Summary

• The seasonally adjusted Global PMI New Export Orders fell from 49.6 in April to 48.9 in May, running further below the 50.0 neutral mark.
• Among the major advanced economies, the United States again reported the steepest fall in export orders during May, registering the sharpest decline since April 2025.
• Eurozone exports also continued to fall, likewise fuelled by a sharp drop in services trade flows, but exports stabilised in the UK and modest growth was again reported in Japan.

The worldwide Purchasing Managers’ Index™ (PMI®) surveys indicated that global trade fell for a third successive month in May as the war in the Middle East continued to hit trade flows, especially for services. However, manufacturing exports also