Global goods trade rose to about $13.7 trillion in the first half of 2026, marking a 12.5% increase from the same period in 2025, according to the United Nations Conference on Trade and Development.
In its report, Global Trade Continues to Expand Amid Rising Price Pressures, UNCTAD said higher prices partly supported the increase. Global services trade also expanded, though at a slower rate of 10.5%.
The report said strong activity in East Asia and demand for products linked to artificial intelligence and electric vehicles helped drive goods trade growth. Critical minerals, semiconductors, batteries, ICT goods and electric cars all recorded increases.
Critical minerals grew by 38% in the first quarter, while semiconductor trade rose by 25%. Batteries increased by 15%, ICT goods by 14% and electric cars by 11%.
UNCTAD said developing economies and South-South trade recorded double-digit growth over the past 12 months when East Asian economies were included.
However, the report noted that the picture was weaker outside East Asia. Developing economies recorded an overall trade contraction in the first quarter when the region was excluded, largely because of reduced imports and exports in the Middle East and South Asia.
Developed economies maintained positive quarterly trade growth at a pace similar to the previous quarter. Intra-regional trade expanded in most regions, although it remained weak in South America.
Over the past 12 months, import growth was particularly strong in Africa, East Asia and Europe. These regions also recorded robust intra-regional trade growth.
UNCTAD has previously warned that least developed countries are losing about 10% of their exports to G20 economies because they struggle to comply with increasingly complex non-tariff measures. The organisation said these measures have become a major driver of trade costs for many economies.
The report follows a wider increase in global trade activity in 2025, which UNCTAD said was supported by manufacturing growth and stronger agricultural trade in cereals, animal products, coffee, tea and spices.
