India’s trade sector shone brightly in the final quarter of 2024, bucking global uncertainties, according to a United Nations Conference on Trade and Development (UNCTAD) report. While many developed nations grappled with trade declines, India’s exports and imports surged, contributing to a robust performance in a year when global trade hit $33 trillion, up $1.2 trillion, fueled by a 9% rise in services and 2% in goods.

In Q4, India’s goods imports jumped 8% quarter-on-quarter and 6% annually, while exports grew 7% quarterly and 2% yearly. Services trade, a cornerstone of India’s economy, excelled with a 7% quarterly and 10% annual increase in imports, alongside a 3% quarterly and 10% annual rise in exports—driven by strengths in IT and business services. This resilience stood out against a backdrop of contracting trade in advanced economies.

Yet, the report cautions of looming challenges for 2025. Early indicators, like a drop in the Shanghai Containerized Freight Index and a stagnant Baltic Dry Index, signal weakening global demand for goods and raw materials. Geopolitical tensions, rising protectionism, and a widening U.S. trade deficit further cloud the outlook. India, however, may find support in easing global inflation and its steady economic momentum.

UNCTAD stresses that sustaining this growth hinges on smart policies and global cooperation. For India, the report underscores a rare bright spot in a turbulent trade landscape, with potential to navigate future risks through strategic resilience.