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International trade

Data insights

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.

The world’s largest bilateral flows of merchandise trade run between China and the United States of America

Main world import flows, billions of United States dollars, 2023

UN Trade and Development, UNCTADstat.

Economies with one bilateral import higher than $125 billion are shown in the default selection.

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The world’s largest bilateral flows of merchandise trade run between China and the United States of America, and between their respective neighbouring economies. In 2023, goods worth $448 billion were imported by the United States from China, more than 20 per cent less than in 2022, and $165 billion by China from the United States (almost 10 per cent less than in 2022). China’s trade – exports and imports – with Hong Kong (China), Japan, Taiwan Province of China, and the Republic of Korea totalled $1.29 trillion. The United States’ trade with Mexico and Canada was worth $1.59 trillion.

Data updated on 21 Oct 2024

More than 50 per cent of trade is intra-regional in Europe and Asia

Intra- and extra-regional exports, percentage of total exports, 2023

UN Trade and Development, UNCTADstat.

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Intra-regional trade was most pronounced in Europe and Asia. In 2023, 68 per cent of all European exports were to trading partners on the same continent. In Asia, this rate was 58 per cent. By contrast, in Oceania, Latin America and the Caribbean, Africa and Northern America, the main trade partners were extra-regional.

Data updated on 31 Oct 2024

In 2023, developing economies’ main markets were the United States of America and China

Developing economies’ main export destinations, billions of United States dollars, 2023

UN Trade and Development, UNCTADstat.

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In 2023, developing economies shipped most of their exports to the United States of America ($1.7trillion), followed by China ($1.3 trillion) . In terms of imports, China ranked number one ($1.7 trillion) and was followed by the United States of America ($1.0 trillion) and Japan ($0.5 trillion). 

Exports from American developing economies were mainly oriented towards the United States of America ($604 billion). China came second ($194 billion) at some distance. For African developing economies, the main export market was China ($71 billion) with Italy ($38 billion), United Arab Emirates ($36 billion) and France ($35 billion) the other main destinations.

Data updated on 21 Oct 2024

In 2023 South-South trade was $5.7 trillion, a 7 per cent drop on 2022

Global trade flows, 2023

UN Trade and Development, UNCTADstat.

North refers to developed economies, South to developing economies. Trade is measured from the export side. Deliveries to ship stores and bunkers as well as minor and special-category exports with unspecified destination are not included.

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In 2023, goods worth $9.3 trillion were exchanged between developed economies (North-North trade), whereas merchandise trade among developing economies (South-South trade) amounted to $5.7 trillion. Exports from developed to developing economies and vice-versa (North-South, and South-North trade) totalled $8.4 trillion and thus, for developed economies, trade with developing economies was slightly less important than trade within their own group. Over time, South-South trade has increased its share of total merchandise trade from 15 per cent in 2005 to reach 24 per cent in 2023.

Data updated on 21 Oct 2024

Metadata

Intra-trade is the trade between economies belonging to the same group. Extra-trade is the trade of economies of the same group with all economies outside the group. It represents the difference between a group’s total trade and intra-trade. 

The exports from an economy A to an economy B, recorded FOB, do not exactly equal the imports of economy B from economy A, recorded CIF. The reasons for these trade asymmetries include: a conceptual difference between exporting economy and country of origin; different times of recording for exports and imports; different treatment of transit trade; underreporting; measurement errors; mispricing and mis-invoicing. 

The exports to (imports from) all economies of the world do not always exactly add up to total exports (imports). The difference is caused by ship stores, bunkers and other exports of minor importance.

Full metadata are available in our Data Centre for the Merchandise trade matrix.

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