Table of Contents

Table 1: Merchandise trade volume and GDP growth, 2020-2025

Chart 1: Volume of world merchandise trade, 2015Q1-2025Q4

Chart 2: World goods and commercial services exports, 2018-2023
Chart 3: World merchandise trade volume and GDP growth, 2018-2025
Chart 4: Average import content of aggregate demand components
Chart 5: Global primary commodity prices, January 2019-March 2024
Chart 6: Consumer price inflation in selected economies, January 2021-January 2024
Chart 7: Contributions to world trade volume growth by region, 2022-2025
Chart 8: Merchandise exports and imports by region, 2019Q1-2024Q4
Chart 9: Global manufacturing purchasing managers' indices, January 2019-February 2024
Chart 10: RWI/ISL global container throughput index, January 2019-February 2024
Chart 11: Relationship between merchandise trade growth and GDP growth
Chart 12: Trade within and between hypothetical geopolitical blocs (left) and the difference of between bloc and within blo
Chart 13: Year-on-year merchandise trade growth by product, 2023
Chart 14: Merchandise trade of LDCs, 2019-2023
Chart 15: Merchandise trade balances of LDCs, 2019-2023
Chart 16: Merchandise exports of LDCs by major product group, 2023
Chart 17: Year-on-year growth in world commercial services trade, 2022-2023
Chart 18: Growth of other commercial services exports by main subsector, 2022-23
Chart 19: Global exports of digitally delivered services, 2005-2023
Chart 20: Growth of digitally delivered services exports and goods exports by region, 2023
Chart 21: Structure of world exports of digitally delivered services, 2023
Chart 22: Growth of digitally delivered services exports by region and selected group, 2015-2023
Chart 23: World trade in commercial services by mode of supply, 2005, 2022
Chart 24: Structure of world services trade by mode of supply, 2022
Chart 25: World exports of non-fuel intermediate goods, 2022Q1-2023Q4
Chart 26: Total bilateral trade in BEC Parts and Accessories, 2019-2023
Chart 27: Trade between the United States and China and with other partners, 2016-2023
Chart 28: Share of United States imports of ICT services by region, 2018-2023
Chart 29: Weekly Red Sea passages and transit volume, 1 January 2019-19 March 2024
Chart 30: Projected average shipping delays when avoiding the Red Sea
Chart 31: Maritime freight costs during the 2021 Suez Canal grounding and the 2023-2024 Red Sea crisis
Chart 32: Demand and supply chain pressure indexes during the 2021 Suez Canal grounding and the 2023-2024 Red Sea cr
Chart 33: Monthly crude oil and natural gas prices during the 2021 Suez Canal grounding and the 2023 Red Sea crisis
Chart 34: Container ship fleet development, 2019-2024
Appendix Table 1: Leading exporters and importers in world merchandise trade, 2023
Appendix Table 2: Leading exporters and importers in world merchandise trade excluding intra-EU trade, 2023
Appendix Table 3: Leading exporters and importers of commercial services, 2023
Appendix Table 4: Leading exporters and importers of commercial services excluding intra-EU trade, 2023
Appendix Table 5: Leading exporters of digitally delivered services, 2023
Table 1: Merchandise trade volume and GDP growth, 2020-2025 a
Annual % change

2020 2021 2022 2023 2024 2025

World merchandise trade volume b -5.0 9.6 3.0 -1.2 2.6 3.3
Exports
North America -9.2 6.4 3.8 3.7 3.6 3.7
South America c -5.0 6.6 2.9 1.9 2.6 1.4
Europe -7.7 8.1 3.7 -2.6 1.7 2.8
CIS d -1.0 -1.8 -2.1 -6.2 5.3 1.7
Africa -7.2 4.2 -2.4 3.1 5.3 2.4
Middle East -6.5 -0.8 6.6 -1.6 3.5 2.2
Asia 0.6 13.1 0.4 0.1 3.4 3.4
Imports
North America -5.2 11.9 5.7 -2.0 1.0 3.3
South America c -9.6 24.8 4.2 -3.1 2.7 3.4
Europe -7.2 8.8 6.0 -4.7 0.1 3.1
CIS d -5.4 10.3 -6.1 18.8 -3.8 2.9
Africa -15.5 7.4 8.8 -2.4 4.4 1.6
Middle East -9.7 13.8 14.1 9.8 1.2 2.1
Asia -1.0 10.5 -0.7 -0.6 5.6 4.7
World GDP at market exchange rates -3.1 6.2 3.1 2.7 2.6 2.7
North America -3.3 5.8 2.1 2.4 2.0 1.7
South America c -6.3 7.7 4.0 2.0 1.5 2.5
Europe -5.9 6.3 3.5 0.9 1.1 1.7
CIS d -2.4 5.5 0.1 3.5 2.6 1.9
Africa -2.4 4.7 3.7 2.9 3.2 3.9
Middle East -3.9 4.1 6.5 1.6 2.7 3.4
Asia -0.7 6.5 3.3 4.2 4.0 3.8
Memo: Least Developed Countries (LDCs)
Volume of merchandise exports -1.0 -2.2 -1.1 4.1 2.7 4.2
Volume of merchandise imports -8.8 9.6 2.7 -3.5 6.0 6.8
Real GDP at market exchange rates 0.5 2.6 4.7 3.3 4.9 5.6

a Figures for 2024 and 2025 are projections.

b Average of exports and imports.
c Refers to South and Central America and the Caribbean.
d Refers to Commonwealth of Independent States (CIS), including certain associate and former member states.
Note: These projections incorporate mixed-data sampling (MIDAS) techniques for selected countries to take advantage
of higher-frequency data such as container throughput and financial risk indices.
Sources: WTO for trade, consensus estimates for GDP.
<< Back
Chart 1: Volume of world merchandise trade, 2015Q1-2024Q4
Seasonally-adjusted volume index, 2015=100
140

130

120

110

100

90

80
2015Q1
2015Q2
2015Q3
2015Q4
2016Q1
2016Q2
2016Q3
2016Q4
2017Q1
2017Q2
2017Q3
2017Q4
2018Q1
2018Q2
2018Q3
2018Q4
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025Q2
2025Q3
2025Q4
Source: WTO and UNCTAD for historical data, WTO Secretariat estimates for forecasts.
Note: The shaded region represents both random variation and subjective assessment of risk.
<< Back World merchandise trade volume base a
2015Q1 100.38792832317
2015Q2 99.2622024677878
2015Q3 99.5310893712126
2015Q4 100.818779837828
2016Q1 99.3717044493532
2016Q2 100.68087854806
2016Q3 101.144089504649
2016Q4 102.649966563085
2017Q1 104.044044438803
2017Q2 106.440081996307
2017Q3 107.518925592419
2017Q4 108.921565415243
2018Q1 110.044943906751
2018Q2 110.852826763239
2018Q3 111.765803199237
2018Q4 110.978820945512
2019Q1 111.836458223325
2019Q2 111.615016423761
2019Q3 112.027176844465
2019Q4 110.43397851083
2020Q1 108.115910999932
2020Q2 94.8131244506488
2020Q3 106.721652865656
2020Q4 111.842394666615
2021Q1 114.356098191203
2021Q2 115.724907385054
2021Q3 114.437833692411
2021Q4 118.504972213378
2022Q1 119.802156785355
2022Q2 119.645705334313
2022Q3 121.396667156592
2022Q4 119.009379669467
2023Q1 118.828545783992
2023Q2 119.273637919463
2023Q3 119.054767692119
2023Q4 119.130685696551 119.1307 0
2024Q1 120.312953917894 117.1247 1.0628
2024Q2 121.623425156532 117.0588 1.5215
2024Q3 122.832348063657 117.1710 1.8871
2024Q4 123.819189506159 117.1986 2.2069
2025Q1 124.726400676583 117.2300 2.4988
2025Q2 125.698386911631 117.3814 2.7723
2025Q3 126.725031940083 117.6264 3.0329
2025Q4 127.645477027724 117.7935 3.2840
 b c d e f

0 0 0 0 0
1.062765 1.062765 0.820989 0.820989 0.820989
1.521542 1.521542 1.174952 1.174952 1.174952
1.887114 1.887114 1.455823 1.455823 1.455823
2.206855 2.206855 1.700922 1.700922 1.700922
2.498802 2.498802 1.931653 1.931653 1.931653
2.772322 2.772322 2.144209 2.144209 2.144209
3.032873 3.032873 2.344581 2.344581 2.344581
3.28399 3.28399 2.53554 2.53554 2.53554
Chart 2: World goods and commercial services exports, 2018-2023
Billion US$ and annual % change

35,000 40

30,000 27 30

25,000 15 20
10 20
9
20,000 10
3 11
10
15,000 0
-8
-3
10,000 -6 -10

5,000 -17 -20

0 -30
2018 2019 2020 2021 2022 2023

Value of goods exports (left axis) Value of commercial services exports (left axis)
Growth of goods exports (right axis) Growth of commercial services exports (right axis)
Note: Goods trade differs slightly from merchandise trade.
Source: WTO.
<< Back Value of goods exports (left axis)
2018 19,176
2019 18,675
2020 17,211
2021 21,862
2022 24,349
2023 22,996
Value of commercial services exports (left axis) Growth of goods exports (right axis)
6,039 10
6,237 -3
5,190 -8
6,251 27
7,194 11
7,840 -6
Growth of commercial services exports (right axis)
10
3
-17
20
15
9
Chart 3: World merchandise trade volume and GDP growth, 2018-2025
Annual % change
10.0 9.6

8.0
6.2
6.0

4.0 3.2 3.3 3.3

3.0 3.1 2.7
2.6 2.6 2.6 2.7
2.0
0.4
0.0

-2.0 -1.2

-3.1
-4.0

-5.0
-6.0
2018 2019 2020 2021 2022 2023 2024P 2025P
Merchandise trade volume growth Real GDP growth at market exchange rates
Average trade growth 2010-2022 Average GDP growth 2010-2022

Note: Figures for 2024 and 2025 are projections. Merchandise trade grew 2.5% per year on average between 2010
and 2023 while GDP growth averaged 2.7%.
Source: WTO for merchandise trade volume and consensus estimates for GDP.
<< Back 2018 2019
Merchandise trade volume growth 3.2 0.4
Real GDP growth at market exchange rates 3.3 2.6
Average trade growth 2010-2022 2.5 2.5
Average GDP growth 2010-2022 2.7 2.7
2020 2021 2022 2023 2024P 2025P
-5.0 9.6 3.0 -1.2 2.6 3.3
-3.1 6.2 3.1 2.7 2.6 2.7
2.5 2.5 2.5 2.5 2.5 2.5
2.7 2.7 2.7 2.7 2.7 2.7
Chart 4: Average import content of aggregate demand components
% share
40%

35%
35.5%
30%

25% 27.8% 27.4%

20%

15%

10% 11.9%

5%

0%
Investment Exports Consumption Government spending
Source: Auboin and Borino (2022), based WIOD Input-Output tables and authors' calculations.
<< Back
Import content
Investment 35.5%
Exports 27.8%
Consumption 27.4%
Government spending 11.9%
Chart 5: Global primary commodity prices, January 2019-February 2024
Index 2019=100 and US$ per million Btu << Back Natural GaNatural GaNatural Gas, Japan Energy Crude Oil Food Grains Fertilizers
400 80 2019M01 3.1 7.3 12 2019M01 97.4 92.1 100.0 99.4 106.7
2019M02 2.7 6 11.8 2019M02 102.3 99.6 100.5 101.1 104.3
350 70 2019M03 2.9 5.2 11.3 2019M03 105.1 103.9 99.1 98.5 103.6
2019M04 2.6 4.9 10.3 2019M04 110.4 111.7 98.8 97.5 104.1
300 60 2019M05 2.6 4.3 10.1 2019M05 108.8 108.8 97.7 99.9 103.7
2019M06 2.4 3.6 10 2019M06 97.6 97.3 101.2 107.4 103.0
250 50 2019M07 2.4 3.6 10.1 2019M07 98.4 100.1 99.9 104.5 101.6
Index, 2019 =100

