Economic Buzz: Global merchandise trade grew rapidly in first half of 2025

OECD stated in its latest economic outlook that global merchandise trade grew rapidly in the first half of 2025, partly influenced by the spike in goods shipments to the United States. This was particularly evident prior to April and was accompanied by a rise in inventory-to-sales ratios at US retailers. Trade continued to expand steadily in advanced Asian economies in the second quarter, as well as in emerging-market economies in both Asia and Eastern Europe, but import volumes declined sharply in the United States and exports dropped in Canada and Latin America. Bilateral trade between China and the United States has declined sharply in recent months. Recent high-frequency global trade indicators have been mixed, with signs that container port traffic, air freight and passenger traffic have all moderated over the summer. Business survey indicators of new export orders also remain comparatively soft.

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