Global | Global Trade Rebounds, Driven by Asia and LatAm Despite Europe's Ongoing Weakness

Summary

Global trade rebounded in April 2025, driven by Asia and Latin America, while Europe remains weak. In the U.S., imports of autos and manufacturing goods from Mexico and pharmaceuticals from Ireland gained ground, anticipating tariffs. China stayed resilient despite tensions.

Key points

• Key points:
• Global trade shows a solid recovery in April 2025, with a broad rebound in exports and port activity, according to the BBVA Trade Index and other indicators (Baltic Dry, CPB, ISL).
• Asia and Latin America lead export growth, with countries like China, Taiwan, Argentina, and Chile posting double-digit growth rates. Europe, by contrast, continues to show weakness.
• Exports to the United States show specific sectoral gains, including resilient performance from Mexico in key sectors (autos and machinery), and strong pharmaceutical exports from Ireland—partly in anticipation of potential new tariffs.

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