Global trade is poised to surpass $35 trillion in 2025, a 7% increase over 2024, driven largely by maritime activity even as growth shows signs of slowing toward year’s end, according to UNCTAD’s final Global Trade Update of 2025. Seaborne goods trade accounts for about $1.5 trillion of the $2.2 trillion overall increase, with services adding $750 billion on the back of nearly 9% growth, though Q4 expansion is expected to cool to 0.5% for goods and 2% for services. East Asia led the upswing with 9% export growth and a 10% rise in intra-regional trade, while Africa posted strong import and export gains and South-South trade outpaced the global average at 8%. Manufacturing remained the main engine of expansion—especially electronics tied to AI—while agriculture also strengthened, even as automotive trade declined overall except for hybrid vehicles. At the same time, trade imbalances, increased trade concentration among major economies, and shifting shipping patterns driven by friend-shoring and near-shoring highlight the impact of geopolitical fragmentation. Looking ahead to 2026, UNCTAD warns that weaker global growth, higher trade costs, and mounting debt pressures could weigh on maritime trade, even as solid underlying demand supports cargo volumes and shifts growth from price-driven to volume-driven.