The WTO’s latest World Trade Statistical Review 2019 confirming a continuous uncertainty on global trade and a rise on trade-restrictive measures. The report highlights that trade continues to be concentrated. The ten leading traders in 2018 represented more than half of world trade, with the top five accounting for around 37% of global transactions.
Highlights
-World merchandise trade in 2018
- The volume of world merchandise trade, as measured by the average of exports and imports, grew by 3.0 % in 2018, just above the 2.9 % increase in world GDP over the same period.
- The value of merchandise trade increased by 10 % in 2018. The increase in exports was mostly driven by high energy prices while Asia was the main contributor to an increase in global imports.
- World merchandise exports of fuels and mining products, manufactured goods and agriculture grew by 23 %, 8 % and 5 % respectively.
- Developing economies exported a total of US$ 8,779 billion in 2018, of which US$ 193 billion were from least developed countries.
-World trade in commercial services in 2018
- Trade in commercial services recorded strong growth for the second year in a row, rising by 7.7%.
- Information and communication technology recorded the highest export growth (15 %) among services sectors in 2018, led by computer services.
- Growth in exports of commercial services was highest in the Commonwealth of Independent States (12 %) in 2018, partly due to the FIFA World Cup in Russia.
- China was the leading exporter of commercial services (by value) among developing countries, with exports increasing by 17% in 2018.
-Trends in world trade, 2008-2018
- World trade and GDP have grown in tandem for the last ten years. Both have increased by 26 % since 2008.
- World exports of merchandise trade have increased by 20 % in value terms since 2008. Exports of manufactured goods grew at an average annual rate of 2.3 %.
- World exports of commercial services have increased by 46 % in value terms since 2008 and services exports grew by an average annual rate of 3.9 %.
- Over the past ten years, Hong Kong China, India, Mexico and Ireland rose the most in world rankings among the top 20 traders of goods and services.
-Which sectors increased or declined the most?
- +4.2% -Exports of pharmaceuticals saw the biggest increase among manufactured goods, rising by 4.2% per year between 2008 and 2018.
- -2.3% – Exports of iron and steel declined at an annual rate of 2.3% from 2008 to 2018.
- -1% – World exports of sea transport services declined at an average annual rate of 1% between 2008 and 2018.
- + 6.5% -Global trade in professional and management consulting services increased at an average annual rate of 6.5% from 2008 to 2018.
-Developing economies
- Developing economies outperformed or equaled the performance of developed economies in world trade in most of the past ten years.
- From 2011, developing economies’ exports to other developing economies surpassed its exports to developed economies. “South-South” trade represented an estimated US$ 4.28 trillion or 52% of total developing economies’ exports in 2018.
- Only Tanzania, Cambodia and Ethiopia remained in the top five LDCs for commercial services.
-World map
- US$ 19.09 trillion: Merchandise exports of WTO members totaled US$ 19.09 trillion in 2018.
- 52%: The top ten traders in merchandise trade accounted for a little over half of the world’s total trade in 2018.
- 44%: Developing economies had a 44% share in world merchandise trade in 2018.
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See also:
- International cooperation vital in addressing trade finance gap, says new report
- Trade weakness continues into second quarter, WTO reports
