Page 11 - Policy Economic Report - October 2025
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POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 4: World trade
Source- IMF
Global trade activity was robust in the first quarter of 2025, driven by strong growth in US imports and in
exports from Asia and the euro area because of front-loading in anticipation of higher tariffs in the
United States. Some of this strength could be related to a weaker dollar.
In China, the decline in exports to the United States has been partly offset by higher exports to the euro
area and countries in the Association of Southeast Asian Nations (ASEAN), in part supported by the
depreciation of the renminbi against most currencies (excluding the US dollar).
Along with changes in the global trade landscape and other policy shifts, current account balances for
the world’s largest economies have also evolved.
? The US current account deficit was 4.6 percent of GDP in the first half of 2025, 1.9 percentage
points wider than the 2013–24 average, mainly reflecting an increase in goods imports.
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