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But persistent policy uncertainty, geopolitical tensions and signs of slowing global growth pose risks for trade in the second half of the year.

Maritime transport moves over 80% of goods traded worldwide. Country-level seaborne trade data is vital for shaping better transport, trade and investment policies.

Already grappling with low growth and mounting uncertainty, vulnerable and small economies, whose activities have a negligible effect on trade deficits, should be exempt from new tariff hikes.

But momentum slowed in the second half of the year, and uncertainty looms for 2025 as shifting policies reshape the global landscape.

As trade uncertainty grows, global cooperation and balanced policies will be key to preventing economic fragmentation and safeguarding long-term growth.

Exporters from developing countries often face higher tariffs on finished goods than on raw materials, discouraging value addition, industrial growth and job creation.

The rise of services prompts developing countries to look beyond manufacturing-led exports and enable productivity growth across the economic system.

World trade hit a record $32 trillion in 2022, but growth turned negative in the last half of the year. Environmentally friendly products defied the trend.

UNCTAD nowcasts show that trade in services has not yet reached its pre-pandemic level, while merchandise trade is projected to have surpassed it by 15%.

Services sector remains hardest hit by the coronavirus pandemic, dropping to levels last seen in the 1990s, nowcasts from UNCTAD's 2020 Handbook of Statistics show.