Global trade is expected to reach a high of about $33 trillion this year, showcasing resilience despite continuing economic uncertainties challenging global supply chains and market dynamics.
The trade value will increase by about $1 trillion this year, reflecting 3.3 per cent annual growth, the UN Trade and Development (Unctad) said in its new Global Trade Update report on Thursday.
However, the outlook for next year remains uncertain due to risks of expanded trade wars and geopolitical challenges, prompting calls for strategic action from developing economies. It is clouded by potential US policy shifts, including broader tariffs that could disrupt global value chains and affect trading partners, the report said.
This year’s growth is largely driven by a 7 per cent surge in services trade, which accounted for half of the overall expansion or almost $500 billion. In contrast, goods trade increased by 2 per cent but remained below its 2022 peak. Momentum in both sectors is expected to continue into the year’s final quarter, the report said.
Looming threats
Potential US policy measures risk triggering retaliation and ripple effects, disrupting industries and economies along entire supply chains. Even the threat of tariffs introduces unpredictability, weakening trade, investment, and economic growth, the UN body warned.
Countries most exposed to changes in the US trade policy include those with large trade surpluses with the US and higher tariff barriers, it said. Based on 2023 figures for trade in goods, these nations include China ($280 billion trade surplus), India ($45 billion), EU ($205 billion) and Vietnam ($105 billion).
Developing economies need coordinated support to navigate uncertainty, reduce dependencies, and strengthen their links to global markets
Unctad's secretary general Rebeca Grynspan
Other countries such as Canada ($70 billion), Japan ($70 billion), Mexico ($150 billion), and South Korea ($50 billion) could also face risks despite having relatively lower tariffs on US imports or established trade agreements, Unctad said.
The uncertain trajectory of the US dollar and changes in the world’s biggest economy’s macroeconomic policy further add to global trade concerns.
Unctad's secretary general Rebeca Grynspan emphasised the need for co-ordinated policies to mitigate these risks.
“Trade remains a cornerstone of sustainable development. To seize the opportunities in 2025, developing economies need co-ordinated support to navigate uncertainty, reduce dependencies, and strengthen their links to global markets,” she said.
Developed economies driving growth
Developed economies led growth during the third quarter, with stable demand driving a 3 per cent rise in imports and a 2 per cent increase in exports. Japan recorded the strongest quarterly growth in goods exports at 5 per cent, alongside a highest 13 per cent annual rise in services exports.
The US saw merchandise imports climb 4 per cent both quarterly and annually, while exports grew 2 per cent year-on-year and 1 per cent for the quarter. Meanwhile, the EU maintained robust growth in services trade, with both imports and exports projected to remain positive for the year.
On the other hand, developing economies, traditionally the engines of global trade, experienced a slowdown this year. Imports fell by 1 per cent, and South-South trade (trade between developing countries,) declined by the same margin in the last quarter.
In China, goods imports decreased by 1 per cent in the third quarter, while goods exports fell 2 per cent. While in India, goods imports dropped 1 per cent, and their exports declined 3 per cent in the quarter.
In East Asia, trade stalled, with imports showing no growth and exports rising only 1 per cent for the quarter.
High-growth sectors offer hope
Amid these challenges, high-growth sectors such as information and communication technology and apparel offered some optimism. Both sectors posted significant gains in the third quarter, growing 13 per cent and 14 per cent.
These opportunities, along with stable global growth and easing inflation, provide a chance for developing economies to diversify and strengthen their trade position, the report said.
“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,” it added.
However, traditional sectors critical to developing economies, such as energy and metals, faced declines. Energy trade fell 2 per cent in the third quarter and 7 per cent over the year, while metals trade contracted 3 per cent quarterly and annually.
Automotive trade decreased 3 per cent in the July-September period but is expected to end the year with a modest 4 per cent growth, Unctad said.
