Macro Insights Weekly - Trade resilience

Global trade is defying protectionism: record 2025 flows extended into 1H26, propelled by AI investment, green tech, energy, pharma, travel, ecommerce, and ICT services.
Despite tariffs and weaker trade institutions, 2025 delivered the strongest global trade in a decade.
Momentum held in 1H26: G20 goods exports rose 13.5% yoy, while services gained 10.6%.
AI spending drives chips and data-centre equipment, but machhinery and transport demand is also surging.
EVs, batteries, solar panels, energy, and pharmaceuticals are lifting goods trade.
Travel, ecommerce, ICT, intellectual property, finance, and insurance underpin services growth.