Global merchandise trade outpaced expectations in the first half of 2025, driven by increased spending on AI-related products, a surge in North American imports ahead of tariff hikes, and strong trade among the rest of the world. In response, WTO economists raised the 2025 merchandise trade growth forecast to 2.4% (up from 0.9% in August). However, the 2026 projection has been lowered to 0.5% (from 1.8%). Global services exports growth is expected to slow from 6.8% in 2024 to 4.6% in 2025 and 4.4% in 2026.World Trade Organization — Latest news