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International trade is the backbone of the global economy, facilitating the exchange of goods, services, and ideas across borders. It fosters economic growth, enhances productivity, and drives innovation. This collection of thematic insights delves into key aspects of international trade, offering a deeper understanding of its diverse components.
Exports decreased across the globe in 2023, more so in developing economies
Merchandise exports growth rate, percentage, 2023
UN Trade and Development,
UNCTADstat
and World Trade Organization.
In 2023, developed economies registered decreasing exports of 2.8 per cent, with considerable decline in Saint Pierre and Miquelon (-76.9 per cent), Andorra (-34.6 per cent), Norway (-30.5 per cent) and Russian Federation (-28.4 per cent). The overall decrease was starker in developing economies by 6.2 per cent, led by Yemen (-63.7 per cent), Guam (-57.7 per cent) and Comoros (-42.5 per cent), as well as in several other small island developing States. The North exported more merchandise than the South in 2023: developed economies contributed $13.3 trillion and developing economies $10.5 trillion to the value of world total exports.
Data updated on
10 oct 2024
Global export value reduced by 4.3 per cent in 2023, but remains significantly higher than pre-COVID-levels
World merchandise exports, trillions of United States dollars
UN Trade and Development,
UNCTADstat
and World Trade Organization.
The dotted line indicates UNCTAD nowcasts (as of 22 October 2024). Nowcasts are constantly revised as new source data become available. For the weekly update of the nowcast and its methodology, see the Nowcasts page.
In 2023, the value of world merchandise exports decreased by 4.3 per cent after two consecutive years of increase. Global exports amounted to $23.8 trillion, $1.1 trillion less than in the previous year. In 2024, export values slightly increased in the first quarter (1.5 per cent) before dropping by around half a per cent, and are nowcast to increase by 2.0 per cent and 1.9 per cent in the third and fourth quarters, respectively.
Data updated on
10 oct 2024
Africa experienced largest decrease in goods trade in 2023
Merchandise trade annual growth rates, percentage, 2023
UN Trade and Development,
UNCTADstat
and World Trade Organization.
In 2023, African developing economies experienced the largest decline in exports (-9.9 per cent) followed by developing economies in Asia and Oceania (-6.7 per cent), while American developing economies’ exports declined less (-1.2 per cent).
In terms of imports, developing economies in America saw a decrease of 6.1 per cent, with Africa dropping 5.6 per cent, followed by Asia and Oceania (-4.8 per cent).
Data updated on
10 oct 2024
Developed economies continue with a negative trade balance
Merchandise trade balance, billions of United States dollars
UN Trade and Development,
UNCTADstat
and World Trade Organization.
Trade balances do not add up to zero at world level due to transport and insurance costs included in imports and cross-country differences in compilation methods.
Developing economies registered a significant decrease in their trade surplus in 2023 compared to the previous year. Their trade balance stood at $824 billion in 2022 and dropped to $654 billion in 2023. At the same time, developed economies saw a decreased merchandise trade deficit in 2023 of $1.1 trillion. The developed world’s imports decreased more than their exports.
Data updated on
10 oct 2024
Metadonnées
The figures on international merchandise trade in this chapter measure the value of goods which add or subtract from the stock of material resources of an economy by entering or leaving its territory. This definition is slightly different from the definition of trade in goods in the balance-of-payments framework.
The value of exports is mostly recorded as the free-on-board (FOB) value, whereas the value of imports includes cost, insurance and freight (CIF).
The trade balance is calculated as the difference between the values of exports and imports.
Full metadata are available in our Data Centre for Merchandise: Total trade and share.
