Page 8 - Policy Economic Report - September 2025

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Figure 3: Headline inflation

Source- OECD

Global Trade
Global merchandise trade grew rapidly in the first half of 2025, partly influenced by the spike in goods
shipments to the United States. This was particularly evident prior to April and was accompanied by a rise
in inventory-to-sales ratios at US retailers.

Trade continued to expand steadily in advanced Asian economies in the second quarter, as well as in
emerging-market economies in both Asia and Eastern Europe, but import volumes declined sharply in the
United States and exports dropped in Canada and Latin America.

Bilateral trade between China and the United States has declined sharply in recent months. Recent high-
frequency global trade indicators have been mixed, with signs that container port traffic, air freight and
passenger traffic have all moderated over the summer.

Figure 4: Global Trade volumes

Source- OECD Page | 7

September 2025