Global merchandise trade is gathering momentum in 2026. World exports reached USD 14.7 trillion in the first half of the year, up 14.4% year-on-year, with AI-related goods emerging as a major growth driver. This follows a record USD 26.3 trillion in global exports in 2025, putting global trade on a strong trajectory despite continuing geopolitical and economic uncertainty.

The established export hierarchy remains remarkably stable. China leads with USD 2.1 trillion in H1 exports, followed by the U.S. (USD 1.2 trillion) and Germany (USD 952 billion). Yet further down the rankings, Asian economies are gaining ground. Taiwan climbed five places to seventh, South Korea overtook Japan to reach sixth and Singapore rose three places to eleventh. Malaysia also entered the reported top 20 (although UAE H1 2026 data remain unavailable).

The broader picture shows expanding trade without a major redistribution of export power. The top 20 economies still account for around 70% of global exports, but Asian technology and manufacturing hubs are increasingly reshaping competition within that group.