2019M08 2.2 3.7 10.9 2019M08 91.5 93.9 97.4 96.8 100.5

US$/MMBtu
200 40 2019M09 2.6 4.2 10.1 2019M09 96.6 97.8 96.8 95.6 95.7
2019M10 2.3 5.1 10 2019M10 92.9 93.3 99.2 99.1 95.5
150 30 2019M11 2.7 5.2 10 2019M11 97.9 98.4 103.4 99.1 92.2
2019M12 2.2 4.6 10.1 2019M12 101.1 103.2 106.0 101.0 89.2
100 20 2020M01 2 3.6 9.9 2020M01 97.2 100.4 107.9 105.3 88.8
2020M02 1.9 2.9 9.9 2020M02 84.7 86.9 104.1 103.3 87.2
50 10
2020M03 1.8 2.7 10.2 2020M03 54.5 52.4 101.2 104.0 89.4
2020M04 1.7 2.1 10 2020M04 40.4 34.3 98.4 106.3 88.7
0 0
2020M05 1.8 1.6 10.1 2020M05 50.2 49.5 98.2 99.2 83.3
2019M01
2019M03
2019M05
2019M07
2019M09
2019M11
2020M01
2020M03
2020M05
2020M07
2020M09
2020M11
2021M01
2021M03
2021M05
2021M07
2021M09
2021M11
2022M01
2022M03
2022M05
2022M07
2022M09
2022M11
2023M01
2023M03
2023M05
2023M07
2023M09
2023M11
2024M01
2024M03
01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01
M M M M M M M M M M M M M M M M M M M M M 2020M06 1.6 1.8 9 2020M06 62.0 64.3 101.5 100.0 83.9
19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23 24
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2020M07 1.7 1.8 7.8 2020M07 66.0 68.5 102.6 101.3 88.4
2020M08 2.3 2.9 6.3 2020M08 69.4 70.7 104.8 102.4 96.2
Energy Crude Oil Food Grains Fertilizers Natural Gas, US Natural Gas, Europe Natural Gas, Japan
2020M09 1.9 4 5.9 2020M09 65.4 66.1 109.4 109.8 97.8
Source: World Bank. 2020M10 2.2 4.9 6.2 2020M10 66.0 65.0 113.6 115.5 98.0
2020M11 2.6 4.8 6.9 2020M11 70.7 68.9 119.6 117.8 98.3
2020M12 2.5 5.9 7.7 2020M12 81.5 79.3 123.4 121.5 100.1
2021M01 2.7 7.3 9 2021M01 89.3 87.3 132.2 134.8 105.9
2021M02 5.1 6.2 9.9 2021M02 102.7 98.5 134.1 138.5 129.5
2021M03 2.6 6.1 7.9 2021M03 103.2 103.9 132.6 134.3 136.8
2021M04 2.6 7.1 8.3 2021M04 103.3 102.5 137.8 139.0 135.4
2021M05 2.9 8.9 8.9 2021M05 110.3 108.1 146.8 150.3 143.4
2021M06 3.2 10.3 9.6 2021M06 120.0 116.9 141.8 143.9 166.5
2021M07 3.8 12.5 10.4 2021M07 125.6 119.3 140.6 138.0 188.1
2021M08 4 15.4 10.8 2021M08 123.1 112.1 141.3 135.7 196.0
2021M09 5.1 22.8 11.4 2021M09 137.0 118.6 138.3 133.0 197.5
2021M10 5.5 31.1 12.4 2021M10 157.7 133.6 140.2 136.2 252.6
2021M11 5 27.6 15.3 2021M11 147.0 130.1 141.3 141.6 294.9
2021M12 3.7 38 15.3 2021M12 143.6 118.7 141.3 145.2 299.3
2022M01 4.3 28.3 14.7 2022M01 155.0 136.7 148.0 149.8 288.4
2022M02 4.7 27.2 17 2022M02 170.4 152.3 157.0 155.8 271.2
2022M03 4.9 42.4 15.1 2022M03 213.1 183.0 174.8 178.4 316.6
2022M04 6.5 32.2 16.3 2022M04 195.8 168.4 175.8 185.0 360.9
2022M05 8.1 29.2 16.7 2022M05 209.1 179.3 176.0 190.0 319.4
2022M06 7.7 33.6 15.5 2022M06 221.7 190.2 167.2 177.5 310.9
2022M07 7.3 51.3 18.9 2022M07 219.5 171.1 152.5 162.8 295.4
2022M08 8.8 70 21.2 2022M08 220.8 156.3 151.1 155.6 282.2
2022M09 7.8 59.1 23.7 2022M09 202.1 143.7 150.9 166.5 286.0
2022M10 5.6 39 21.8 2022M10 186.8 147.1 151.9 176.0 267.8
2022M11 5.3 35.7 19.6 2022M11 178.2 142.3 151.4 169.2 248.1
2022M12 5.5 36 20.6 2022M12 167.3 127.1 148.9 161.8 229.4
2023M01 3.3 20.2 20.2 2023M01 152.5 130.9 149.5 164.6 214.6
2023M02 2.4 16.5 19.8 2023M02 141.2 130.7 150.6 163.6 201.5
2023M03 2.3 13.8 18 2023M03 132.2 124.5 146.7 155.4 194.2
2023M04 2.2 13.5 14.4 2023M04 139.6 134.3 150.6 160.3 191.7
2023M05 2.1 10.1 13.4 2023M05 123.8 120.7 145.9 153.9 187.4
2023M06 2.2 10.4 12.7 2023M06 121.6 119.3 140.9 151.0 169.9
2023M07 2.6 9.5 12.5 2023M07 128.9 128.6 142.5 147.2 179.0
2023M08 2.6 11.2 12.5 2023M08 138.9 138.0 139.9 140.9 193.6
2023M09 2.6 11.6 12.5 2023M09 150.4 150.2 143.1 143.6 193.6
2023M10 3.0 14.6 12.6 2023M10 147.8 145.1 140.9 141.1 198.8
2023M11 2.7 14.5 12.7 2023M11 135.7 132.5 142.2 135.0 193.1
2023M12 2.5 11.5 12.6 2023M12 127.1 123.3 138.0 137.9 146.7
2024M01 3.2 9.6 14.3 2024M01 129.1 126.5 135.7 136.1 142.5
2024M02 1.7 8.1 14.2 2024M02 130.5 131.2 134.0 153.3 145.0
2024M03 2024M03
Chart 6: Consumer price inflation in selected economies, January 2021 - Feb
Year-on-year % change and % per annum

United States Euro Area

12.0 6.0 12.0

10.0 5.0 10.0

8.0 4.0 8.0

6.0 3.0 6.0

4.0 2.0 4.0

2.0 1.0 2.0

0.0 0.0 0.0

1 1 1 1 2 2 2 2 3 3 3 3 4 21 1 1 1 2 2 2 2
an
-2
pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2 n- pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2
J A J O J A J O J A J O J Ja A J O J A J O J

Japan China
6.0 3.0 3.0

5.0 2.5 2.5

4.0 2.0 2.0

3.0 1.5 1.5

2.0 1.0 1.0

1.0 0.5 0.5

0.0 0.0 0.0

-1.0 -0.5 -0.5

-2.0 -1.0 -1.0

1 1 1 1 2 2 2 2 3 3 3 3 4 21 r-21 l-21 t-21 22 r-22 l-22 t-22
an
-2 r-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2 n- u c n- n-
2
J A p J O J A J O J A J O J J a A p J O J a Ap Ju Oc Ja

Brazil South Africa

16.0 16.0 10.0

14.0 14.0
8.0
12.0 12.0

10.0 10.0 6.0

8.0 8.0

6.0 6.0 4.0

4.0 4.0
2.0
2.0 2.0

0.0 0.0 0.0

-2
1 1 1 1 2 2 2 2 3 3 3 3
r-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2
4 21 r-21 l-21 t-21 22 r-22 l-22 t-22 2
an n- u c n- Ju n-
J A p J O J A J O J A J O J J a A p J O J a Ap Oc Ja
 4.0 4.0
2.0
2.0 2.0

0.0 0.0 0.0

-2
1 1 1 1 2 2 2 2 3 3 3 3
r-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2
4 21 r-21 l-21 t-21 22 r-22 l-22 t-22 2
an n- u c n- Ju n-
J A p J O J A J O J A J O J J a A p J O J a Ap Oc Ja

CPI all items (left) CPI

Policy interest rate (right)
Source: OECD, Bank for International Settlements.
nuary 2021 - February 2023
<< Back
CPI INFLATION AND POLICY INTEREST RATES
Euro Area
6.0 Jan-21
United Sta CPI all item 1.4
5.0 CPI non-foo 1.4
Policy inter 0.1
4.0

3.0 Jan-21
China CPI all item -0.3
2.0 CPI non-food, non-energy (left)
Policy inter 3.9
1.0

0.0 Jan-21
2 3 Japan CPI all item -0.7
21 22 2 2 3 3 3
r-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2
4
n- p
Ja A J O J A J O J CPI non-foo 0.0
Policy inter -0.1
China
6.0 Jan-21
5.5
Euro Area CPI all item 0.9
CPI non-foo 1.4
5.0
Policy inter 0.0
4.5

4.0 Jan-21
South AfricCPI all item 3.3
3.5
CPI non-foo 3.3
3.0 Policy inter 3.5
2.5

2.0 Jan-21
Brazil CPI all item 4.6
21 22 r-22 l-22 t-22 23 r-23 l-23 t-23 24
a n- p J u c a n- p J u c a n- CPI non-food, non-energy (left)
J A O J A O J
Policy inter 2.0
South Africa
10.0

8.0

6.0

4.0

2.0

0.0
21 2 2 2 2 3 3 3 3 4
an
-2
pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2
J A J O J A J O J
 2.0

0.0
21 2 2 2 2 3 3 3 3 4
an
-2
pr-2 ul-2 ct-2 an-2 pr-2 ul-2 ct-2 an-2
J A J O J A J O J

ms (left) CPI non-food, non-energy (left)

erest rate (right)
D POLICY INTEREST RATES

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
1.7 2.6 4.2 5.0 5.4 5.4 5.3 5.4 6.2 6.8
1.3 1.6 3.0 3.8 4.5 4.3 4.0 4.0 4.6 4.9
0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
-0.2 0.4 0.9 1.3 1.1 1.0 0.8 0.7 1.5 2.3
ood, non-energy (left)
3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9 3.9

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
-0.5 -0.4 -1.1 -0.8 -0.5 -0.3 -0.4 0.2 0.1 0.6
0.0 0.0 -0.9 -0.9 -0.9 -0.6 -0.5 -0.5 -0.7 -0.6
-0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
0.9 1.3 1.6 2.0 1.9 2.2 3.0 3.4 4.1 4.9
1.1 0.9 0.7 1.0 0.9 0.7 1.6 1.9 2.1 2.6
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
2.9 3.1 4.5 5.2 5.1 4.7 5.0 5.1 5.0 5.4
2.6 2.5 3.0 3.1 3.4 3.0 3.3 3.3 3.2 3.2
3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.8

Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 Nov-21
5.2 6.1 6.8 8.1 8.3 9.0 9.7 10.2 10.7 10.7
ood, non-energy (left)
2.0 2.8 2.8 3.5 4.3 4.3 5.3 6.3 7.8 7.8
Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
7.0 7.5 7.9 8.5 8.3 8.6 9.1 8.5 8.3 8.2
5.5 6.0 6.4 6.5 6.2 6.0 5.9 5.9 6.3 6.6
0.1 0.1 0.1 0.4 0.4 0.9 1.6 2.4 2.4 3.1

Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
1.5 0.9 0.9 1.5 2.1 2.1 2.5 2.7 2.5 2.8

3.8 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7

Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
0.8 0.5 0.9 1.2 2.5 2.5 2.4 2.6 3.0 3.0
-0.7 -1.1 -1.0 -0.7 0.8 0.8 1.0 1.2 1.6 1.8
-0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1

Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
5.0 5.1 5.9 7.4 7.5 8.1 8.7 8.9 9.2 9.9
2.6 2.3 2.7 3.0 3.5 3.8 3.8 4.1 4.3 4.8
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.5 0.5 1.3

Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
5.9 5.7 5.7 6.1 6.0 6.6 7.4 8.1 7.9 7.8
3.5 3.6 3.5 3.9 4.1 4.3 4.4 4.8 4.8 5.1
3.8 4.0 4.0 4.3 4.3 4.8 4.8 5.5 5.5 6.3

Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22
10.1 10.4 10.5 11.3 12.1 11.7 11.9 10.1 8.7 7.2

9.3 9.3 10.8 11.8 11.8 12.8 13.3 13.3 13.8 13.8
Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
7.7 7.1 6.5 6.4 6.0 5.0 4.9 4.0 3.0 3.2
6.3 6.0 5.7 5.6 5.5 5.6 5.5 5.3 4.8 4.7
3.1 3.9 4.4 4.4 4.6 4.9 4.9 5.1 5.1 5.4

Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
2.1 1.6 1.8 2.1 1.0 0.7 0.1 0.2 0.0 -0.3

3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.7 3.6 3.6

Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
3.7 3.8 4.0 4.3 3.3 3.2 3.5 3.2 3.3 3.3
2.5 2.8 3.0 3.2 3.5 3.8 4.1 4.3 4.2 4.3
-0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1

Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
10.6 10.1 9.2 8.7 8.5 6.9 7.0 6.1 5.5 5.3
5.0 5.0 5.2 5.3 5.6 5.7 5.6 5.4 5.5 5.5
1.3 2.0 2.5 2.5 3.0 3.5 3.5 3.8 4.0 4.0

Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
7.8 7.7 7.5 7.2 7.3 7.3 7.1 6.6 5.7 4.8
5.3 5.4 5.3 5.3 5.6 5.6 5.6 5.5 5.4 4.9
6.3 7.0 7.0 7.3 7.3 7.8 7.8 8.3 8.3 8.3

Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23
6.5 5.9 5.8 5.8 5.6 4.7 4.2 3.9 3.2 4.0

13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8 13.8
Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24
3.7 3.7 3.2 3.1 3.4 3.09 3.15
4.3 4.1 4.0 4.0 4.0 4 3.9
5.4 5.4 5.4 5.4 5.4 5.375 5.375

Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

0.1 0.0 -0.2 -0.5 -0.3 -0.8 0.7

3.5 3.5 3.5 3.5 3.5 3.5

Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

3.2 3.0 3.3 2.8 2.6 2.2
4.3 4.2 4.0 3.8 3.7 3.5
-0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.1

Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

5.2 4.3 2.9 2.4 2.9 2.8 2.6
5.3 4.5 4.2 3.6 3.4 3.3 3.1
4.3 4.5 4.5 4.5 4.5 4.5 4.5

Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

4.8 5.5 6.1 5.6 5.2 5.4
4.8 4.6 4.6 4.5 4.5 4.6
8.3 8.3 8.3 8.3 8.3 8.25 8.25

Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24

4.6 5.2 4.8 4.7 4.6 4.5 4.5

13.3 12.8 12.8 12.3 11.8 11.8

Chart 7: Contributions to world trade volume growth by region, 2022-2024
Annual % change

Exports
5.0 5.0

4.0 4.0 3.7

2.9 3.0
3.0 3.0
2.3
2.0 2.0

1.0 1.0

0.0 0.0

-1.0 -0.6 -1.0

-2.0 -2.0

-3.0 -3.0
2022 2023 2024 2025 2022
North America Europe Asia Rest of World World North America

