In 2024, global trade growth and resilience remain robust, propelled by an accelerated shift towards regionalization fostering deeper bilateral and multilateral partnerships. This transformation, highlighted in DMCC’s latest "Future of Trade 2024" report titled “Decoupled and Reconfigured”, is driven by extensive supply chain restructuring, moderate and varied goods trade growth, a surge in digital services trade, and widespread adoption of AI.
After a minor contraction in 2023, global trade is poised to rebound, projected to grow by 2.6% in 2024. Services trade, particularly digitally delivered services, emerges as a key driver of growth, surpassing goods and other services trade growth. Simultaneously, the widespread integration of AI is anticipated to enhance supply-side efficiencies and trade finance. However, the trade landscape faces headwinds from geopolitical and macroeconomic risks, including economic slowdowns in China and Europe, persistent inflation, higher-for-longer interest rates, and continued commodity price volatility.
Dr. Hamad Buamim, Chairman of the Board at DMCC, foresees transformative changes ahead as regional trade ties deepen and innovative technologies unlock efficiencies. This accelerating trend of regionalization and decoupling from the once dominant globalization model is reshaping trade dynamics, with regions like Asia and the Middle East assuming pivotal roles.
Feryal Ahmadi, Chief Operating Officer at DMCC, underscores the impact of global trade disruptions on supply chains, emphasizing the surge in services trade and the tangible benefits of AI adoption. As businesses prioritize resilience and sustainability, new regional blocs and trade corridors are emerging, driven by technological advancements and geopolitical shifts.
The report also highlights the critical role of governments and businesses in navigating these evolving trade dynamics. Key recommendations include reconfiguring supply chains, investing in digital transformation and sustainability, fostering AI adoption, and prioritizing policy measures to address the trade finance gap.
The launch of the report, led by Ahmed Bin Sulayem, DMCC’s Executive Chairman and CEO, underscores DMCC's commitment to providing insightful analysis on the changing nature of global trade. With over 1.9 million views and downloads, the "Future of Trade" report series reaffirms DMCC's position as a leading voice in international trade discourse.
