The volume of world merchandise trade rose 3.6% quarter-on-quarter and 5.3% year-on-year in the first quarter of 2025 as imports surged in North America in anticipation of higher tariffs in the United States, latest WTO data show. Merchandise trade volume growth in the first quarter was stronger than the WTO’s most recent forecast, but WTO economists expect the pace of expansion to slow later in the year as fully stocked inventories and higher tariffs weigh on import demand.World Trade Organization — Latest news