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.”