联合国贸发会议：2025全球贸易更新报告（7月版）（英文版）

Overall, trade growth has been positive in the first half of 2025, despite increasing trade policy uncertainty, ongoing geopolitical tensions, and a challenging global economic environment. In the first quarter of 2025, global trade trends continued the gradual upward trajectory that began in the second half of 2023. Over recent quarters, both goods and services trade have shown consistent growth, largely driven by the strong performance of developing countries. However, in Q1 2025, developed