Despite a rise in protectionist sentiment in several countries, and the U.S. calling for the renegotiation of trade deals including NAFTA, 2017 was a “banner year for international trade,” says Krishen Rangasamy, senior economist at National Bank, in a Friday report.

The latest data from the CPB indicates trade volumes not only reached “a new record in 2017 but also expand[ed] 4.5%, the fastest pace of growth since 2011,” he says, adding that “improving trade boosted export powerhouses in both emerging markets and advanced economies.”

For advanced economies, writes Rangasamy, industrial output increased “more than 3% for the first time since 2010.”

For more on global trade, click here.

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