Total merchandise trade


Map 1. Merchandise exports as a ratio to gross domestic product, 2021
(Percentage)

Strong post-pandemic recovery

In 2021, the value of world merchandise exports increased strongly, by 26.5 per cent, after two consecutive years of decline. Global exports amounted to US$22.3 trillion, US$3.3 trillion higher than the pre-pandemic value recorded two years before, in 2019. In 2022, the exports value is nowcast to continue growing, at a rate of 13.8 per cent from 2021.

Higher merchandise exports were recorded in the ‘North’ than in the ‘South’, in 2021. Developing economies contributed US$9.9 trillion and developed economies US$12.4 trillion to the world total. Asia and Oceania accounted for 45 per cent of global merchandise exports, followed by Europe with 37 per cent and America with 16 per cent. Africa remained underrepresented, capturing only 2 per cent of the global market.

Figure 1. World merchandise exports
(Trillions of United States dollars)

Note: The dotted line indicates UNCTAD nowcasts. For the weekly update of the nowcast and its methodology, see -—
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Trade upswing in all regions

Figure 2. Merchandise trade annual growth rates, 2021
(Percentage)

In 2021, merchandise exports and imports increased considerably in all groups of economies classified by development status: between 23 and 42 per cent.

Developing economies in Africa experienced the highest rise in exports (+42.2 per cent), followed by developed economies in Asia and Oceania (+30.2 per cent). In terms of imports, developing economies in the Americas registered the highest increase (+38.1 per cent). They were followed by developing economies in Asia and Oceania (+30.2 per cent).

Development of trade imbalances

Developing economies registered a considerable increase in their trade surplus in 2021 for the second consecutive year. Their trade balance stood at +US$535 in 2020 and reached +US$650 billion in 2021.

By contrast, developed economies witnessed a continuously rising merchandise trade deficit over recent years. It was recorded at US$909 billion in 2021. During that year, the developed world’s exports declined more than imports.

Figure 3. Merchandise trade balance
(Billions of United States dollars)

Note: Trade balances do not add up to zero at world level due to CIF included in imports and cross-country differences in compilation methods.

Concepts and definitions

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 -—
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. This definition is slightly different from the definition of trade in goods in the balance-of-payments framework (see Current account).

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.

Merchandise trade figures from 2014 to 2021, at total product level with partner world, are jointly produced by UNCTAD and the World Trade Organization (WTO).

Summary tables

Table 1. Merchandise trade by group of economies
    Table 2. Merchandise trade of least developed countries, main exporters
      Table 3. Leading exporters and importers in developing economies, by group of economies, 2021
      Developing economies: Africa
          Developing economies: Americas
              Developing economies: Asia and Oceania

                  References

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