Global merchandise trade slowed last quarter as the boost seen earlier this year from front-loading of orders ahead of US tariffs faded, the World Trade Organization said.聽
The WTO鈥檚 goods barometer dropped to 101.8 in September from 102.2 for June, the Geneva-based organization said on Friday. The baseline of 100 indicates growth over the next quarter that鈥檚 in line with medium-term trends.
The data for air freight and container shipping 鈥渃ontinue to signal expansion,鈥 even as they weakened from June, 鈥渋ndicating a cooling-off in the transportation of goods worldwide,鈥 the report said. The barometer鈥檚 automotive and electronics indexes stabilized and agriculture stayed in contraction, while new export orders showed improvement.
鈥淥n balance, the indices show signs of moderation in global trade growth,鈥 the WTO said.聽
US President Donald Trump鈥檚 tariffs of 10% or higher on imports from most major trading partners disrupted international commerce through much of the year, spurring many American importers to front-load orders to avoid paying the import taxes, as well as shifting demand away from markets where the duties are the highest.聽
US goods imports from China, for instance, sank 22% through August this year, but year-to-date shipments from markets including Vietnam, India, Thailand, Malaysia and Taiwan all gained more than 20%, according to data released in Washington this month.聽
According to the WTO鈥檚 most recent forecast, made on Oct. 7, world trade volume growth this year is expected to be 2.4%, slower than the 2.8% pace posted in 2024. The outlook for next year anticipates a sharp slowdown, to 0.5% growth, the organization said. 鈥 叠濒辞辞尘产别谤驳听
