Summary

• The worldwide PMI surveys indicated that global trade fell slightly for a second successive month in April, reflecting the ongoing impact of the war in the Middle East.
• April saw the service sector hit especially hard by the conflict, notably in terms of travel, tourism and leisure exports.
• Global exports of goods showed greater resilience, rising marginally after holding flat in March.
• Among the advanced economies, the United States reported the steepest fall in export orders during April, with an accelerated loss of goods exports accompanying a further steep decline in services trade.

The worldwide Purchasing Managers’ Index (PMI) surveys indicated that global trade fell slightly for a second successive month in April, reflecting the ongoing impact of the war in the Middle East. However, trends varied markedly, notably by sector, with dampened services activities