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Global trade continued its strong expansion in the first half of 2026, driven by rising commodity and energy prices as well as increasing demand for AI technologies and electric mobility, though the pace of growth was uneven across regions and sectors.

The Global Trade Update report for July and August 2026, issued by the United Nations Conference on Trade and Development (UNCTAD), showed that the value of global goods trade reached approximately $13.7 trillion in the first half of the year, up 12.5% compared to the same period in 2025. Services trade also grew by 10.5%, with goods and services together adding about $2 trillion to global trade volume, putting it on track for a new record level by year-end.

The report attributed a significant part of this increase to rising prices rather than growth in actual traded volumes, as navigation disruptions through the Strait of Hormuz and energy supply concerns drove up costs of energy, transport, logistics, and production.

Prices of globally traded goods rose by about 3.6% in the first quarter of the year, and are estimated to have increased by around 5% in the second quarter, driven mainly by higher energy and some basic commodity prices.

East Asia leads global growth

East Asia recorded the strongest performance in global trade in the first quarter of 2026, supported by robust exports and imports in China and South Korea. In contrast, other Asian regions saw a contraction in trade activity, while import growth outpaced exports in Africa and the Americas.

The region also played a pivotal role in South-South trade, as data showed that trade among developing economies would have declined in the first quarter if East Asian countries were excluded. Chinese trade surpluses widened, while the US trade deficit narrowed.

AI boosts tech sector boom

Growing demand for AI infrastructure, digital technologies, and electric mobility drove strong growth in trade of high-tech products.

Trade in critical minerals rose 38% in the first quarter, semiconductor trade jumped 25%, batteries 15%, ICT products 14%, and electric vehicle trade increased 11%.

In contrast, trade in chemicals, iron and steel, and some renewable energy products declined, while fossil fuel trade rose mainly due to higher prices rather than actual demand growth.

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