.

While information and communications technology (ICT) and apparel showed strong momentum, traditional sectors critical to developing economies faced declines. Energy trade fell 2 per cent for the quarter and 7 per cent for the year, while metals trade contracted by 3 per cent both quarterly and annually.

Meanwhile, automotive trade dropped 3 per cent in Q3 but is expected to end the year with a modest 4 per cent increase.

UNCTAD urges developing economies to adopt targeted policies that enhance trade diversification and invest in high-value sectors to mitigate risks.

"Trade remains a cornerstone of sustainable development," said UNCTAD Secretary-General Rebeca Grynspan. "To seize the opportunities in 2025, developing economies need coordinated support to navigate uncertainty, reduce dependencies, and strengthen their links to global markets."