AI OFFSETS IRAN WAR
The WTO said that while disruptions of shipments through the Strait of Hormuz had reduced energy supplies and raised prices of key energy products and fertilisers, most economies outside of the region had remained resilient.
It said supply chains had successfully adapted to disruptions in the energy, fertiliser and transport markets caused by the Iran war.
Merchandise trade grew by 3.5 per cent in the first half of 2026, exceeding WTO expectations.
Global crude oil exports fell by only about six per cent, and liquefied natural gas exports dropped by one per cent.
Meanwhile global container traffic actually increased by 3.9 per cent during the first seven months of 2026.
And strong demand linked to AI investment “more than offset the negative effects” of the conflict.
Increased spending on semiconductors, data centres and digital infrastructure raised demand for imported AI-enabling goods, providing a significant boost to global goods trade.
Trade in semiconductors, servers and other equipment essential to AI surged by 67 per cent year-on-year in the first half of 2026.
That alone accounted for 47 per cent of global merchandise trade growth, accelerating an expansion trend that was already robust in 2024 and 2025, the WTO said.
