Editor’s Note
This analysis examines the resilience of global trade in the face of policy headwinds, highlighting how technological and market forces ultimately drove record growth.
Despite predictions from trade experts worldwide, tariffs and trade barriers imposed by US President Donald Trump failed to halt global trade. According to the United Nations Conference on Trade and Development (UNCTAD), the value of global trade surpassed the $35 trillion mark for the first time in 2025, representing a 7% increase compared to the previous year. This demonstrates that technology, markets, and human innovation are greater than any policy barrier.
Tariffs certainly had some impact. In the first six months of 2025, importers began rapidly purchasing goods to complete orders before any tax increases. This created a temporary situation of panic-buying. However, despite a decrease in the volume of physical goods, tariffs led to an increase in the value of commodities. For example, despite increased domestic production in the US market, imports of expensive intermediate goods and machinery boosted the total value of trade.
Trade is not limited to goods during this period. Trade in services grew by 9%, and the economy is rapidly moving towards digitalization. Cloud computing, chip design, and other technological services are crossing national borders. This means it is nearly impossible for any country to completely shut down trade.
Despite US tariffs, South Korea’s exports surpassed $700 billion, and Taiwan’s trade grew by 7.37%. Countries reduced their dependence on the US market and increased trade with other nations. Intra-regional trade in South Asia and East Asia showed growth higher than the global average.