Global trade set to hit record $33 trillion by year-end

Published

2 years ago

December 11, 2024

OCHEFA

324 Views

Global trade is set to reach a record $33 trillion in 2024, according to the latest Global Trade Update published by UN Trade and Development (UNCTAD).

This $1 trillion increase, reflecting 3.3% annual growth, highlights resilience in global trade despite persistent challenges.

Robust growth in services trade, up 7% for the year, accounted for half of the expansion, while goods trade rose 2% but remained below its 2022 peak. Opportunities amidst uncertainty

Developing economies, traditionally strong drivers of global trade, faced headwinds in 2024, with imports contracting 1% 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% rise in imports and 2% in exports.

Despite these challenges, opportunities remain for developing economies to capitalize on high-growth sectors.

ICT and apparel trade surged, with increases of 13% and 14%, respectively, in the third quarter 2024.

This growth underscores the potential for diversification and entry into value-added industries.

Stable global growth forecasts and easing inflation also present a chance to build resilience in 2025.

Sectoral pressures and growth prospects While ICT and apparel showed strong momentum, traditional sectors critical to developing economies faced declines.

Energy trade fell 2% for the quarter and 7% for the year, while metals trade contracted by 3% both quarterly and annually.

Automotive trade dropped 3% in Q3 but is expected to end the year with modest 4% growth.

A call for strategic action

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

The organization underscores that trade is a cornerstone of sustainable development.

To capitalize on opportunities in 2025, developing economies require coordinated support to navigate uncertainty, reduce dependencies and strengthen global market links.

NPA initiate trucks movement code to ease traffic at Lagos ports

The initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Published

3 days ago

July 30, 2026

OCHEFA

57 Views

The Nigerian Ports Authority (NPA) has introduced a movement code to streamline the movement of empty containers into seaport terminals and reduce traffic congestion caused by container trucks along the Apapa and Tin Can Island port corridors.

The Guardian reported that under the new policy, the movement code will serve as a unique identifier generated by a holding bay for every empty container uploaded to the Electronic Call-Up (ETO) platform.

The code must correspond with the details captured on the ETO system before trucks are granted access to port terminals.

In a notice issued to stakeholders, the NPA said the movement code has become a mandatory requirement for completing the truck-container matching process.

Truck drivers are required to obtain the code from designated holding bays before proceeding to the ports.

According to the authority, the initiative is designed to ensure that each truck is matched exclusively to its designated empty container, eliminate multiple allocations, improve traffic management and enhance operational efficiency within the port corridor.

Business

Okonjo-Iweala lauds Cardoso for stabilising Nigeria’s monetary environment

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Published

3 days ago

July 30, 2026

OCHEFA

70 Views

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, has commended the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, for stabilising Nigeria’s monetary environment.

Okonjo-Iweala, gave the commendation on Thursday at the 7th Africa Emerging Markets Forum held in Abuja, with the theme: “Building Resilience Amidst Geo-economic Uncertainties.”

Speaking at the forum, Okonjo-Iweala commended Cardoso on the work that he and his team have done on currency and monetary policy stabilisation.

However, she emphasised that Nigeria must sustain broader macroeconomic reforms.

“Nigerians have to feel the dividends of reform in the real economy,” she added.

The forum brought together policymakers, business leaders and development partners to discuss strategies for strengthening Africa’s resilience amid growing global economic uncertainty.

Business

Naira Exchange Rates Thursday, July 30 : Black Market, CBN, Commercial Bank

Sterling Bank publishes both a buy rate and a sell rate for USD, GBP, EUR, and ZAR. The buy rate is what Sterling Bank will pay you when you exchange foreign currency for Naira. The sell rate is what you will pay when buying foreign currency from Sterling Bank at its branches.