A new report from the World Trade Organization (WTO) has found the number of barriers to free trade around the world rose significantly in 2024, which is leading to increasing uncertainty heading into the new year.

The study found there were 169 new trade-restrictive measures introduced by WTO members in the 12 months until mid-October 2024. These covered trade worth $887.7 billion - almost half a trillion more than the value of trade covered by measures introduced in the preceding 12 months.

Director-general of the WTO Ngozi Okonjo-Iweala noted that at the same time, there has been little rollback of pre-existing restrictive measures, while rules to curb exports are also on the rise.

Earlier this month, for example, China placed new export controls on shipments of several key rare-earth minerals to the US, including gallium, germanium and antimony, in response to sanctions on the export of semiconductor chips to the country.

The WTO's review found that overall, import-restricting measures now cover 11.8 percent of world goods imports, up from 9.9 percent a year earlier. Meanwhile, export restrictions affect 1.1 percent of the value of world merchandise exports, compared with 0.7 percent 12 months ago.

Ms Okonjo-Iweala said that the global trading environment "appears increasingly fragile, uncertain and precarious" due to geopolitical tensions and unilateral measures imposed by nations.

However, she added that despite these challenges, trade remains a key part of the solution to the biggest issues facing the world, assisting with everything from job creation and boosting economic growth to ensuring food security.

"That is why we need to shore up the rules-based trading system - to reform and re-invent it to withstand the current pressures and keep delivering for people everywhere, and for the planet," Ms Okonjo-Iweala stated.