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Trade Expands Amid Expectations of Higher Tariffs
- Global goods trade accelerated in the five months from July through November amid strong US economic growth and a spurt in demand fueled by expectations of higher import tariffs.
- Trade in services, which is reported with a lag, expanded further in the July to September period, and international tourist arrivals recovered to exceed pre-pandemic levels in the fourth quarter of 2024.
- A measure of stress in global supply chains rose in December to the highest level since March 2022, driven by the extended rerouting of vessels around the Cape of Good Hope and the increase in trade volumes. Freight rates rose at a slower pace and remained 40 percent above the level of a year earlier.
