WTO forecasts slowdown in global merchandise trade for 2025

The World Trade Organization

The World Trade Organization (WTO) stated that the volume of global merchandise trade hit more than expected in Q2 2025, though its estimates indicate a possible slowdown in the remainder of the year.

According to WTO’s report, global goods trade grew by 3.6% quarter-on-quarter (QoQ) in Q1 and 5.3% year-on-year (YoY).

The report attributed the stronger-than-expected growth to a surge in North American imports ahead of the implementation of additional US tariffs.

However, WTO economists anticipate a slowdown in global trade growth later in the year, citing rising inventories and trade tariffs as factors that could weigh on import demand.

WTO revised its forecast for global merchandise trade growth throughout the year to 0.10% from 0.20% it had previously estimated in April due to US tariffs.