International organizations predict that global trade growth should double this year as inflation eases and the booming US economy boosts activity.
As the FT noted, the OECD, IMF, and World Trade Organization predict a sharp recovery in global goods flows this year after slowing in 2023. According to the OECD, global trade of goods and services will grow 2.3% this year and 3.3% in 2025, up from 1% growth last year.
Meanwhile, increased trade has helped boost growth in some of the EU’s biggest economies in the first quarter. Overall growth in the eurozone rose 0.3% from the previous three-month period, the highest since the third quarter of 2022. For example, German exports in March increased by 0.9% compared to February, which contributed to growth of 3.2% every quarter.
Imports to Europe’s largest economy also rose by 0.3% in March and 1.7% in the first quarter.