GLOBAL trade is set to top $35 trillion in 2025 for the first time, according to UNCTAD’s final Global Trade Update of the year.
The new data shows trade continued to grow during the second half of the 2025 calendar year, even as geopolitical tensions, higher costs and uneven global demand took a toll.
Global trade grew 2.5% between July and September compared with the previous three months.
Goods rose almost 2% and services 4%.
According to the UN update, growth is expected to continue in the year’s final quarter, though at a slower pace.
“If projections hold, goods would add about $1.5 trillion to this year’s total and services $750bn, consistent with an overall 7% annual increase,” the UN noted.
A “key shift” was said to be occurring on prices.
After two quarters in which trade values rose partly because goods became more expensive, prices are now expected to drop.
As a result, the increase in global trade at the end of 2025 was consequently said to come from higher volumes (the actual quantity of goods shipped) rather than from price increases.
“This points to stable demand even as inflation eases,” the UN stated.
East Asia recorded the strongest export growth during the past year (9%), driven by a 10% surge in intra-regional trade.
Africa also was described as having “performed strongly” with imports up 10% and exports 6%.
So-called “South–South” trade was said to have expanded around 8%, reflecting deepening economic ties among developing economies.
“Among individual economies, China and the Republic of Korea stood out in East Asia, while Brazil and South Africa were key drivers in South America and Africa,” the UN stated.
“India and China also posted some of the strongest growth in services exports, underscoring the growing weight of emerging economies in global trade.”