Global trade supports the economic status of developing and developed countries. It creates jobs and provides more products and services for people to consume and use. When a country sells its goods internationally, its citizens make more money.
However, there are many rules and policies that businesses must adhere to when trading globally.Many companies use Global trade management software Handle international trade operations and improve cooperation with trading partners. Additionally, the software can automate compliance while your company manages global trade efforts.
See the statistics below to understand the state of global trade and where it is headed.
Top global trade statistics
Global trade is on the rise as countries exchange goods and services. Many countries are reducing trade barriers, such as taxes on imported goods, to make it easier for companies to buy or sell goods internationally.
With this growth, companies around the world are getting a fair chance to compete with each other. Competition, in turn, reduces the cost of products and services to customers.
Let’s look at the status of global trade through these statistics.
- World trade in goods recovered from the sharp decline in 2020 due to the COVID-19 pandemic and rebounded in 2021, growing by 9.8%.
- In 2023, China’s exports will be worth US$3 trillion, leading the world.
- In 2022, the United States imported $3.3 trillion worth of goods.
- In 2022, the EU’s total trade (including imports and exports) will reach 5.5 trillion euros.
80%
In 2019, 10% of the corn imported by China came from Ukraine.
Source: The Diplomat
- Ukrainian steel consumption will drop by more than 55% in 2022.
- India’s exports will exceed US$400 billion for the first time in 2022.
- In 2019, China-Africa trade volume exceeded US$200 billion.
U.S. trade statistics
U.S. trade products range from automobiles to clothing. Its economy depends on this trade, which helps many companies grow and results in competitive prices.
The country imports electronics and oil from trading partners so that Americans can use products from around the world.
- In 2022, the import and export volume of U.S. goods and services will exceed US$7 trillion.
8.1%
In 2020, 60% of global exports came from the United States, making it the third largest exporter of goods in the world.
Source: Statista
- The U.S. goods and services deficit decreased by $177.8 billion compared with 2022, an increase of 18.7%.
- In November 2023, the United States exported goods worth US$166 billion and imported goods worth US$256 billion, forming a trade deficit.
- The U.S. goods and services deficit accounts for 3.7% of gross domestic product (GDP), slightly higher than 3.6% in 2021.
Sector-specific global trade statistics
Different countries have unique products that demonstrate their strength in specific areas. For example, Germany has advantages in the automobile industry. Likewise, Russia’s vast natural resources make it an important player in the fuel trade.
See the statistics below to see which countries lead in different areas.
- In 2021, Germany led the automotive export market with a scale of more than 150 billion euros.
- Brazil is the largest soybean exporter, with an export value of US$40 billion. In 2020, the global agricultural trade volume was approximately US$1.5 trillion.
- Russia’s coal export revenue will fall by 26% in 2024.
- Australia’s iron ore exports exceeded US$100 billion in 2020, a record high.
- Mexico has become the leading beer exporter, with sales expected to exceed $4 billion in 2022.
- In 2022, the merchandise trade volume between the United States and China reached US$758.4 billion.
- Japan’s electronic product exports reached US$100 billion.
- South Korea’s semiconductor exports will reach a record US$129 billion in 2022.
- The UK is the second largest exporter of financial services, with a trade volume of €94.9 billion in 2024.
- Vietnam’s textile and clothing exports will reach US$40 billion in 2023.
- Global pharmaceutical trade volume will exceed US$1 trillion in 2022, with the United States being the main exporter.
- Turkey’s exports of household appliances and electronic products will exceed US$10 billion in 2022.
- In 2022, French wine exports reached a record high of 14 billion euros.
- Argentine beef exports will increase to US$3 billion in 2022.
- Malaysian palm oil exports contribute more than US$20 billion.
- Egypt’s fruit and vegetable exports amount to US$3 billion, mainly citrus fruits.
Trade Policy and Agreement Statistics
Trade policies and agreements shape international trade and focus on tangible assets and intangible assets, such as intellectual property rights (IP). People pay more for intellectual property rights because it provides a competitive advantage to businesses that rely on creativity and innovation.
The World Trade Organization monitors certain measures that promote or restrict trade. This maintains balance and ensures a fair system while supporting global economic growth.
Explore the statistics below to understand the quantitative impact of policies and agreements on global trade.
- Intellectual property usage fees in 2019 were close to US$350 billion, highlighting the importance of intangible assets.
- Global foreign direct investment (FDI) flows fell by 35% in 2020 due to the economic impact of COVID-19.
14.3%
The World Trade Organization’s Trade Facilitation Agreement will reduce global trade costs.
Source: Trade Facilitation
- In 2022, the World Trade Organization recorded 230 new trade facilitation measures and 109 trade restrictive measures.
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Global trade is growing. Modern technology and trade facilitation have fueled this growth, resulting in a highly competitive market.Trade policy will continue to shape international markets and provide a balanced and fair system for more companies to participate.
The market has great prospects for growth, innovation and large-scale collaboration. Start trading globally and understand the value that international markets offer.
Learn more about Top three global trade management software market to streamline your operations.
