Global Goods Trade Slows as Tariff Front-Loading Ends
WTO’s Goods Barometer Dropped to 101.8 in September From 102.2 for June
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Global merchandise trade slowed last quarter as the boost seen earlier this year from front-loading of orders ahead of U.S. tariffs faded, the World Trade Organization said.
The WTO’s goods barometer dropped to 101.8 in September from 102.2 for June, the Geneva-based organizationsaid on Nov. 28. The baseline of 100 indicates growth over the next quarter that’s in line with medium-term trends.
The data for airfreight and container shipping “continue to signal expansion,” even as they weakened from June, “indicating a cooling-off in the transportation of goods worldwide,” the report said. The barometer’s automotive and electronics indexes stabilized and agriculture stayed in contraction, while new export orders showed improvement.
“On balance, the indices show signs of moderation in global trade growth,” the WTO said.
President Donald Trump’s 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.
The latest WTO Goods Trade Barometer shows goods trade growth appears to have slowed in the second half of 2025, following a first-half surge from frontloaded imports aimed at avoiding expected tariff hikes and rising AI-related demand.
More: — WTO (@wto)
U.S. 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.
According to the WTO’s most recent forecast, made on Oct. 7, world trade volume growth this year isexpectedto 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.
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