Source: WTO-UNCTAD.
2022-2024
<< Back

Imports
5.0

4.0 3.7 3.6

3.0
2.3
2.0

1.0

0.0

-1.0

-2.0
-1.8

-3.0
2022 2023 2024 2025
North America Europe Asia Rest of World World
 Exports Imports

2022 2023 2024 2025 2022

World 2.3 -0.6 2.9 3.0 World 3.7
North Amer 0.5 0.5 0.5 0.5 North Amer 1.0
Europe 1.4 -1.0 0.6 1.0 Europe 2.1
Asia 0.2 0.0 1.3 1.3 Asia -0.3
Rest of Wo 0.3 -0.1 0.5 0.2 Rest of Wo 0.8
2023 2024 2025
-1.8 2.3 3.6
-0.4 0.2 0.6
-1.7 0.0 1.1
-0.2 1.9 1.6
0.5 0.2 0.3
Chart 8: Merchandise exports and imports by region, 2019Q1-2024Q4
Volume index, 2019=100

Exports I
130 140

120 130

120
110

110
100
100

90
90

80
80

70 70
2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4

2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
North America South America a Europe CIS b Africa
Middle East Asia

a Refers to South and Central America and the Caribbean.

b Refers to Commonwealth of Independent States, including certain associate and former member States.
Source: WTO and UNCTAD.
 << Back

Imports 2019Q1
2019Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2019Q3
2019Q4
2020Q1
2020Q2
2020Q3
2020Q4
2021Q1
2021Q2
2021Q3
2021Q4
2022Q1
2022Q2
2022Q3
2022Q4
2023Q1
2023Q2
2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4

2023Q3
2023Q4
2024Q1
2024Q2
2024Q3
2024Q4
2025Q1
2025Q2
2025Q3
2025Q4
Exports Imports
North AmerSouth America
Europe CIS
a b
Africa Middle EasAsia North Amer
100.0065 102.7186 100.9725 102.1875 100.7355 102.5314 99.44156 2019Q1 100.867
100.2881 100.1838 99.67276 96.43651 100.015 101.4168 100.5054 2019Q2 100.4745
100.2201 97.98042 99.73868 103.689 100.8405 99.49292 101.4852 2019Q3 100.6716
99.48532 99.1171 99.61609 97.68695 98.40897 96.55892 98.5678 2019Q4 97.98692
98.75789 98.28445 96.04066 100.3675 100.2127 101.4383 95.2475 2020Q1 96.51818
74.84289 91.24299 79.24949 98.68329 82.81091 80.59297 91.4739 2020Q2 83.13752
91.74989 94.82383 94.64457 92.3396 91.12015 93.3516 101.8307 2020Q3 96.06278
96.31307 95.55313 98.90112 89.71744 91.60373 88.094 106.9279 2020Q4 101.709
97.03654 97.68157 99.23986 88.44836 92.92702 86.94069 112.6339 2021Q1 104.3268
96.24181 102.8536 101.2327 94.87272 99.9614 90.20215 112.3354 2021Q2 104.7401
94.46252 100.1687 100.0159 96.77559 97.25823 91.39355 110.9192 2021Q3 104.6535
98.88794 100.0591 102.7048 98.44286 96.22671 94.89421 115.8331 2021Q4 109.1304
97.56009 102.5885 103.4254 99.12637 93.43908 95.14687 116.6092 2022Q1 112.8149
99.75254 102.4911 104.797 83.92733 92.66313 96.35313 115.4206 2022Q2 112.9385
103.4789 105.4285 106.365 88.10258 92.51891 98.02623 114.971 2022Q3 111.755
101.936 106.0401 106.7748 87.72179 92.38988 94.58038 110.0263 2022Q4 109.7975
104.7712 105.2941 104.6073 84.03288 94.37768 93.84055 112.8024 2023Q1 109.5746
102.761 107.5746 103.0548 85.75618 96.18311 94.08467 114.88 2023Q2 109.5615
104.9846 108.3299 101.7092 86.76252 96.22882 93.16698 116.2787 2023Q3 109.2918
104.9804 109.9736 101.6047 83.73945 98.49177 97.42824 116.8645 2023Q4 109.8146
106.2488 110.2757 103.1173 87.83221 99.90681 99.01446 117.1344 2024Q1 109.1353
107.6193 110.4933 104.1516 89.22656 100.9371 99.84531 118.4703 2024Q2 110.2155
108.8039 110.8512 105.0086 90.42266 102.1342 101.0859 119.6604 2024Q3 111.2315
109.7943 111.1004 105.7295 90.72674 102.743 101.4137 120.6679 2024Q4 112.1922
110.7367 111.3401 106.4167 90.54207 102.853 101.1826 121.6446 2025Q1 113.1044
111.6552 111.8584 107.0999 90.83652 103.3705 101.9134 122.5806 2025Q2 113.973
112.5652 112.5598 107.7905 91.4681 104.3672 103.3223 123.4883 2025Q3 114.8021
113.441 113.1152 108.4724 91.43277 104.874 103.7391 124.3574 2025Q4 115.5946
South America
Europe
a
CIS b Africa Middle EasAsia
100.2324 102.2391 94.22997 99.02953 96.64519 98.61326
101.6718 99.80789 100.4281 101.4739 100.6934 100.6362
101.5026 99.77196 103.5202 100.2721 102.5976 101.068
96.59319 98.18107 101.8217 99.2245 100.0639 99.68254
96.3142 95.79002 96.31549 98.1628 103.2844 98.05823
79.28587 80.60698 89.90001 81.40449 85.46992 93.29229
83.13327 94.44681 92.43358 90.3264 92.70175 97.10265
96.81175 99.47629 96.41885 92.9498 98.61589 102.4464
106.4483 98.86212 106.0796 90.44299 87.46188 108.2332
111.6928 101.1235 113.9652 89.67699 88.29339 109.4325
110.8901 100.6353 107.6819 87.26359 85.94374 107.2716
117.7566 105.6433 110.1894 90.07338 92.46403 109.3145
120.0235 107.7831 105.0907 97.93255 96.43884 109.3453
120.1824 109.1065 90.81488 95.58578 100.6343 108.7565
122.5232 109.2631 105.1673 98.12939 107.3377 110.9022
115.554 108.5764 114.5302 95.15586 105.9095 107.4169
112.9733 106.3251 122.8046 92.09013 110.8641 107.2371
117.1274 105.1788 129.9549 96.28715 111.9329 107.3595
116.7547 103.0727 123.8509 94.43402 115.4849 107.7505
115.681 101.3828 118.8633 95.31177 115.7876 109.8909
117.0065 102.8786 117.6294 97.17986 114.9284 111.773
118.0211 103.9349 118.6958 98.17357 114.5855 113.4368
119.391 104.8234 119.6926 99.61803 114.6927 114.9652
120.2025 105.6287 120.6196 99.74908 115.1223 116.2844
120.6464 106.3974 121.4769 99.06166 115.7899 117.6067
121.8281 107.1569 122.2644 99.63996 116.6401 118.8712
123.6233 107.9239 122.9823 101.0923 117.6361 120.0958
124.8302 108.7093 123.6304 101.1541 118.754 121.2929
Chart 9: Global Purchasing Managers' Index and Export Orders, January 2018 - Dec
Diffusion Index, base=50

PMIs New Ex
60 60

50 50

40 40

30 30
Manufacturing PMI
Services PMI

20 20

Note: Values greater than 50 indicate expansion while values less than 50 denote contraction except for supplier delivery
represent faster shipments.
Source: J.P. Morgan and S&P Global.
anuary 2018 - December 2023
<< Back

New Export Orders Jan-2019

Feb-2019
Mar-2019
Apr-2019
May-2019
Jun-2019
Jul-2019
Aug-2019
Sep-2019
Oct-2019
Nov-2019
Dec-2019
Jan-2020
Feb-2020
Manufacturing new export orders Mar-2020
Services new export orders Apr-2020
May-2020
Jun-2020
Jul-2020
Aug-2020
Sep-2020
xcept for supplier delivery times, where larger numbers Oct-2020
Nov-2020
Dec-2020
Jan-2021
Feb-2021
Mar-2021
Apr-2021
May-2021
Jun-2021
Jul-2021
Aug-2021
Sep-2021
Oct-2021
Nov-2021
Dec-2021
Jan-2022
Feb-2022
Mar-2022
Apr-2022
May-2022
Jun-2022
Jul-2022
Aug-2022
Sep-2022
Oct-2022
Nov-2022
Dec-2022
Jan-2023
Feb-2023
Mar-2023
Apr-2023
May-2023
Jun-2023
Jul-2023
Aug-2023
Sep-2023
Oct-2023
Nov-2023
Dec-2023
Jan-2024
Feb-2024
Mar-2024
Manufacturing PMI Manufacturing new export orders
50.7 49.4 Jan-2019
50.6 49.1 Feb-2019
50.5 49.0 Mar-2019
50.5 49.1 Apr-2019
49.8 49.1 May-2019
49.4 48.9 Jun-2019
49.3 48.3 Jul-2019
49.5 47.5 Aug-2019
49.7 48.0 Sep-2019
49.8 49.0 Oct-2019
50.3 49.0 Nov-2019
50.1 49.2 Dec-2019
50.3 49.5 Jan-2020
47.1 45.0 Feb-2020
47.3 43.0 Mar-2020
39.6 27.1 Apr-2020
42.4 32.3 May-2020
48.0 43.5 Jun-2020
50.6 47.2 Jul-2020
51.8 49.9 Aug-2020
52.4 51.7 Sep-2020
53.1 51.3 Oct-2020
53.8 51.8 Nov-2020
53.8 51.1 Dec-2020
53.6 50.2 Jan-2021
54.0 51.1 Feb-2021
55.0 53.4 Mar-2021
55.8 54.7 Apr-2021
56.0 54.9 May-2021
55.5 53.1 Jun-2021
55.4 52.7 Jul-2021
54.1 51.0 Aug-2021
54.1 51.0 Sep-2021
54.2 50.6 Oct-2021
54.2 51.4 Nov-2021
54.3 51.2 Dec-2021
53.2 49.7 Jan-2022
53.8 51.0 Feb-2022
53.0 48.1 Mar-2022
52.3 48.3 Apr-2022
52.4 48.0 May-2022
52.2 49.5 Jun-2022
51.1 48.0 Jul-2022
50.3 47.0 Aug-2022
49.8 45.9 Sep-2022
49.4 46.2 Oct-2022
48.8 46.2 Nov-2022
48.7 46.2 Dec-2022
49.1 47.5 Jan-2023
49.9 48.3 Feb-2023
49.6 47.7 Mar-2023
49.6 48.4 Apr-2023
49.5 47.3 May-2023
48.7 47.1 Jun-2023
48.6 46.4 Jul-2023
49.0 47.0 Aug-2023
49.2 47.6 Sep-2023
48.8 47.5 Oct-2023
49.3 48.1 Nov-2023
49.0 48.1 Dec-2023
50.0 48.8 Jan-2024
50.3 49.4 Feb-2024
Mar-2024
Stocks of finished goods Delivery times Services PMI
49.5 47.8 Jan-2019 52.7
49.0 48.3 Feb-2019 53.2
50.0 48.9 Mar-2019 53.7
49.5 49.2 Apr-2019 52.9
49.1 49.9 May-2019 51.6
49.4 50.1 Jun-2019 52.0
48.8 50.2 Jul-2019 52.5
49.4 49.9 Aug-2019 51.8
49.3 49.9 Sep-2019 51.4
48.2 49.8 Oct-2019 51.0
48.8 49.9 Nov-2019 51.6
49.2 49.7 Dec-2019 51.9
48.7 49.4 Jan-2020 52.7
48.1 42.6 Feb-2020 47.3
48.6 40.9 Mar-2020 36.6
46.4 37.7 Apr-2020 23.5
45.8 42.1 May-2020 34.9
47.6 45.9 Jun-2020 47.7
47.7 47.0 Jul-2020 50.6
48.0 46.9 Aug-2020 51.9
47.7 45.9 Sep-2020 51.9
47.8 45.6 Oct-2020 52.7
48.1 43.3 Nov-2020 52.0
47.8 41.7 Dec-2020 51.7
48.2 40.9 Jan-2021 51.5
47.9 38.8 Feb-2021 52.7
47.0 38.5 Mar-2021 54.6
47.4 37.6 Apr-2021 56.9
47.3 37.3 May-2021 59.2
45.9 36.0 Jun-2021 57.2
47.0 36.0 Jul-2021 56.2
47.9 36.1 Aug-2021 52.7
48.6 36.5 Sep-2021 53.7
48.4 34.7 Oct-2021 55.5
48.7 36.4 Nov-2021 55.5
48.7 37.8 Dec-2021 54.6
48.6 38.0 Jan-2022 51.0
48.1 39.4 Feb-2022 53.9
48.6 38.7 Mar-2022 53.5
48.8 35.8 Apr-2022 52.2
48.8 38.8 May-2022 52.0
50.0 42.2 Jun-2022 53.7
50.5 42.8 Jul-2022 51.0
50.6 44.8 Aug-2022 49.2
50.6 45.7 Sep-2022 49.9
50.3 46.5 Oct-2022 49.1
50.7 47.3 Nov-2022 48.1
49.6 47.8 Dec-2022 48.0
48.2 49.0 Jan-2023 50.0
49.4 51.0 Feb-2023 52.5
49.9 52.6 Mar-2023 54.3
50.0 53.3 Apr-2023 55.3
49.7 53.4 May-2023 55.3
48.6 52.3 Jun-2023 53.8
49.0 51.9 Jul-2023 52.6
49.2 51.2 Aug-2023 51.0
48.6 51.0 Sep-2023 50.7
49.4 50.5 Oct-2023 50.4
49.3 50.5 Nov-2023 50.6
49.3 50.1 Dec-2023 51.6
49.0 49.0 Jan-2024 52.3
49.0 50.1 Feb-2024 52.4
Mar-2024
Services new export orders
49.6
50.8
50.7
50.8
50.3
50.0
51.0
49.5
48.8
49.2
49.3
49.8
49.4
45.9
34.8
21.8
29.8
44.3
44.4
46.8
46.6
45.9
46.1
45.4
47.1
47.3
48.9
50.7
50.9
51.9
51.5
49.5
48.8
49.3
51.3
50.5
50.1
51.7
50.5
51.0
50.8
48.5
48.2
48.0
48.5
46.8
48.0
48.1
48.7
49.9
51.5
51.9
53.5
52.2
52.1
50.7
49.1
49.9
49.6
49.3
50.6
50.4
Chart 10: RWI/ISL container throughput index, January 2019-January 2024
Seasonally-adjusted index, 2015=100 << Back RWI/ISL-Container-Throughput-Index (2
150.0
Total a
140.0
Jan-19 116.4
Feb-19 115.3
130.0 Mar-19 114.5
Apr-19 116.0
120.0 May-19 115.3
Jun-19 115.2
Jul-19 117.2
110.0
Aug-19 116.2
Sep-19 117.2
100.0 Oct-19 116.6
Nov-19 115.4
90.0 Dec-19 115.0
9 9 9 9 0 0 0 0 1 1 1 1 2 2 2 2 3 3 3 3 4 Jan-20 115.9
n-1 r-1 l-1 t-1 n-2 r-2 l-2 t-2 n-2 r-2 l-2 t-2 n-2 r-2 l-2 t-2 n-2 r-2 l-2 t-2 n-2
Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Ap Ju Oc Ja Feb-20 107.8
Total a North range b China Total excl. China Mar-20 109.3
Apr-20 107.2
Source: RWI - Leibniz Instutute for Economic Research and Institute for Shipping Economics and Logistics (ISL). May-20 105.4
a Based on throughput data from 92 ports accounting for approximately 64 percent of global container traffic. Jun-20 108.8
b Summarizes troughput of the ports of Le Havre, Zeebrugge, Antwerp, Rotterdam, Bremen/Bremerhaven and Hamburg. Jul-20 115.4
Aug-20 116.0
Sep-20 121.2
Oct-20 124.4
Nov-20 123.6
Dec-20 122.4
Jan-21 124.0
Feb-21 123.1
Mar-21 124.9
Apr-21 124.2
May-21 123.3
Jun-21 121.7
Jul-21 120.7
Aug-21 122.9
Sep-21 123.1
Oct-21 124.0
Nov-21 123.7
Dec-21 124.4
Jan-22 124.9
Feb-22 126.2
Mar-22 124.8
Apr-22 122.6
May-22 125.0
Jun-22 125.9
Jul-22 125.7
Aug-22 124.2
Sep-22 122.9
Oct-22 121.6
Nov-22 121.3
Dec-22 123.4
Jan-23 119.2
Feb-23 119.9
Mar-23 121.6
Apr-23 122.7
May-23 123.2
Jun-23 123.9
Jul-23 123.3
Aug-23 124.1
Sep-23 125.7
Oct-23 124.2
Nov-23 125.9
Dec-23 125.7
Jan-24 126.5
Feb-24
Mar-24
ontainer-Throughput-Index (2015=100)

