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LDCs Falling Short of Global Export Goal by 2030: UNCTAD Report

LDCs Falling Short of Global Export Goal by 2030 UNCTAD Report
Credit: REUTERS/Zohra Bensemra

US (Washington Insider Magazine) —A recent report reveals that the world’s least developed countries (LDCs) are failing to meet the target of doubling their share in global exports by 2030. The goal, set by the United Nations as part of its Sustainable Development Goals (SDGs), aimed to increase the 46 LDCs’ share from 1% in 2011 to 2% by 2030. However, according to the latest data from the UN Trade and Development (UNCTAD), the LDCs’ export share has stagnated at around 1% since 2011.

The findings, published in the SDG Pulse 2024, follow a broader UN report showing that only 17% of SDG targets are on track. UN Trade and Development Secretary-General Rebeca Grynspan called the report a “call to action,” urging global leaders to use this data to drive meaningful change.

Trade and Domestic Policy Synergy for Inclusiveness

The 2024 World Trade Report from the World Trade Organization (WTO) underscores the importance of aligning trade and domestic policies for inclusive growth. The report shows that greater trade participation is linked to GDP growth in lower-income economies, though it highlights a weak connection between trade and domestic income inequality.

WTO Chief Economist Ralph Ossa emphasized the need for comprehensive strategies that combine open trade with supportive domestic policies and international cooperation.

Global Trade Updates

In other global trade news, China’s exports surged 8.7% in August, marking an 18-month high, while its imports grew just 0.5%. Meanwhile, the United States and China are set to engage in diplomatic talks as trade tensions simmer. The global shipping industry also voiced concerns over rising U.S. economic nationalism and its potential to harm global trade.

These developments highlight the critical role of trade policy in shaping the global economic landscape, particularly as nations strive to meet ambitious international goals like the SDGs.

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