Global | Global trade stabilizes despite LatAm slowdown and European stagnation

Summary

In May 2025, global trade stabilizes, with Asia leading and Europe remaining stagnant. Latin America loses momentum, except for Peru. Mexico stands out in the U.S. despite tensions, while Canada diversifies. Trade flows remain resilient but moderate amid rising uncertainty and new trade barriers

Key points

• Key points:
• Global trade stabilized in May 2025, following the strong rebound in Q1. Key indicators (BBVA Trade Index, Baltic Dry, CPB, ISL) show resilient flows, though with signs of moderation and geographic reconfiguration
• Asia continues to lead the expansion, driven by sustained momentum from China, India, and Korea. Latin America is losing steam—except for Peru—while Europe remains stagnant, with no clear recovery in sight
• North America shows mixed trends: Mexico strengthens its position as the top U.S. supplier despite tensions in autos and agriculture; Canada decouples from the U.S. and diversifies its trade. U.S. exports fell 6% M/M%, affected by tariff-driven distortions

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