North China Total excl.

range b China
107.4 120.3 114.2
116.9 115.3 114.4
111.7 115.4 115.2
116.4 118.9 115.0
115.9 117.9 114.0
114.0 118.0 115.7
113.5 118.3 117.1
113.8 118.6 115.5
111.5 119.1 114.9
112.1 117.8 115.2
109.1 116.3 113.6
108.0 115.6 112.7
112.8 115.1 115.9
109.8 99.1 110.6
111.4 114.4 107.8
108.9 112.3 105.5
105.6 114.1 101.3
103.7 121.9 102.9
114.0 125.7 109.8
111.1 124.8 112.0
114.4 130.0 114.6
118.0 133.2 118.3
120.0 129.0 119.3
118.5 124.7 118.8
122.4 130.5 120.4
116.7 128.8 118.3
120.1 129.8 123.0
119.3 130.9 121.8
120.4 127.9 121.6
123.0 127.7 119.9
119.6 123.9 119.4
117.6 130.5 119.0
118.4 128.2 118.9
118.5 131.5 118.6
121.7 129.5 119.1
118.2 128.1 119.8
121.8 130.3 122.4
109.8 132.1 121.6
118.3 132.8 121.2
113.3 131.0 119.6
117.5 133.6 120.6
113.0 135.3 121.9
109.5 134.9 120.5
114.8 131.9 119.7
114.6 130.7 117.2
109.9 131.1 115.5
107.4 133.3 113.2
110.5 137.1 113.8
101.9 131.2 112.2
108.7 129.4 112.5
98.5 135.6 113.9
109.1 136.5 117.1
105.9 137.2 115.3
106.5 139.0 115.7
107.4 136.9 115.8
104.7 138.6 115.7
103.4 138.5 117.4
103.4 136.1 116.4
102.0 137.7 118.4
101.5 137.0 117.8
99.4 142.8 116.9
Chart 11: Relationship between merchandise trade growth and GDP growth
Ratio in real terms
3.5

2.9 2.8
3.0
2.7
2.5 2.5 2.4
2.4
2.5 2.3

1.9 1.9
2.0
1.6 1.5 1.6 1.6 1.6 1.6 1.5
1.4 1.4 1.5 1.5
1.5 1.2
1.1
1.0 1.0 1.0
1.0 0.8 0.9 0.9 0.7
0.5
0.5
0.2
0.0
0.0
-0.4
-0.5
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Ratio of trade growth to GDP growth 5-year moving average
Note: GDP is weighted at market exchange rates.
Source: WTO for trade, consensus estimates for GDP.
<< Back
1981 1982 1983 1984 1985 1986
Ratio of t 0.1 -10.9 1.1 1.9 1.0 1.3
5-year moving average -1.4 -1.1
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996
1.5 1.9 1.8 1.4 2.7 2.9 2.5 2.8 2.5 1.4
1.3 1.5 1.5 1.6 1.8 2.1 2.3 2.5 2.7 2.4
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
2.4 1.6 1.5 2.4 0.0 1.6 1.9 2.3 1.6 1.9
2.3 2.2 1.9 1.9 1.6 1.4 1.5 1.7 1.5 1.9
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
1.5 1.1 1.6 0.8 0.9 0.9 0.7 0.5
1.8 1.7 1.5 1.4 1.2 1.04 0.96 0.75
2017 2018 2019 2020 2021 2022 2023 2024 2025
1.5 1.0 0.2 1.6 1.5 1.0 -0.4 1.0 1.2
0.88 0.91 0.77 0.95 1.15 1.06 0.77 0.94 0.87
Chart 12: Trade within and between hypothetical geopolitical blocs (left)
bloc and within bloc trade (right)

Trade within and between hypothetical geopolitical blocs Difference of betwe

115 60

50
105
40

30
95
20

85 10

75
-10

-20
65
-30

55 -40
01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10
8M 8M 8M 8M 9M 9M 9M 9M 0M 0M 0M 0M 1M 1M 1M 1M 2M 2M 2M 2M 3M 3M 3M 3M 8M 8M 8M 8M 9M 9M 9M 9M 0M
1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 2
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 2
Trade within East/West Trade between East and West
Average 2018-2021
War in Ukraine

Source: Blanga-Gubbay and Rubínová (2023)

Note: Seasonally adjusted series. Russian Federation, Belarus, and Ukraine and excluded. Left-hand series indexed at 100 in January 20
cal blocs (left) and the difference of between

<< Back
Difference of between bloc and within bloc trade (right) 2018M01
2018M02
2018M03
2018M04
2018M05
2018M06
2018M07
2018M08
2018M09
2018M10
2018M11
2018M12
2019M01
2019M02
2019M03
2019M04
2019M05
2019M06
04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 01 04 07 10 2019M07
8M 8M 9M 9M 9M 9M 0M 0M 0M 0M 1M 1M 1M 1M 2M 2M 2M 2M 3M 3M 3M 3M 2019M08
01 201 201 201 201 201 202 202 202 202 202 202 202 202 202 202 202 202 202 202 202 202
2019M09
Average 2018-2021 Average 2022-2023 War in Ukraine
2019M10
2019M11
2019M12
dexed at 100 in January 2022. Right-hand series indexed at 0 in January 2022.

2020M01
2020M02
2020M03
2020M04
2020M05
2020M06
2020M07
2020M08
2020M09
2020M10
2020M11
2020M12
2021M01
2021M02
2021M03
2021M04
2021M05
2021M06
2021M07
2021M08
2021M09
2021M10
2021M11
2021M12
2022M01
2022M02
2022M03
2022M04
2022M05
2022M06
2022M07
2022M08
2022M09
2022M10
2022M11
2022M12
2023M01
2023M02
2023M03
2023M04
2023M05
2023M06
2023M07
2023M08
2023M09
2023M10
Trade withTrade between East and West differenc
85.73606 78.80389 War in Ukraine 2018M01 3.461565
82.80547 76.37142 50 0 2018M02 7.168354
81.70065 73.98698 50 1 2018M03 6.279151
85.4088 76.24007 2018M04 0.303589
84.3435 78.01669 2018M05 5.797454
81.80293 74.8142 2018M06 7.30657
83.40791 78.42986 2018M07 8.834809
81.6294 77.744 2018M08 12.31599
78.41518 74.41056 2018M09 15.34443
84.19608 79.05426 2018M10 7.791464
81.67944 75.21336 2018M11 8.244493
76.55607 70.23634 2018M12 13.59592
84.41036 78.10434 2019M01 5.762981
80.65993 72.70415 2019M02 6.942615
78.76462 71.04851 2019M03 9.211402
84.18076 76.58782 2019M04 3.987205
83.73873 75.22192 2019M05 2.989565
76.59959 69.58704 2019M06 12.47279
83.71339 75.67847 2019M07 3.765811
78.02097 70.62769 2019M08 10.45811
78.09996 69.67495 2019M09 8.771373
81.03085 72.03492 2019M10 4.950833
77.6676 70.02026 2019M11 10.41558
78.0414 70.74306 2019M12 10.58564

81.8636 72.44342 2020M01 3.456954

80.18233 69.98892 2020M02 3.933308
72.6458 64.67018 2020M03 14.92583
62.49604 65.45291 2020M04 42.11164
58.4051 61.47881 2020M05 46.38465
67.2284 66.79315 2020M06 32.09336
73.57627 70.36912 2020M07 21.42604
72.62226 67.63275 2020M08 19.6026
78.72292 72.13022 2020M09 11.00371
77.40202 72.39751 2020M10 14.79946
80.36259 75.47216 2020M11 12.01668
84.25098 78.96524 2020M12 7.512273
82.76584 79.76202 2021M01 12.55332
85.25555 82.31226 2021M02 10.15793
91.02903 89.87329 2021M03 7.169994
92.80054 88.88688 2021M04 1.100832
89.85985 85.42738 2021M05 3.233036
94.61827 88.97598 2021M06 -3.410653
91.85841 86.92207 2021M07 0.449318
90.26181 88.07633 2021M08 6.332564
93.73955 91.34193 2021M09 2.524246
92.54334 88.59463 2021M10 1.303376
99.20829 96.82957 2021M11 -2.915019
101.9236 99.0681 2021M12 -6.373273
100 100 2022M01 0
101.8408 97.29015 2022M02 -8.93212
109.1178 103.4214 2022M03 -17.99439
108.0122 99.55625 2022M04 -21.18906
109.9258 101.8234 2022M05 -22.55157
109.756 104.2334 2022M06 -18.36181
104.8122 99.58469 2022M07 -12.95813
108.2058 102.8867 2022M08 -16.49441
105.3919 99.98316 2022M09 -13.82026
100.2634 94.52262 2022M10 -9.209172
104.4191 93.05752 2022M11 -22.12386
104.3025 91.84315 2022M12 -23.71786
105.6735 92.13117 2023M01 -26.77642
103.8553 93.51475 2023M02 -19.9689
106.1381 93.48089 2023M03 -25.86182
101.2703 89.72877 2023M04 -19.25546
106.2287 93.04614 2023M05 -26.7709
102.9019 88.91 2023M06 -24.70544
100.1137 86.89265 2023M07 -20.71609
100.8038 87.5397 2023M08 -21.47311
97.81567 87.30709 2023M09 -14.19115
100.2991 89.7008 2023M10 -16.81452
Average 2 Average 2022-2023
9.407396 War in Ukraine
9.407396 50 -40
9.407396 50 60
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396

9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
9.407396
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
-18.35848
Chart 13: Year-on-year merchandise trade growth by product
% change in US$ values << Back
2023/20222023/2019
-30 -20 -10 0 10 20 30 40 50
Total merc -5 25
-5
Total merchandise
25
Agricultura -2 32
of which: f 1 36
-2 Fuels and -18 41
Agricultural products
32
of which: f -19 43
of which: food
1 Manufactu -3 20
36 Iron and st -15 28
-18 Chemicals -9 28
Fuels and mining products
41 Office and -9 16
-19 of which: -11 32
of which: fuels
43 Autmotive 17 20
Other mach 4 27
-3
Manufactures Textiles -13 0
20
Clothing -10 5
-15
Iron and steel
28

-9
Chemicals
28

-9
Office and telecom. equip.
16

-11
of which: electronic components
32

17
Autmotive products
20

4
Other machinery a
27

-13
Textiles
0

-10
Clothing
5

2023/2019 2023/2022
Source: WTO for total merchandise, secretariat estimates for products.
a Includes electrical machinery, non-electrical machinery and power generating equipment.

