For the first three quarters of 2025, the world not only saw trade growth, but acceleration in year-over-year exports. That trend continued in Q4 for high income countries in the October-November 2025 period, but export growth slowed for all other country groups, when compared with the same period in 2024.
Over that period, upper-middle income countries’ exports grew at 4.8 percent compared with 7.1 percent growth in the third quarter, with China driving the deceleration. The lower-middle- and low-income country group saw exports increase at a 10.6 percent annual rate, down from 13.4% in Q3. Trade has not leveled off, but for developing countries the rate of surge has subsided.
Explore our monthly updated Trade Watch database for more figures on global trade and stay tuned for the next newsletter for further insights.
Join the Conversation