The world’s merchandise trade volumes rose 3.6% quarter-on-quarter and 5.3% year-on-year in January-March 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 its economists expect the pace of expansion to slow later in the year as fully stocked inventories and higher tariffs weigh on import demand.
For 2025 the WTO has forecast 0.2% decline in world merchandise trade.
North America recorded the strongest quarter-on-quarter import growth of any region by far at 13.4%, followed by Africa at 5.1%, South and Central America and the Caribbean at 3.6%, the Middle East at 3.0%, Europe at 1.3%, and Asia at 1.1%, the WTO report said.
On the export side, the Middle East recorded the strongest quarter-on-quarter growth at 6.3%, followed by Asia at 5.6%, South America at 3.2%, Africa at 2.5%, Europe at 1.9% and North America at 1.8%.
The WTO report also recorded year-on-year growth in the US- dollar value of world merchandise trade in the broad product category in the first quarter. Office and telecom equipment grew by 16%, year on year, alongside chemicals at 12% and clothing at 7%. Automotive products fell in value by 4%, alongside fuels and mining products, and iron and steel by 3%.
