Trade Statistics

In recent years, there has been an increase in global trade as more companies seek to market outside of their own nations. The World Trade Organization (WTO) estimates that in 2020, the value of international commerce in goods and services will be $22.2 trillion. This indicates a 9.2% decrease from the prior year, primarily as a result of the COVID-19 pandemic.

Importance of Trade Data

Trade data offer important new perspectives on the world economy’s trade movements. Businesses can develop sensible decisions and successful strategies by studying trade data and statistics. In-depth trade statistics on goods and commercial services are provided for more than 200 nations and territories in the World Trade Statistical Review 2022.

Growth Rates

The World Trade Statistical Review 2022 reports that global trade saw a significant resurgence in 2021, increasing by 14.2% in value and 10.7% in volume. As economies recovered from the COVID-19 epidemic, there was a sharp increase in demand for products and services, which fueled this expansion. Asia continued to be the world’s greatest trading region, with China remaining the world’s top goods dealer.

With respect to regional trade data, North America and Europe both had a considerable increase in trade, with growth rates of 13.3% and 8.2%, respectively. With growth rates of 1.7% and 2.5%, respectively, commerce in Africa and Latin America and the Caribbean showed a relatively modest revival.

Based on the international trade statistics, the top exporters and importers of products in 2020 are shown in the following table:

Country	Total Exports (in millions USD)	Total Imports (in millions USD)
USA	1,431,731	2,341,963
China	2,487,505	2,134,433
Japan	705,643	772,613
Germany	1,632,208	1,401,054
UK	468,039	647,195
France	567,028	634,547
Italy	535,731	499,315
Canada	409,444	453,184
Korea	512,482	450,184
Mexico	461,159	467,226
Spain	335,120	377,969
Georgia	5,451	8,261
Iran	50,531	40,128
Russia	449,155	225,372
Armenia	755	1,307
Turkey	171,457	223,128

According to the table, China is the world’s biggest exporter of goods, followed by Germany and the United States. The United States, China, and Germany are the top three importers of products, respectively.