Total merchandise
Agricultural products
of which: food
Fuels and mining products
of which: fuels
Manufactures
Iron and steel
Chemicals
Office and telecom. equip.
of which: electronic components
Autmotive products
Other machinery a
Textiles
Clothing
Chart 14: Merchandise trade of LDCs, 2019 ‑2023
Billion US$ and % shares

Merchandise trade of LDCs, 2019-2023 Merchandise trade of LDCs,

Billion dollars Share in world trade

355 1.43 1.40 1.40

308 316

271
1.07 1.08 1.08
244
269
256
234
197
186

2019 2020 2021 2022 2023 2019 2020 2021

Exports Imports Exports Imports

Source: WTO‑UNCTAD estimates.
 << Back
Merchandise trade of LDCs, 2019-2023
rchandise trade of LDCs, 2019-2023 Billion dollars
Share in world trade, %
2019
Exports 197
1.40 1.40 1.41
1.33 Imports 271

08 1.08 1.10 1.10 Share in world, %

2019
Exports 1.07
Imports 1.43

2020 2021 2022 2023

Exports Imports
trade of LDCs, 2019-2023
Billion dollars
2020 2021 2022 2023
186 234 269 256
244 308 355 316

Share in world, %
2020 2021 2022 2023
1.08 1.08 1.10 1.10
1.40 1.40 1.41 1.33
Chart 15: Merchandise trade balances of the LDCs, 2018-
2023
Billion US$
40.0
23.7
20.0 12.7 15.5 14.3
6.5
13.1
0.0 -4.0
-8.3 1.3 -8.5

-20.0
-28.3 -31.1 -29.1
-32.2
-36.1
-40.0 -34.0 -35.8
-41.6

-60.0 -65.5
-58.6 -59.5
-60.0
-80.0 -73.3
-73.6
-86.5
-100.0
2019 2020 2021 2022 2023

LDC (Least developed countries) LDC exporters of agriculture

LDC exporters of manufactures LDC oil exporters
LDC exporters of non-fuel minerals
Source: WTO-UNCTAD.
<< Back 2019 2020 2021 2022 2023
LDC (Least -73.6 -58.6 -73.3 -86.5 -60.0
LDC exporte -32.2 -28.3 -31.1 -36.1 -35.8
LDC export -41.6 -34.0 -65.5 -59.5 -29.1
LDC oil exp 12.7 1.3 15.5 23.7 14.3
LDC exporte -8.3 6.5 13.1 -8.5 -4.0
Chart 16: Merchandise exports of LDCs by major product group, 2023
% change
Fuels and mining Other products (incl.
Agricultural Products products Manufactures non-monetary gold)
10

5 4.0
Annual percentage change, %

-5

-10 -8.7

-12.6
-15

-16.5
-20

Source: WTO estimates based on the reported import data of 114 economies (Trade Data Monitor).
<< Back
LDC exports by product
Agricultura -8.7
Fuels and -16.5
Manufactu -12.6
Other prod 4.0
Chart 17: Year-on-year growth in world commercial services trade, 2022-2023
Annual % change

s s
ice vice s
v r
se
r
ls
e vice
r
ic al cia se
er er ed
m m lat
t om
om or rc s-r
e
lc sp el d
t a an av he o
To Tr Tr Ot Go
80 71
70
60
50
38
40 31 30
30 24 25
15 18
20 9 9 8
4 3 7
10
0
-10
-20 -8

2022 2023 2023 vs. 2019

Note: Average of exports and imports.
Source: WTO-UNCTAD estimates.
<< Back

2022 2023 2023 vs. 2019

Total commercial services 15 9 24
Transport 25 -8 31
Travel 71 38 4
Other commercial services 3 9 30
Goods-related services 8 7 18
23 vs. 2019
Chart 18: Growth of other commercial services exports by main subsector, 2022-2023
Annual % change

2023 2022

Other business services 10%

7%

Computer services 11%

6%

Financial services 8%
-4%

Intellectual property related services 1%

-2%

Insurance services 5%

Personal, cultural, and recreational services 4%

8%

Telecommunications services 9%
4%

Construction 3%
1%

Information services 11%

11%
-10% -5% 0% 5% 10% 15%

Annual percentage change

Note: Sectors are ranked according to their relative share in services trade.
Source: WTO estimates.
sector, 2022-2023
<< Back

3 2022
10%
7%

11%
6%

8%

17%
5%

4%
8%

9%
4%

11%
11%
5% 10% 15% 20%

ual percentage change

 2022 2023
Information services 11% 11%
Construction 1% 3%
Telecommunications services 4% 9%
Personal, cultural, and recreational services 8% 4%
Insurance services 5% 17%
Intellectual property related services -2% 1%
Financial services -4% 8%
Computer services 6% 11%
Other business services 7% 10%
Chart 19: Global exports of digitally delivered services, 2005-2023
Index 2005=100
500

450 Digitally delivered

services
400

350
Index 2005=100

300
Goods
250

200

150 Other
services
100

50

0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Source: WTO estimates.

 Digitally delivered Goods Other services
<< Back services exports exports exports
2005 100 100 100
2006 116 116 111
gitally delivered 2007 142 134 131
services
2008 157 155 149
2009 147 120 130
2010 156 152 144
2011 178 183 161
Goods 2012 184 186 165
2013 197 190 175
2014 216 190 184
2015 209 165 175
2016 217 160 174
Other
services 2017 236 178 191
2018 261 195 209
2019 274 190 212
2020 311 175 123
2021 365 222 155
9 2020 2021 2022 2023 2022 379 248 205
2023 413 234 223
Chart 20: Growth of digitally delivered services exports and goods exports by region, 2023
Annual % change

Digitally delivered services exports Goods exports

20%
15% 11% 13%
9% 9% 11%
10% 6%
5% 3%
0%
Annual percentage chnage

-5% -1% -2%

-6% -4%
-10% -7%
-15% -13%
-20% -16%
-19%
-25% -23%
-30%
ld e ia ic a e n a *
or op As er dl ea ric CI
S
r id st b Af
W Eu Am M Ea rib
rt
h Ca
o e
N th
d
an
ica
er
m
lA
ra
nt
Ce
d
an
h
ut
So

Note: Regions are ranked according to their share in global exports of digitally delivered services.
* The Commonwealth of Independent States includes certain associate and former member states.
Source: WTO estimates.
xports by region, 2023
<< Back

exports World
13% Europe
Asia
North
MiddleAmerica
East
South and Central America and the Caribbean
%
Africa
CIS*
-13%
-16%

-23%

a *
ric CI
S
Af
Digitally deGoods exports
9% -6%
11% -1%
9% -7%
3% -2%
6% -19%
11% -4%
13% -13%
-16% -23%
Chart 21: Structure of world exports of digitally delivered services, 2023
Billion US$ and % share

Intellectual property related

services
4.6
Telecommunications
10.9%
services
Financial services 1.1
6.8 2.6%
16.0%
Computer services
Insurance services
8.7
2.2
20.5%
5.2%

Audio-visuals and
other personal, Information services
cultural, and recre- 0.6
ational services Other business services 1.5%
0.9 17.5
2.1% 41.2%

Source: WTO estimates.

<< Back

2023
Insurance services 2.2
Financial services 6.8
Intellectual property related services 4.6
Telecommunications services 1.1
Computer services 8.7
Information services 0.6
Other business services 17.5
Audio-visuals and other personal, cultural, and recreational services 0.9
Chart 22: Growth of digitally delivered services exports by region and selected grou
Index, 2015=100

250 250

Rest of
the World
200 200
Index 2015=100

Index 2015=100
Europe
150 150

100 100

50
50
2015 2016 2017 2018 2019 2020 2021 2022 2023
2015 2016 20

250 250

Rest of
the World
200 200
Index 2015=100

Index 2015=100
150 150
North
America
100 100

50 50
2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 20

250 250

Middle East

200 200
Index 2015=100

Index 2015=100

Rest of
the World
150 150

100
100
Index 2015

Index 2015
150 150

100
100

50
50
2015 2016 2017 2018 2019 2020 2021 2022 2023
2015 2016 20
250 250

Rest of
the World
200 200
Index 2015=100

Index 2015=100
150 150

Commonwealth
of Independent
100 100
States*

50 50
2015 2016 2017 2018 2019 2020 2021 2022 2023 2015 2016 20

Source: WTO estimates.

gion and selected group
<< Back

250
Asia

200
Index 2015=100

Rest of
150 the World

100

50
2015 2016 2017 2018 2019 2020 2021 2022 2023

250

Rest of
the World
200
Index 2015=100

150

South and
100 Central America
& the Caribbean

50
2015 2016 2017 2018 2019 2020 2021 2022 2023

250

Rest of
the World
200
Index 2015=100

150
Africa

100
Index 2015
150

100

50
2015 2016 2017 2018 2019 2020 2021 2022 2023
250

Rest of
the World
200
Index 2015=100

150

LDCs
100

50
2015 2016 2017 2018 2019 2020 2021 2022 2023
 Africa Rest of the world
2015 100 100
2016 97 104
2017 107 113
2018 119 125
2019 119 131
2020 130 149
2021 149 175
2022 161 181
2023 181 197

Europe Rest of the world

2015 100 100
2016 103 104
2017 113 113
2018 127 122
2019 131 130
2020 148 150
2021 175 173
2022 176 187
2023 196 199

North AmerRest of the world

2015 100 100
2016 103 104
2017 113 113
2018 116 127
2019 123 133
2020 140 151
2021 159 178
2022 165 185
2023 171 204

South and CRest of the world

2015 100 100
2016 101 104
2017 108 113
2018 111 125
2019 112 131
2020 120 149
2021 135 175
2022 159 181
2023 176 197

Middle EastRest of the world

2015 100 100
2016 107 103
2017 113 113
2018 126 124
2019 131 131
2020 152 148
2021 180 174
2022 203 180
2023 215 197

Asia Rest of the world

2015 100 100
2016 105 103
2017 114 112
2018 129 123
2019 139 129
2020 162 145
2021 192 170
2022 210 173
2023 229 189

CIS Rest of the world

2015 100 100
2016 95 104
2017 104 113
2018 114 125
2019 142 131
2020 145 149
2021 172 174
2022 154 181
2023 130 198

LDCs Rest of the world

2015 100 100
2016 98 104
2017 100 113
2018 108 125
2019 115 131
2020 121 149
2021 119 175
2022 133 181
2023 145 197
Chart 23: World trade in commercial services by mode of supply, 2005-2022
Trillion US$ and % share in total goods and service trade
20.0

18.0

16.0 15.5
14.9
14.0 13.4 13.7
12.8 12.4 12.5
11.9 12.2
12.0 11.4
10.9
9.8 10.1
10.0
8.0
8.0 7.0
6.0

4.0

2.0

0.0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Mode 1 Mode 2 Mode 4

Mode 3 All modes of supply
Source: WTO estimates.
Note: Average of exports and imports.
upply, 2005-2022
<< Back
Se
2022 rvi
17.4 ce
16.4 s
15.5 42
14.9
14.3 %
13.7 Go
2.4 12.5 ods
58
%

015 2016 2017 2018 2019 2020 2021 2022

Mode 4
y
 Mode 1 Mode 2 Mode 3
2005 1.9 0.7 4.3
2006 2.2 0.8 4.8
2007 2.6 0.9 6.0
2008 2.9 1.0 7.1
2009 2.5 0.9 6.4
2010 2.9 1.0 6.7
2011 3.3 1.1 7.3
2012 3.4 1.2 7.4
2013 3.5 1.2 7.7
2014 3.7 1.3 7.9
2015 3.5 1.3 7.2
2016 3.5 1.3 7.3
2017 3.8 1.4 8.1
2018 4.2 1.5 8.7
2019 4.4 1.5 9.1
2020 4.5 0.8 8.8
2021 5.4 1.0 9.9
2022 5.9 1.4 9.9

Structure of goods and services trade

2022
Goods 24.2
Services 17.4
Mode 4 All modes of supply
0.2 7.0
0.2 8.0
0.2 9.8
0.3 11.4
0.2 10.1
0.3 10.9
0.3 11.9
0.3 12.2
0.3 12.8
0.4 13.4
0.4 12.4
0.4 12.5
0.4 13.7
0.5 14.9
0.5 15.5
0.2 14.3
0.2 16.4
0.2 17.4
Chart 24: Structure of world services trade by mode of supply, 2022
% shares
Other cross-
border
transactions
Digital deliv- (mode 1)
ery (mode 1) 13.5%
20.7%
Presence Consump-
of natural tion abroad
persons (mode 2)
(mode 4) 7.8%
1.0%

Commercial presence
(mode 3)
57.0%

Source: WTO estimates.

 Presence
<< Back Other cross- Consumpt Commerci of
border ion al natural
Digital delivery transactions abroad presence persons
(mode 1) (mode 1) (mode 2) (mode 3) (mode 4)
2022 20.7 13.5 7.8 57.0 1.0
Chart 25: World exports of non-fuel intermediate goods, 2022Q1 ‑2023Q4
Index of US dollar values 2022Q1=100 and % share

Exports of non-fuel IGs (Index 2022Q1=100) Share of non-fuel IGs in wo

106 59
104
104
58
102 101 58
100
100 57 57
57
98
96 56
96 56
96 95
55 55
94 93 93
92 54
90
53
88

86 52
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2022

Source: WTO estimates.

