World Trade Statistical Review 2023

WorldTradeStatisticalReview 2023 AbouttheWTO TheWorldTradeOrganizationdealswiththeglobalrulesoftradebetweennations.Itsmainfunctionistoensurethattradeflowsassmoothly,predictablyandfreelyaspossible. Aboutthispublication WorldTradeStatisticalReviewprovidesadetailedanalysisofthelatestdevelopmentsinworldtrade.ItistheWTO’sflagshipstatisticalpublicationandisproducedonanannualbasis. Formoreinformation Alldatausedinthisreport,aswellasadditionalchartsandtablesnotincluded,canbedownloadedfromtheWTOwebsiteatwww.wto.org/statistics WorldTradeStatisticalReview2023 I.Introduction4 Acknowledgements6 AmessagefromDirector-GeneralNgoziOkonjo-Iweala7 II.Highlightsofworldtradein20228 Worldtradeoverview10 Merchandisetrade12 Commercialservices20 Leadingtraders26 Least-developedcountries27 III.Worldtradeandeconomicgrowth,2022-2328 TradeandGDPgrowthin2022andthefirsthalfof202330 Merchandisetradevolume31 Commodityprices33 Exchangerates34 Merchandiseandcommercialservicestradevalues35 Othertrade-relatedindicators40 IV.Composition,definitions&methodology42 Compositionofgeographicalandeconomicgroupings44 Definitionsandmethodology44 Specificnotesforselectedeconomies51 Statisticalsources52 Abbreviationsandsymbols53 V.Statisticaltables54 3 ChapterI Introduction Acknowledgements6 AmessagefromDirector-GeneralNgoziOkonjo-Iweala7 4 5 WorldTradeStatisticalReview2023 Acknowledgements ThispublicationhasbeenpreparedunderthesupervisionofRalphOssa,WTOChiefEconomistandDirector oftheEconomicResearchandStatisticsDivision.ThecoordinationofthereportwasundertakenbyChristopheDegainandFlorianEberth.Statisticalresearch,datacompilationandthepreparationofestimateswereconductedbyBarbaraD’AndreaAdrian,ShradhaBhatia,LoriChang,ChristopheDegain,FlorianEberth,ColemanNeeandYingYan. Contributionstothispublicationwerealsoprovided bytheResearchGroupoftheEconomicResearch andStatisticsDivision.TheInternationalTradeStatisticsSectionalsowishestothankcolleaguesfromtheInformationandExternalRelationsDivision(IERD) andtheLanguageandDocumentationServicesDivision(LDSD)whosecollaborationisvitalintheproduction ofthisreport.Inparticular,recognitionisduetoAnthonyMartin,SergeMarin-PacheandSteveCooperin IERDandtotheFrenchandSpanishtranslatorsinLDSD. Finally,wewishtothanktheusersofWTOstatisticsfortheirconstructivesuggestionsonhowtoimproveourstatisticaloutput.Thisregularfeedbackallowsustoconstantlyrefinethedataweprovide. 6 AmessagefromDirector-GeneralNgoziOkonjo-Iweala ChapterI:Introduction Asasuccessionofcrisesbuffettheglobaleconomy,withtheCOVID-19pandemicgivingwaytothewarinUkraine,inflation,monetarytightening,andwidespreaddebtdistress,worldtradehaslostmomentum,withtradegrowthslowingin2022andremainingweakintoearly2023.Thatsaid,globaltradegrowthhasremainedpositive,underscoringhowtradehasbeenaforceforeconomicrecoveryandresilience.Nevertheless,numerousdownsiderisks,fromgeopoliticaltensionstopotentialfinancialinstability,arecloudingthemedium-termoutlookforbothtradeandoveralloutput. Thisreportreviewsworldtradepatternsin2022,withinsightsintotheoutlookfortradein2023,inlightofthewiderinternationalcontext. Involumeterms,worldmerchandisetraderoseby2.7%in2022.Thevolumefigurewaswellbelowthe12.4%growthinvalueterms,reflectingtheeffectofhighglobalcommodityprices. Inthemanufacturingsector,onenotabledevelopmentwasthatChinaincreasedthevalueofitsexportsofautomotiveproductsinQ12022by30%yearonyear,usingitsstrongpositionintheproductionoflithium-ionbatteriestobecometheworld’ssecond-biggestexporterofelectricmotorvehiclesaftertheEuropeanUnion. Servicestradefaredbetterthanmerchandisetrade,growing15%in2022.Internationaltravelcontinuedtoreboundstrongly,rising70%year-on-yearaftermanyregionsliftedpandemic-relatedmobilityrestrictions. Lookingbackthroughtheentirepandemicperiod,computerserviceswerethemostdynamicsectorinservicestrade,withglobalexportsin2022worth44%morethantheirvaluein2019.Digitallydeliveredservices –thatis,servicesprovidedviacomputernetworks,fromstreaminggamestoremoteconsultingservices–areanemergingsourceofgrowth,accountingfor54%ofglobalservicesexportsin2022,and12%oftotalglobaltradeingoodsandservices.WithinEuropeandAsia,intra-regionalflowsaccountedforalargeshareoftradeindigitallydeliveredservices,respectivelyaccountingfor62%and43%in2021.Incontrast,theintra-regionalsharesinSouth&CentralAmericaandtheCaribbeanaswellasinAfricawereonly8%and3%respectively,suggestingpotentialforgrowth. Exportsofgoodsandservicesfromleast-developedcountries(LDCs)increasedby31%between2019and2022,withgoodsexportsup41%invaluetermsoverthatperiod,onceagainreflectinghighercommodityprices. LDCs’exportsofcommercialservicesremaineddepressed,at14%belowtheirpre-pandemiclevels.Amajorfactorinthedeclineistheweakrecoveryoftourism, particularlytourismwithinAsiatoAsianLDCs,dueinparttocontinuingpandemic-relatedmeasureswithintheregion.AsianLDCtravelexportsin2022remained74%belowtheirvaluein2019.Incontrast,travelexportsofAfricanLDCsperformedrelativelywell,cominginatonly9%belowpre-COVID-19levelsin2022. Inturbulenttimesmarkedbygeopoliticalfrictions,