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.
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)|
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.