Q1 ‑2023Q4
<< Back

Exports of non-fuel IGs (Index, 2022Q1=100

are of non-fuel IGs in world exports (%)

Exports of non-fuel interm

58
Share of non-fuel IGs in world exports (%)
57

Percentage share in total ex

56 56
55 55

54

Q2 Q3 Q4 Q1 Q2 Q3 Q4
2022 2023
 fuel IGs (Index, 2022Q1=100)
2022 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
100 104 101 96 95 96 93 93

uel IGs in world exports (%)

2022 2023
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
57 58 57 55 56 56 55 54
Chart 26: Total bilateral trade in BEC Parts and Accessories, 2019 - 2023
% share

United States China

100 100 5.2
6.0 5.5 5.9 6.8

80 27.7 32.2 30.0 80

11.5 60
62.8 62.5 6
60
11.7 10.0
18.5 18.3
40 17.5 40

7.4 6.0
20 36.3 35.7 20 13.4 14.6 1
33.1
11.2 10.2 1
0 0
2019 2022 2023 2019 2022 2

North America Europe China Other Asia Rest of World North America Europe China Other Asia Re

European Union Japan

100 100 4.0 3.4 3.
5.3 4.4 4.4
12.3 14.0 12.6
80 7.9 9.6 80
10.9 39.7 42.7 42

60 60

65.5 23.3 23.9 22

40 61.8 64.6 40

12.5 10.7 11
20 20
20.5 19.3 20
9.0 8.8 8.9
0 0
2019 2022 2023 2019 2022 20
North America Europe China Other Asia Rest of World North America Europe China Other Asia Re

Note: Parts and accessories are defined in terms of the Broad Economic Categories (BEC) trade classification as the sum of codes 42 and 53.
Source: National customs statistics accessed through Trade Data Monitor.
2019 - 2023
<< Back

China
6.8 8.5

United States

62.5 60.2 2019 2022 2023

North Amer 36.3 33.1 35.7
Europe 18.5 17.5 18.3
6.0 5.6 China 11.5 11.7 10.0
14.6 15.5 Other Asia 27.70 32.15 30.03
Rest of Wo 6.0 5.5 5.9
10.2 10.2
Asia 39.23 43.85 40.06
2022 2023
World 100 100 100
urope China Other Asia Rest of World

Japan
3.4 3.6

42.7 42.0

23.9 22.3

10.7 11.3

19.3 20.8

2022 2023
urope China Other Asia Rest of World

odes 42 and 53.

 European Union
China
2019 2022
2019 2022 2023 North Amer 9.0 8.8
North Amer 11.18 10.16 10.24 Europe 65.5 61.8
Europe 13.37 14.64 15.45 China 7.9 10.9
China 7.39 6 5.64 Other Asia 12.3 14.0
Other Asia 62.82 62.45 60.21 Rest of Wo 5.3 4.4
Rest of Wo 5.24 6.75 8.46 Asia 20.2 24.9
Asia 70.21 68.45 65.85 CIS 1.28 0.53
World 100 100 100 World 100.0 100.0
 Japan

2023 2019 2022 2023

8.9 North Amer 20.5 19.3 20.8
64.6 Europe 12.5 10.7 11.3
9.6 China 23.3 23.9 22.3
12.6 Other Asia 39.7 42.7 42.0
4.4 Rest of Wo 4.0 3.4 3.6
22.2 CIS 0.8 0.4 0.2
0.35 Asia 63.0 66.6 64.3
100.0 World 100.0 100.0 100.0
Chart 27: Trade between the United States and China and with other partners, 2016-2023
Index, June 2018=100
150

140

130

120

110

100

90

80

70

60

50
2016M01
2016M03
2016M05
2016M07
2016M09
2016M11
2017M01
2017M03
2017M05
2017M07
2017M09
2017M11
2018M01
2018M03
2018M05
2018M07
2018M09
2018M11
2019M01
2019M03
2019M05
2019M07
2019M09
2019M11
2020M01
2020M03
2020M05
2020M07
2020M09
2020M11
2021M01
2021M03
2021M05
2021M07
2021M09
2021M11
2022M01
2022M03
2022M05
2022M07
2022M09
2022M11
2023M01
2023M03
2023M05
2023M07
2023M09
Trade of the United States and China with each other
Trade of the United States and China with other partners
Trade Tensions
War in Ukraine

Source: Blanga-Gubbay and Rubínová (2023)

Note: Data are seasonally adjusted. Russian Federation, Belarus, and Ukraine are excluded. The red line shows the evolution of
trade flows between China and the United States. The blue line shows the evolution of trade flows between the United States and
partners other than China, and between China and partners other than the United States.
ners, 2016-2023 Trade of thTrade of the United States and China with other partners
<< Back 2016M01 79.8 78.8
2016M02 90.5 85.0 Trade Tensions
2016M03 81.4 79.4 32
2016M04 84.4 85.5 32
2016M05 83.2 82.5
2016M06 84.5 85.4
2016M07 82.6 80.3
2016M08 88.3 83.8
2016M09 83.3 83.4
2016M10 86.3 79.6
2016M11 88.2 84.3
2016M12 88.1 84.9
2017M01 91.4 87.5
2017M02 89.8 90.3
2017M03 92.7 90.0
2017M04 92.8 88.2
2017M05 95.3 93.1
2017M06 93.8 90.8
2017M07 93.7 89.9
2017M08 95.4 92.6
2017M09 92.4 92.7
2017M10 94.9 92.6
2017M11 99.4 97.8
2017M12 98.1 95.7
2018M01 104.3 105.0
2018M02 99.7 101.6
2018M03 100.7 99.5
2018M04 98.4 103.7
2018M05 102.0 103.6
2018M06 100.0 100.0
2018M07 101.8 103.0
2018M08 100.2 101.3
2018M09 100.2 97.0
2018M10 101.9 104.0
2018M11 91.0 100.5
2018M12 91.7 93.8
2019M01 86.4 104.4
2019M02 85.0 98.7
2019M03 82.1 96.4
2019M04 86.2 103.5
2019M05 87.1 102.4
2019M06 83.0 93.9
2019M07 88.1 102.5
2019M08 83.7 95.5
2019M09 79.6 95.3
2019M10 77.9 99.0
2019M11 73.8 95.4
2019M12 71.3 96.2
2020M01 71.5 100.1
2020M02 67.9 97.7
2020M03 59.8 89.2
2020M04 77.8 80.5
2020M05 80.2 75.0
2020M06 82.5 84.8
2020M07 87.6 91.6
2020M08 83.8 89.6
2020M09 86.3 96.7
2020M10 91.8 95.5
2020M11 95.1 99.4
2020M12 95.2 104.3
2021M01 94.1 103.5
2021M02 95.9 106.8
2021M03 108.4 114.7
2021M04 98.0 116.1
2021M05 91.1 112.3
2021M06 94.7 117.8
2021M07 93.7 114.6
2021M08 95.5 113.8
2021M09 103.1 117.9
2021M10 100.9 115.7
2021M11 108.7 124.9
2021M12 111.3 128.1
2022M01 115.6 126.8
2022M02 111.6 127.1
2022M03 118.7 135.9
2022M04 106.9 133.5
2022M05 106.3 136.3
2022M06 111.2 137.1
2022M07 104.2 131.1
2022M08 106.8 135.4
2022M09 104.0 131.7
2022M10 93.1 125.3
2022M11 85.1 128.3
2022M12 85.7 127.6
2023M01 89.7 128.7
2023M02 92.4 127.8
2023M03 89.0 129.8
2023M04 88.5 123.9
2023M05 87.5 129.7
2023M06 83.2 125.1
2023M07 81.2 121.9
2023M08 79.2 122.9
2023M09 84.1 120.1
2023M10 86.1 123.2
China with other partners

Trade Tensions War in Ukraine

50 75 50
150 75 150
Chart 28: Share of United States imports of ICT services by region, 2018-2023
% share
50
45.1 44.3
45

40
36.2
34.4 33.7
35 32.6
30

25

20 23.0
21.7 21.5 20.6
15
15.7 15.2
10

0
2018 2019 2020 2021 2022 2023

North America Asia

Source: United States Bureau of Economic Analysis.

<< Back

2018 2019 2020 2021

North America 15.7 15.2 21.7 21.5
Asia 45.1 44.3 36.2 34.4
2022 2023
20.6 23.0
33.7 32.6
Chart 29: Weekly Red Sea passages and transit volume, 1 January 2019-19 March 2024
Number of ships and million metric tons
600 45

550 40

500 35

450 30

Million metric tons

Number of ships

400 25

350 20

300 15

250 10

200 5
2019 2020 2021 2022 2023 2024

Weekly red sea passages (number of ships, left axis) Transit volume (million metric tons, right axis)
Source: WTO Secretariat elaboration based on IMF-Oxford Portwatch.
Note: The vertical dotted line corresponds to the 2021 March Suez Canal grounding, while the vertical dashed line corresponds to
the week of 19 November 2023, when the first attacks on commercial ships occurred in the Red Sea.
March 2024 Weekly red sea passages (number of ships, left axis
<< Back yr mnth mnth week yr mnth
2019 1 1 2019 1
2 2019 1
3 2019 1
4 2019 1
5 2019 1
2 6 2019 2
7 2019 2
8 2019 2
9 2019 2
3 10 2019 3
11 2019 3
12 2019 3
13 2019 3
4 14 2019 4
15 2019 4
16 2019 4
17 2019 4
5 18 2019 5
19 2019 5
20 2019 5
21 2019 5
22 2019 5
6 23 2019 6
24 2019 6
25 2019 6
26 2019 6
7 27 2019 7
28 2019 7
29 2019 7
30 2019 7
8 31 2019 8
32 2019 8
33 2019 8
34 2019 8
35 2019 8
9 36 2019 9
37 2019 9
38 2019 9
39 2019 9
10 40 2019 10
41 2019 10
42 2019 10
43 2019 10
44 2019 10
11 45 2019 11
46 2019 11
 47 2019 11
48 2019 11
12 49 2019 12
50 2019 12
51 2019 12
52 2019 12
2020 1 53 2020 1
54 2020 1
55 2020 1
56 2020 1
57 2020 1
2 58 2020 2
59 2020 2
60 2020 2
61 2020 2
3 62 2020 3
63 2020 3
64 2020 3
65 2020 3
4 66 2020 4
67 2020 4
68 2020 4
69 2020 4
70 2020 4
5 71 2020 5
72 2020 5
73 2020 5
74 2020 5
6 75 2020 6
76 2020 6
77 2020 6
78 2020 6
7 79 2020 7
80 2020 7
81 2020 7
82 2020 7
83 2020 7
8 84 2020 8
85 2020 8
86 2020 8
87 2020 8
9 88 2020 9
89 2020 9
90 2020 9
91 2020 9
10 92 2020 10
93 2020 10
94 2020 10
 95 2020 10
96 2020 10
11 97 2020 11
98 2020 11
99 2020 11
100 2020 11
12 101 2020 12
102 2020 12
103 2020 12
104 2020 12
105 2020 12
2021 1 106 2021 1
107 2021 1
108 2021 1
109 2021 1
2 110 2021 2
111 2021 2
112 2021 2
113 2021 2
3 114 2021 3
115 2021 3
116 2021 3
117 2021 3
4 118 2021 4
119 2021 4
120 2021 4
121 2021 4
122 2021 4
5 123 2021 5
124 2021 5
125 2021 5
126 2021 5
6 127 2021 6
128 2021 6
129 2021 6
130 2021 6
7 131 2021 7
132 2021 7
133 2021 7
134 2021 7
135 2021 7
8 136 2021 8
137 2021 8
138 2021 8
139 2021 8
9 140 2021 9
141 2021 9
142 2021 9
 143 2021 9
144 2021 9
10 145 2021 10
146 2021 10
147 2021 10
148 2021 10
11 149 2021 11
150 2021 11
151 2021 11
152 2021 11
12 153 2021 12
154 2021 12
155 2021 12
156 2021 12
157 2021 12
2022 1 158 2022 1
159 2022 1
160 2022 1
161 2022 1
2 162 2022 2
163 2022 2
164 2022 2
165 2022 2
3 166 2022 3
167 2022 3
168 2022 3
169 2022 3
170 2022 3
4 171 2022 4
172 2022 4
173 2022 4
174 2022 4
5 175 2022 5
176 2022 5
177 2022 5
178 2022 5
6 179 2022 6
180 2022 6
181 2022 6
182 2022 6
183 2022 6
7 184 2022 7
185 2022 7
186 2022 7
187 2022 7
8 188 2022 8
189 2022 8
190 2022 8
 191 2022 8
9 192 2022 9
193 2022 9
194 2022 9
195 2022 9
196 2022 9
10 197 2022 10
198 2022 10
199 2022 10
200 2022 10
11 201 2022 11
202 2022 11
203 2022 11
204 2022 11
12 205 2022 12
206 2022 12
207 2022 12
208 2022 12
209 2022 12
2023 1 210 2023 1
211 2023 1
212 2023 1
213 2023 1
2 214 2023 2
215 2023 2
216 2023 2
217 2023 2
3 218 2023 3
219 2023 3
220 2023 3
221 2023 3
222 2023 3
4 223 2023 4
224 2023 4
225 2023 4
226 2023 4
5 227 2023 5
228 2023 5
229 2023 5
230 2023 5
6 231 2023 6
232 2023 6
233 2023 6
234 2023 6
235 2023 6
7 236 2023 7
237 2023 7
238 2023 7
 239 2023 7
8 240 2023 8
241 2023 8
242 2023 8
243 2023 8
244 2023 8
9 245 2023 9
246 2023 9
247 2023 9
248 2023 9
10 249 2023 10
250 2023 10
251 2023 10
252 2023 10
11 253 2023 11
254 2023 11
255 2023 11
256 2023 11
257 2023 11
12 258 2023 12
259 2023 12
260 2023 12
261 2023 12
2024 1 262 2024 1
263 2024 1
264 2024 1
265 2024 1
2 266 2024 2
267 2024 2
268 2024 2
269 2024 2
270 2024 2
271 2024 2
3 272 2024 3
273 2024 3
assages (number of ships, left axis) right axis)
week red_ Red_
1 348 24
2 348 24
3 350 24
4 347 24
5 358 26
6 369 27
7 375 26
8 362 26
9 355 25
10 368 24
11 372 26
12 351 24
13 350 24
14 383 27
15 388 27
16 364 26
17 391 26
18 367 28
19 356 26
20 372 27
21 372 26
22 353 25
23 366 27
24 355 26
25 346 25
26 372 26
27 356 25
28 377 28
29 382 28
30 376 26
31 405 27
32 399 27
33 370 26
34 394 28
35 393 27
36 373 27
37 369 26
38 372 26
39 384 27
40 394 26
41 391 28
42 385 27
43 408 29
44 388 27
45 385 27
46 386 27
47 392 28
48 371 27
49 374 27
50 391 26
51 394 27
52 383 27
53 390 28
54 392 28
55 368 27
56 364 27
57 365 26
58 386 29
59 390 27
60 381 28
61 367 26
62 374 26
63 382 27
64 388 28
65 380 27
66 397 28
67 415 29
68 407 28
69 413 28
70 410 28
71 401 29
72 360 25
73 372 26
74 346 24
75 347 25
76 330 23
77 322 22
78 350 23
79 351 23
80 339 23
81 352 24
82 368 25
83 369 24
84 350 23
85 358 25
86 378 26
87 395 27
88 400 26
89 374 26
90 381 26
91 369 25
92 387 26
93 393 26
94 361 24
 95 373 27
96 396 27
97 382 25
98 405 27
99 403 28
100 391 28
101 379 27
102 379 26
103 383 27
104 388 26
105 381 27
106 401 29
107 386 27
108 378 26
109 389 26
110 385 27
111 422 29
112 408 29
113 412 28
114 425 29
115 415 30
116 404 27
117 230 15
118 414 29
119 473 33
120 397 28
121 389 28
122 376 27
123 417 28
124 390 27
125 392 28
126 407 29
127 389 27
128 392 27
129 400 28
130 417 29
131 410 28
132 391 28
133 388 28
134 416 29
135 421 28
136 414 27
137 448 29
138 444 30
139 428 29
140 425 29
141 433 31
142 423 29
143 463 31
144 431 29
145 439 30
146 430 30
147 416 29
148 418 28
149 445 29
150 411 28
151 445 31
152 456 31
153 419 30
154 427 30
155 415 29
156 436 30
157 414 27
158 438 28
159 415 28
160 424 28
161 424 28
162 441 29
163 477 31
164 419 28
165 441 29
166 430 27
167 426 29
168 447 28
169 416 27
170 452 30
171 464 30
172 453 30
173 468 32
174 450 29
175 454 30
176 391 27
177 458 32
178 445 30
179 462 31
180 463 32
181 490 32
182 462 31
183 513 34
184 480 32
185 505 35
186 482 33
187 495 33
188 516 36
189 481 34
190 493 33
191 504 34
192 501 34
193 500 34
194 496 33
195 477 32
196 499 33
197 488 33
198 492 34
199 504 34
200 502 34
201 539 35
202 527 35
203 498 33
204 511 35
205 497 33
206 515 34
207 495 34
208 513 36
209 512 33
210 523 34
211 492 33
212 519 35
213 493 33
214 509 35
215 486 33
216 443 30
217 509 34
218 490 33
219 514 34
220 534 38
221 497 35
222 522 36
223 525 34
224 529 36
225 553 38
226 559 40
227 555 39
228 551 37
229 565 40
230 546 37
231 543 37
232 536 37
233 527 37
234 562 39
235 522 36
236 512 35
237 516 37
238 520 36
239 500 34
240 495 34
241 514 35
242 533 38
243 493 34
244 535 37
245 529 36
246 536 37
247 529 37
248 535 36
249 535 37
250 558 37
251 546 37
252 534 37
253 543 36
254 519 37
255 540 37
256 543 38
257 521 36
258 502 34
259 516 34
260 431 26
261 388 23
262 334 20
263 314 18
264 288 17
265 255 14
266 241 13
267 250 13
268 238 13
269 249 14
270 244 13
270 244 13
271 227 11
272 217 12
Chart 30: Projected average shipping delays when avoiding the Red Sea
Number of days
Importing region

