News

According to the World Trade Organization (WTO), world merchandise trade volume rose 1.1% quarter-on-quarter and 3.3% year-on-year, on a seasonally adjusted basis, in the third quarter of 2024, marking the fourth consecutive quarter of moderate trade expansion.

For the year through September, trade volume was up 2.4% compared to the same period in 2023, slightly less than the WTO’s most recent forecast of 2.7% for 2024 issued on 10 October.

The projected 2.7% increase in the volume of world merchandise trade in 2024 is attainable if quarter-on-quarter growth in Q4 continues at around the same rate as in Q3.

The strongest export performance was recorded by Argentina, which saw a 17% surge in goods shipments despite uncertainty related to its economic reforms. Viet Nam also stood out for the strength of its exports, which were up 15% compared to the same period in 2023. Other large economies saw more modest increases, including China (5%) and the United States (3%). Extra-EU exports were up just 1% year-on-year while exports were down in Japan (-2%) and the United Kingdom (-5%).

Viet Nam had the strongest import growth, with a 17% year-on-year increase, balancing its strong export performance. Other Asian economies saw imports rise sharply, including Malaysia (13%), Chinese Taipei (9%), and Singapore (7%). The United States saw a 5% rise in imports, while China’s imports were only up 2%. By contrast, extra-EU imports fell 5%, while those of Japan dropped 6%. Among other reporting economies, Argentina saw the sharpest decline in imports, which plunged 22% amidst a continuing economic crisis.