Mohammed bin Zayed Majlis
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Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE squad
Rohan Mustafa (captain), Ashfaq Ahmed, Ghulam Shabber, Rameez Shahzad, Mohammed Boota, Mohammed Usman, Adnan Mufti, Shaiman Anwar, Ahmed Raza, Imran Haider, Qadeer Ahmed, Mohammed Naveed, Amir Hayat, Zahoor Khan
Mohammed bin Zayed Majlis
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
Global state-owned investor ranking by size
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The Sand Castle
Director: Matty Brown
Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea
Rating: 2.5/5
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Zayed Sustainability Prize
How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Volvo ES90 Specs
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The specs
Engine: 4.0-litre flat-six
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Fuel economy, combined: 13.8L/100km
On sale: Available to order now
In numbers
1,000 tonnes of waste collected daily:
- 800 tonnes converted into alternative fuel
- 150 tonnes to landfill
- 50 tonnes sold as scrap metal
800 tonnes of RDF replaces 500 tonnes of coal
Two conveyor lines treat more than 350,000 tonnes of waste per year
25 staff on site
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The specs
- Engine: 3.9-litre twin-turbo V8
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- Torque: 760nm
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Specs
Engine: Duel electric motors
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Forced%20Deportations
%3Cp%3EWhile%20the%20Lebanese%20government%20has%20deported%20a%20number%20of%20refugees%20back%20to%20Syria%20since%202011%2C%20the%20latest%20round%20is%20the%20first%20en-mass%20campaign%20of%20its%20kind%2C%20say%20the%20Access%20Center%20for%20Human%20Rights%2C%20a%20non-governmental%20organization%20which%20monitors%20the%20conditions%20of%20Syrian%20refugees%20in%20Lebanon.%3C%2Fp%3E%0A%3Cp%3E%E2%80%9CIn%20the%20past%2C%20the%20Lebanese%20General%20Security%20was%20responsible%20for%20the%20forced%20deportation%20operations%20of%20refugees%2C%20after%20forcing%20them%20to%20sign%20papers%20stating%20that%20they%20wished%20to%20return%20to%20Syria%20of%20their%20own%20free%20will.%20Now%2C%20the%20Lebanese%20army%2C%20specifically%20military%20intelligence%2C%20is%20responsible%20for%20the%20security%20operation%2C%E2%80%9D%20said%20Mohammad%20Hasan%2C%20head%20of%20ACHR.%3Cbr%3EIn%20just%20the%20first%20four%20months%20of%202023%20the%20number%20of%20forced%20deportations%20is%20nearly%20double%20that%20of%20the%20entirety%20of%202022.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3ESince%20the%20beginning%20of%202023%2C%20ACHR%20has%20reported%20407%20forced%20deportations%20%E2%80%93%20200%20of%20which%20occurred%20in%20April%20alone.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EIn%20comparison%2C%20just%20154%20people%20were%20forcfully%20deported%20in%202022.%3C%2Fp%3E%0A
Violence%20
%3Cp%3EInstances%20of%20violence%20against%20Syrian%20refugees%20are%20not%20uncommon.%3C%2Fp%3E%0A%3Cp%3EJust%20last%20month%2C%20security%20camera%20footage%20of%20men%20violently%20attacking%20and%20stabbing%20an%20employee%20at%20a%20mini-market%20went%20viral.%20The%20store%E2%80%99s%20employees%20had%20engaged%20in%20a%20verbal%20altercation%20with%20the%20men%20who%20had%20come%20to%20enforce%20an%20order%20to%20shutter%20shops%2C%20following%20the%20announcement%20of%20a%20municipal%20curfew%20for%20Syrian%20refugees.%3Cbr%3E%E2%80%9CThey%20thought%20they%20were%20Syrian%2C%E2%80%9D%20said%20the%20mayor%20of%20the%20Nahr%20el%20Bared%20municipality%2C%20Charbel%20Bou%20Raad%2C%20of%20the%20attackers.%3Cbr%3EIt%20later%20emerged%20the%20beaten%20employees%20were%20Lebanese.%20But%20the%20video%20was%20an%20exemplary%20instance%20of%20violence%20at%20a%20time%20when%20anti-Syrian%20rhetoric%20is%20particularly%20heated%20as%20Lebanese%20politicians%20call%20for%20the%20return%20of%20Syrian%20refugees%20to%20Syria.%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Killing of Qassem Suleimani
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
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%3Cp%3E%0D%3Cbr%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3EClara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2019%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EPatrick%20Rogers%2C%20Lee%20McMahon%2C%20Arthur%20Guest%2C%20Ahmed%20Arif%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3ELegalTech%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%3C%2Fstrong%3E%20%244%20million%20of%20seed%20financing%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EWamda%20Capital%2C%20Shorooq%20Partners%2C%20Techstars%2C%20500%20Global%2C%20OTF%2C%20Venture%20Souq%2C%20Knuru%20Capital%2C%20Plug%20and%20Play%20and%20The%20LegalTech%20Fund%3C%2Fp%3E%0A
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Results
Stage 4
1. Dylan Groenewegen (NED) Jumbo-Visma 04:16:13
2. Gaviria (COL) UAE Team Emirates
3. Pascal Ackermann (GER) Bora-Hansgrohe
4. Sam Bennett (IRL) Deceuninck-QuickStep
5. Caleb Ewan (AUS) Lotto Soudal
General Classification:
1. Adam Yates (GBR) Mitchelton-Scott 16:46:15
2. Tadej Pogacar (SLO) UAE Team Emirates 0:01:07
3. Alexey Lutsenko (KAZ) Astana Pro Team 0:01:35
4. David Gaudu (FRA) Groupama-FDJ 0:01:40
5. Rafal Majka (POL) Bora-Hansgrohe
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
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