Will goods trade remain steady amid global policy uncertainty?

Data from the WTO Trade Barometers indicates that global goods trade remained steady in the fourth quarter of 2024 and is expected to continue growing in the first months of this year. However, concerns are rising due to increased trade policy uncertainty and the potential imposition of new tariffs, which could negatively impact trade in the medium term. Moses Enenwali, Co-Founder and CEO of Topship, addressed these issues during a recent interview with CNBC Africa. Enenwali highlighted the challenges faced by the Shipping agencies, Clearing and Forwarding Employers Association regarding high taxes in the maritime sector. He emphasized that elevated port charges are driving businesses to seek alternatives in neighboring countries, posing a significant threat to the stability of the global goods trade. The report from the WTO Trade Barometers paints a somewhat positive picture for the immediate future of goods trade, with sustained growth expected in the coming months. However, the looming specter of trade policy uncertainty and the potential imposition of new tariffs cast a shadow of doubt over the medium-term outlook. Enenwali's insights shed light on the pressing issues faced by the maritime sector, where businesses are grappling with high taxes that threaten to erode their competitiveness. The shifting landscape of the global trade environment underscores the need for proactive measures to address these challenges and ensure the continued growth and stability of goods trade worldwide. In light of these developments, stakeholders in the maritime sector and beyond are urged to closely monitor the evolving trade policy landscape and take proactive steps to mitigate potential risks. Collaboration between industry players, policymakers, and trade organizations will be crucial in navigating the uncertainties ahead and safeguarding the resilience of the global goods trade.