Global | Chartbook of International Commerce. October 2025

Summary

Global trade is slowing after the initial rebound in early 2025. Still, volumes remain above 2024 levels. Mexico and several Asian economies stay dynamic, while China, Eurozone, and Canada show signs of moderation. Mexico continues to gain share in U.S. trade, driven by electronics despite declines in the automotive sector.

Key points

• Key points:
• After a strong rebound in early 2025—driven by front-loaded exports ahead of new tariffs—the BBVA Research export indicator shows that goods trade moderated in 3Q25, although volumes remain above 2024 levels.
• Mexico and some Asian economies maintain solid export momentum, while China, the Eurozone, and Canada have lost steam.
• The United States is strengthening its trade ties with Mexico and the European Union—particularly with Ireland due to pharmaceutical exports—while reducing its trade relations with China and Canada. Mexican electronics exports continue to gain ground, partly offsetting weakness in the automotive sector.

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