Central
North
Africa Asia and South Europe Oceania
America
America

Africa 2 5 0 4 1 1
5 9 3 17 6 2
Exporting region

Asia
Central and South America 0 3 0 0 0 0

Europe 4 17 0 1 0 5

North America 1 6 0 0 0 0

Oceania 1 2 0 5 0 0

Source: WTO Secretariat elaboration based on Pratson (2023).

Note: The chart displays the average shipping delays between regions due to rerouting away from the Red Sea by considering the
shorter alternative route to the Suez Canal and Bab-el-Mandeb strait. Central and South America region also includes the Caribbean.
The estimated delays, in days, are calculated based on an assumed average ship speed of 15 knots. This speed is slower than the typical
travel speed of container ships, but faster than the general speed of tankers (McKenna et al., 2012).
<< Back
Chart 31: Maritime freight costs during the 2021 Suez Canal grounding and the 2023-2024 Red Se
crisis
Indices of US$

Container freight cost index (US$) Dry bulk freight cost index (US$)
9000 3500
8000
3000
7000
6000 2500
5000
4000 2000

3000
1500
2000
1000 1000
-6 -5 -4 -3 -2 -1 0 1 2 3 4 -6 -5 -4 -3 -2 -1 0 1 2 3
Month Month

Crude oil tanker freight cost index (US$) Refined petroleum tanker freight cost index (US$)

1400 1100
1000
1200
900
1000 800
700
800 600
500
600
400
400 300
-6 -5 -4 -3 -2 -1 0 1 2 3 4 -6 -5 -4 -3 -2 -1 0 1 2 3 4
Month Month

March 2021 Suez Canal grounding 2023-2024 Red Sea c

Source: Author's elaboration based on Freightos data.

Note: The figures display the average monthly freight spot rates for 40-foot containers, bulk dry, dirty tanker (e.g., crude oil) and clean tan
(e.g., gasoline). Month zero corresponds to March 2021 for the Ever Given grounding and November 2023 for the first attack on commerci
shipping in the Red Sea.
nd the 2023-2024 Red Sea
<< Back
Container freight cost index (US$)
March 20212023-2024 Red Sea crisis
eight cost index (US$)
-6 2196 1434
-5 2234 1354
-4 2405 1323
-3 3095 1523
-2 4183 1318
-1 4483 1094
0 4387 1177
1 4619 1316
2 5608 2964
3 6778 3367
-2 -1 0 1 2 3 4 4 8700 2969
Month

Dirty tanker freight cost index (US$)

tanker freight cost index (US$)
March 2021 2023-2024 Red Sea crisis
-6 444.773 1194.55
-5 419.905 1083.86
-4 427.5 935.143
-3 445.882 799.091
-2 513.381 755.905
-1 577.5 1146.18
0 721.091 1332.09
1 623.35 1143.63
2 608.368 1398.82
-2 -1 0 1 2 3 4 3 595.773 1263
Month 4 590.905 1183.45

grounding 2023-2024 Red Sea crisis

tanker (e.g., crude oil) and clean tanker

023 for the first attack on commercial
 Dry bulk freight cost index (US$)
March 2021 2023-2024 Red Sea crisis
-6 1411 1416
-5 1647 1083
-4 1182 1040
-3 1246 1150
-2 1647 1393
-1 1510 1868
0 2034 1831
1 2475 2538
2 2965 1617
3 2932 1650
4 3190 2304

Clean tanker freight cost index (US$)

March 2021 2023-2024 Red Sea crisis
-6 436 654
-5 350 610
-4 339 616
-3 393 744
-2 474 819
-1 522 778
0 569 814
1 532 896
2 508 999
3 462 1101
4 458 1023
Chart 32: Demand and supply chain pressure indexes during the 2021 Suez Canal grounding
and the 2023-2024 Red Sea crisis

Global composite purchasing managers index Global supply chain pressure index
60 4

58 3

56 2

54 1

52 0

50 -1

48 -2
-6 -5 -4 -3 -2 -1 0 1 2 3 -6 -5 -4 -3 -2 -1 0 1 2 3
Month Month

Source: WTO Secretariat elaboration based on J.P. Morgan global composite purchasing managers index (PMI) and the Federal Reserve Bank of
New York's global supply chain pressure index (GSCPI) data.

Note: The global composite PMI measures the prevailing direction of economic trends in the manufacturing and service sectors derived from
monthly surveys of private sector companies. The GSCPI measures supply chain conditions by combining variables from transportation and
manufacturing indices Positive GSCPI values indicate under pressure supply chains, while negative GSCPI values indicate well-functioning supply
chains with limited disruptions or pressure. Month zero corresponds to March 2021 for the 2021 Suez Canal obstruction and to November 2023 for
the first attack on commercial ships.
<< Back

Global JPM Global Composite PMI (diffusion index, base=50)

March 2021 S2023-2024 Red Sea crisis
-6 52.5 54.4 -6
-5 53.3 52.7 -5
-4 53.1 51.6 -4
-3 52.7 50.6 -3
-2 52.3 50.5 -2
-1 53.2 50 -1
0 54.8 50.5 0
1 56.7 51 1
2 58.5 51.8 2
3 56.6 52.1 3
Global Supply Chain Pressure Index (GSCPI) (Standard deviations from index’s historical average)
March 2021 2023-2024 Red Sea crisis
1 -2
0 -1
1 -1
2 -1
1 -1
2 0
2 0
3 0
3 0
3 0
Chart 33: Monthly crude oil and natural gas prices during the 2021 Suez Canal grounding and
the 2023-2024 Red Sea crisis

Crude oil price (US$ per barrel) Natural gas price (US$ per million MBtu)
100 14

90 12

80 10

70 8

60 6

50 4

40 2
-6 -5 -4 -3 -2 -1 0 1 2 3 -6 -5 -4 -3 -2 -1 0 1 2 3
Month Month

Source: WTO Secretariat elaboration based on US Energy Information Administration's data on crude oil prices (Brent - Europe) and International
Monetary Fund's data on global price of natural gas (European Union).
Note: Month zero corresponds to March 2021 for the 2021 Suez Canal obstruction and to November 2023 for the first attack on commercial ships.
<< Back Crude Oil Prices: Brent - Europe Global price of Natural gas, EU
March 2021 2023-2024 Red Sea crisis March 2021 2023-2024 Red Sea crisis
-6 41 75 -6 4 10
-5 40 75 -5 5 10
-4 43 80 -4 5 10
-3 50 86 -3 6 11
-2 55 94 -2 7 11
-1 62 91 -1 6 13
0 65 83 0 6 14
1 65 78 1 7 11
2 69 80 2 9 10
3 73 83 3 10 8
ce of Natural gas, EU
2023-2024 Red Sea crisis
Chart 34: Container ship fleet development, 2019-2024
Million TEU
3.5 15%
Millions of twenty-foot equivalent units

3.0 13%

Container ship fleet growth rate (%)

2.5 11%

2.0 9%

1.5 7%

1.0 5%

0.5 3%

0.0 1%

-0.5 -1%
2019 2020 2021 2022 2023 2024

Newbuilding Recycling Fleet growth (%)

Source: WTO estimates based on BIMCO and Clarksons Research data.
Note: The 2024 shaded bars correspond to projections.
 Newbuildi Recycling Fleet growth (%)
<< Back 2019 1.1 -0.2 4%
2020 0.9 -0.2 3%
2021 1.1 -0.1 5%
2022 1.0 -0.1 4%
2023 2.2 -0.2 8%
2024 3.2 -0.4 10%
Appendix Table 1: Leading exporters and importers in world merchandise trade, 2023

(Billion dollars and percentage)

Annual Annual
percentage percentage
Rank Exporters Value Share change Rank Importers Value Share change

1 China 3380 14.2 -5 1 United States of America 3173 13.1 -6

2 United States of America 2020 8.5 -2 2 China 2557 10.6 -6
3 Germany 1688 7.1 1 3 Germany 1463 6.0 -8
4 Netherlands 935 3.9 -3 4 Netherlands 842 3.5 -6
5 Japan 717 3.0 -4 5 United Kingdom 791 3.3 -4
6 Italy 677 2.8 3 6 France 786 3.2 -5
7 France 648 2.7 5 7 Japan 786 3.2 -12
8 Korea, Republic of 632 2.7 -8 8 India 673 2.8 -7
9 Mexico 593 2.5 3 9 Hong Kong, China 654 2.7 -2
Retained imports 1 184 0.8 12
10 Hong Kong, China 574 2.4 -6 10 Korea, Republic of 643 2.7 -12
Domestic exports 21 0.1 30
Re-exports 553 2.3 -7
11 Canada 569 2.4 -5 11 Italy 640 2.6 -8
12 Belgium 562 2.4 -12 12 Mexico 621 2.6 -1
13 United Kingdom 521 2.2 -2 13 Canada 570 2.4 -2
14 United Arab Emirates 1 488 2.1 -5 14 Belgium 547 2.3 -12
15 Singapore 476 2.0 -8 15 Spain 470 1.9 -5
Domestic exports 213 0.9 -11
Re-exports 263 1.1 -5
16 Chinese Taipei 432 1.8 -10 16 United Arab Emirates 1 449 1.9 7
17 India 432 1.8 -5 17 Singapore 423 1.7 -11
Retained imports 1 160 0.7 -20
18 Russian Federation 424 1.8 -28 18 Poland 370 1.5 -3
19 Spain 423 1.8 2 19 Switzerland 364 1.5 2
20 Switzerland 420 1.8 5 20 Türkiye 362 1.5 -1
21 Poland 382 1.6 6 21 Chinese Taipei 359 1.5 -18
22 Australia 371 1.6 -10 22 Viet Nam 326 1.3 -9
23 Viet Nam 354 1.5 -5 23 Russian Federation 2 304 1.3 10
24 Brazil 340 1.4 2 24 Thailand 290 1.2 -4
25 Saudi Arabia, Kingdom of 322 1.4 -22 25 Australia 288 1.2 -7
26 Malaysia 313 1.3 -11 26 Malaysia 266 1.1 -10
27 Thailand 285 1.2 -1 27 Brazil 253 1.0 -14
28 Indonesia 259 1.1 -11 28 Czech Republic 231 1.0 -3
29 Türkiye 256 1.1 1 29 Austria 225 0.9 -4
30 Czech Republic 255 1.1 6 30 Indonesia 222 0.9 -7
Total of above 3 19748 83.0 - Total of above 3 19944 82.3 -
World 3 23784 100.0 -5 World 3 24235 100.0 -6

(1) Secretariat estimates.

