WTO Annual Report Finds Global Trade Resilient Through Deepening Crises

WTO Director-General Ngozi Okonjo-Iweala said the trading system is confronting challenges on a scale not seen since its foundations were established after the Second World War.

The World Trade Organization's 2026 Annual Report presents a global trading system under intense pressure, still capable of supporting economic activity when conflict, geopolitical rivalry and rapid technological change unsettle markets. Published on 9 September, the report reviews the WTO's work during 2025 and the opening months of 2026, including the organization's 14th Ministerial Conference held in March 2026.

WTO Director-General Ngozi Okonjo-Iweala said the trading system is confronting challenges on a scale not seen since its foundations were established after the Second World War. Governments and businesses are dealing with recurring crises, rising political tensions and technological shifts that are changing what countries trade, how companies operate and where economic opportunities emerge.

Goods and services trade continued to grow in 2025

Global trade remained remarkably steady despite this difficult environment. The volume of world merchandise trade increased by 4.6 per cent in 2025, showing that the movement of physical goods continued to support producers, businesses and consumers across international markets. Services trade expanded by 5.3 per cent in volume terms, reflecting the growing importance of sectors ranging from transport and finance to tourism, digital services and professional expertise.

They show how deeply economies remain connected even as political tensions encourage some governments and companies to reconsider supply chains, trade partners and investment strategies. Goods still need to move across borders, service providers continue to reach customers in other countries, and businesses depend on predictable rules when making decisions about production, employment and expansion.

The report identifies WTO rules as a central part of this resilience. Around 72 per cent of global goods trade continues to take place under the core most-favoured-nation tariff conditions that members have committed to through the WTO. These shared terms give exporters and importers a more stable framework, reducing uncertainty at a time when unexpected restrictions or sudden policy changes can quickly raise costs.

Strait of Hormuz crisis brought a different policy response

The response to the Strait of Hormuz crisis provides one of the report's strongest examples of how governments can use trade policy to limit economic disruption. Countries adopted more trade-facilitating measures than trade-restrictive ones, helping essential products and commercial supplies continue moving while markets adjusted to the effects of the crisis.

This response differed from the early stages of several recent emergencies, when restrictions intensified shortages and placed additional pressure on international supply chains. The measures taken during the Strait of Hormuz crisis suggest that governments have absorbed some of the lessons from those experiences and recognised that keeping trade channels open can protect access to vital goods, reduce price shocks and give businesses more room to adapt.

Cooperation between governments, international organizations and the private sector played an important part in this approach. Timely information allowed decision-makers to understand emerging risks, coordinate responses and avoid actions that could have made an already difficult situation worse.

WTO sees cooperation as essential for future resilience

The annual report places information-sharing at the heart of effective crisis management. WTO discussions give members a space to explain policy decisions, monitor trade developments and raise concerns before tensions cause wider damage. That role becomes more valuable when conflict, supply disruptions and technological change create problems that no country can manage alone.

The report also looks back at the 14th Ministerial Conference, where WTO members gathered in March 2026 to discuss the future of international trade cooperation. The meeting formed part of a wider effort to keep the institution responsive to changing economic conditions while preserving the rules that help trade continue during periods of uncertainty.

The picture presented by the WTO is neither carefree nor pessimistic. Global trade faces severe strain, yet the growth recorded in 2025 and the cooperative response to the Strait of Hormuz crisis show that countries still see value in openness, predictable rules and practical coordination. The report's central message is clear: resilience does not appear by chance; it grows when governments exchange information, keep markets functioning and work together when the global economy is tested.