Total merchandise trade

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.

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).

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.