(2) Imports are valued f.o.b.
(3) Includes significant re-exports or imports for re-export.
Source: WTO-UNCTAD.
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Appendix Table 2: Leading exporters and importers in world merchandise trade excluding intra-EU trade, 2023

(Billion dollars and percentage)

Annual Annual
percentage percentage
Rank Exporters Value Share change Rank Importers Value Share change

1 China 3380 17.5 -5 1 United States of America 3173 15.9 -6

2 Extra-EU exports 2761 14.3 2 2 Extra-EU imports 2717 13.6 -14
3 United States of America 2020 10.4 -2 3 China 2557 12.8 -6
4 Japan 717 3.7 -4 4 United Kingdom 791 4.0 -4
5 Korea, Republic of 632 3.3 -8 5 Japan 786 3.9 -12
6 Mexico 593 3.1 3 6 India 673 3.4 -7
7 Hong Kong, China 574 3.0 -6 7 Hong Kong, China 654 3.3 -2
Domestic exports 21 0.1 30 Retained imports 1 184 0.9 12
Re-exports 553 2.9 -7
8 Canada 569 2.9 -5 8 Korea, Republic of 643 3.2 -12
9 United Kingdom 521 2.7 -2 9 Mexico 621 3.1 -1
10 United Arab Emirates 1 488 2.5 -5 10 Canada 570 2.9 -2
11 Singapore 476 2.5 -8 11 United Arab Emirates 1 449 2.3 7
Domestic exports 213 1.1 -11
Re-exports 263 1.4 -5
12 Chinese Taipei 432 2.2 -10 12 Singapore 423 2.1 -11
Retained imports 1 160 0.8 -20
13 India 432 2.2 -5 13 Switzerland 364 1.8 2
14 Russian Federation 424 2.2 -28 14 Türkiye 362 1.8 -1
15 Switzerland 420 2.2 5 15 Chinese Taipei 359 1.8 -18
16 Australia 371 1.9 -10 16 Viet Nam 326 1.6 -9
17 Viet Nam 354 1.8 -5 17 Russian Federation 2 304 1.5 10
18 Brazil 340 1.8 2 18 Thailand 290 1.5 -4
19 Saudi Arabia, Kingdom of 322 1.7 -22 19 Australia 288 1.4 -7
20 Malaysia 313 1.6 -11 20 Malaysia 266 1.3 -10
21 Thailand 285 1.5 -1 21 Brazil 253 1.3 -14
22 Indonesia 259 1.3 -11 22 Indonesia 222 1.1 -7
23 Türkiye 256 1.3 1 23 Saudi Arabia, Kingdom of 211 1.1 11
24 Norway 174 0.9 -30 24 Philippines 133 0.7 -9
25 Iraq 1 116 0.6 -16 25 South Africa 1 131 0.7 -4
26 South Africa 111 0.6 -10 26 Iraq 1 96 0.5 10
27 Qatar 1 97 0.5 -26 27 Norway 95 0.5 -10
28 Chile 95 0.5 -4 28 Israel 91 0.5 -15
29 Iran 1 91 0.5 -7 29 Chile 86 0.4 -18
30 Kuwait, the State of 1 85 0.4 -15 30 Egypt 1 79 0.4 -18
Total of above 3 17707 91.5 - Total of above 3 18010 90.4 -
World excluding EU intra-trade 3 19350 100.0 -5 World excluding EU intra-trade 3 19912 100.0 -7

(1) Secretariat estimates.

(2) Imports are valued f.o.b.
(3) Includes significant re-exports or imports for re-export.
Source: WTO-UNCTAD.
<< Back
Appendix Table 3: Leading exporters and importers of commercial services, 2023

(Billion dollars and percentage)

Annual Annual
percentage percentage
Rank Exporters Value Share change Rank Importers Value Share change

1 United States of America 966 12.3 7 1 United States of America 694 9.6 3
2 United Kingdom 581 7.4 16 2 China 549 7.6 19
3 Germany 435 5.5 2 3 Germany 506 7.0 9
4 Ireland 397 5.1 11 4 United Kingdom 389 5.4 23
5 China 380 4.8 -10 5 Ireland 389 5.4 9
6 France 355 4.5 4 6 France 323 4.5 12
7 India 344 4.4 11 7 Netherlands 297 4.1 10
8 Singapore 328 4.2 -3 8 Singapore 295 4.1 0
9 Netherlands 314 4.0 10 9 India 247 3.4 0
10 Japan 201 2.6 21 10 Japan 225 3.1 8
11 Spain 197 2.5 20 11 Switzerland 191 2.6 19
12 Switzerland 168 2.1 12 12 Italy 157 2.2 13
13 United Arab Emirates 1 165 2.1 8 13 Belgium 156 2.1 12
14 Luxembourg 148 1.9 3 14 Canada 154 2.1 7
15 Canada 147 1.9 12 15 Korea, Republic of 149 2.1 8
16 Belgium 146 1.9 8 16 Luxembourg 120 1.7 5
17 Italy 145 1.8 15 17 Sweden 113 1.6 8
18 Korea, Republic of 124 1.6 -6 18 United Arab Emirates 1 108 1.5 13
19 Denmark 113 1.4 -14 19 Denmark 107 1.5 7
20 Poland 106 1.4 12 20 Spain 97 1.3 13
21 Sweden 104 1.3 10 21 Saudi Arabia, Kingdom of 87 1.2 24
22 Türkiye 101 1.3 12 22 Brazil 81 1.1 3
23 Hong Kong, China 99 1.3 19 23 Austria 80 1.1 9
24 Austria 89 1.1 9 24 Hong Kong, China 79 1.1 25
25 Israel 84 1.1 -3 25 Russian Federation 75 1.0 7
26 Australia 75 1.0 45 26 Australia 73 1.0 13
27 Thailand 62 0.8 62 27 Mexico 69 0.9 10
28 Portugal 56 0.7 20 28 Poland 65 0.9 15
29 Chinese Taipei 54 0.7 -5 29 Thailand 65 0.9 4
30 Greece 53 0.7 7 30 Chinese Taipei 64 0.9 45
Total of above 6535 83.4 - Total of above 6003 82.9 -
World 7840 100.0 9 World 7244 100.0 9
(1) Secretariat estimates. Quarterly data not available.
… indicates unavailable or non-comparable figures.
Notes: Preliminary estimates based on quarterly statistics. Figures for a number of countries and territories have been estimated by the Secretariat. More data available at http://stats.wto.org/.

Source: WTO-UNCTAD.
<< Back
Appendix Table 4: Leading exporters and importers of commercial services excluding intra-EU trade, 2023

(Billion dollars and percentage)

Annual Annual
percentage percentage
Rank Exporters Value Share change Rank Importers Value Share change

1 Extra-EU exports 1438 22.4 4 1 Extra-EU imports 1246 21.1 7

2 United States of America 966 15.1 7 2 United States of America 694 11.7 3
3 United Kingdom 581 9.1 16 3 China 549 9.3 19
4 China 380 5.9 -10 4 United Kingdom 389 6.6 23
5 India 344 5.4 11 5 Singapore 295 5.0 0
6 Singapore 328 5.1 -3 6 India 247 4.2 0
7 Japan 201 3.1 21 7 Japan 225 3.8 8
8 Switzerland 168 2.6 12 8 Switzerland 191 3.2 19
9 United Arab Emirates 1 165 2.6 8 9 Canada 154 2.6 7
10 Canada 147 2.3 12 10 Korea, Republic of 149 2.5 8
11 Korea, Republic of 124 1.9 -6 11 United Arab Emirates 1 108 1.8 13
12 Türkiye 101 1.6 12 12 Saudi Arabia, Kingdom of 87 1.5 24
13 Hong Kong, China 99 1.5 19 13 Brazil 81 1.4 3
14 Israel 84 1.3 -3 14 Hong Kong, China 79 1.3 25
15 Australia 75 1.2 45 15 Russian Federation 75 1.3 7
16 Thailand 62 1.0 62 16 Australia 73 1.2 13
17 Chinese Taipei 54 0.8 -5 17 Mexico 69 1.2 10
18 Mexico 52 0.8 9 18 Thailand 65 1.1 4
19 Norway 52 0.8 0 19 Chinese Taipei 64 1.1 45
20 Saudi Arabia, Kingdom of 50 0.8 49 20 Norway 61 1.0 7
21 Philippines 48 0.7 17 21 Malaysia 52 0.9 16
22 Brazil 44 0.7 12 22 Indonesia 51 0.9 19
23 Malaysia 42 0.7 34 23 Türkiye 48 0.8 21
24 Russian Federation 40 0.6 -16 24 Israel 47 0.8 5
25 Macao, China 38 0.6 187 25 Qatar 36 0.6 -3
26 Egypt 35 0.5 24 26 Philippines 29 0.5 16
27 Indonesia 33 0.5 45 27 Viet Nam 29 0.5 6
28 Qatar 29 0.5 -1 28 Kuwait, the State of 28 0.5 8
29 Morocco 26 0.4 21 29 Ukraine 23 0.4 -6
30 Viet Nam 19 0.3 45 30 Argentina 23 0.4 7
Total of above 5825 90.8 - Total of above 5268 89.1 -
World (excl. intra-EU) 6416 100.0 9 World (excl. intra-EU) 5915 100.0 9

(1) Secretariat estimates. Quarterly data not available.

(2) Secretariat estimates.
… indicates unavailable or non-comparable figures.
Notes: Preliminary estimates based on quarterly statistics. Figures for a number of countries and territories have been estimated by the Secretariat. More data available at http://stats.wto.org/.
Source: WTO-UNCTAD.
<< Back
Appendix Table 5: Leading exporters of digitally delivered services, 2023

(Billion dollars and percentage)

Value Share in world exports Annual percentage change

Rank Exporters 2019 2020 2021 2022 2023 2019 2023 2021 2022 2023

1 United States of America 471 534 602 631 649 16.7 15.3 13 5 3
2 United Kingdom 274 318 380 377 438 9.7 10.3 20 -1 16
3 Ireland 169 242 295 295 328 6.0 7.7 22 0 11
4 India 124 144 173 219 257 4.4 6.0 20 27 17
5 Germany 183 203 246 238 248 6.5 5.8 21 -3 4
6 China 114 147 185 198 207 4.0 4.9 26 7 4
7 Netherlands 164 147 160 171 194 5.8 4.6 10 7 13
8 Singapore 107 130 156 171 182 3.8 4.3 21 10 6
9 France 128 131 151 151 170 4.6 4.0 15 0 13
10 Luxembourg 100 104 128 117 122 3.5 2.9 23 -9 4
11 Japan 104 110 117 110 116 3.7 2.7 6 -6 6
12 Switzerland 86 86 99 101 111 3.0 2.6 16 1 10
13 Belgium 63 73 84 82 89 2.2 2.1 14 -2 9
14 Canada 56 69 78 77 80 2.0 1.9 13 -1 5
15 Sweden 45 51 65 65 69 1.6 1.6 27 0 7
16 Spain 45 46 52 57 67 1.6 1.6 14 9 19
17 Israel 34 43 55 59 63 1.2 1.5 27 9 6
18 Korea, Republic of 36 42 54 55 62 1.3 1.5 28 2 13
19 Italy 42 46 55 55 61 1.5 1.4 19 0 12
20 United Arab Emirates 29 33 37 46 48 1.0 1.1 14 22 5
21 Poland 22 29 35 39 46 0.8 1.1 21 10 20
22 Hong Kong, China 38 39 43 46 46 1.4 1.1 9 8 0
23 Austria 25 29 33 34 36 0.9 0.8 16 1 6
24 Denmark 18 22 24 26 34 0.7 0.8 8 9 29
25 Philippines 19 23 25 27 29 0.7 0.7 9 9 8
26 Chinese Taipei 18 22 24 26 27 0.6 0.6 13 9 4
27 Finland 20 22 25 24 23 0.7 0.5 14 -6 -1
28 Brazil 13 14 17 21 23 0.5 0.5 19 23 10
29 Romania 11 13 16 18 20 0.4 0.5 19 13 14
30 Australia 15 16 19 19 19 0.5 0.5 17 1 2
Total of above 2,574 2,926 3,434 3,552 3,866 91.3 90.9 - - -
World 2,819 3,205 3,762 3,900 4,251 100.0 100.0 17 4 9

Source: WTO estimates.

<< Back