Total merchandise trade

In 2020, the value of world merchandise trade decreased (by 7.4 per cent) for the second year after two consecutive years of growth. Global exports amounted to US$17.6 trillion, US$1.4 trillion less than the previous year reflecting the effects of COVID-19. Despite the challenges of the pandemic, exports value is nowcast to recover in 2021 and grow 22.4 per cent.

Global exports were distributed in almost equal shares between the ‘North’ and the ‘South’. In 2020, developing economies contributed US$8.1 trillion and developed economies US$9.5 trillion to the world total. Asia and Oceania accounted for 44 per cent of the world total in merchandise exports, followed by Europe with 38 per cent and America with 16 per cent. Africa remained underrepresented, capturing only 2 per cent of the world total.

In 2020, merchandise exports and imports decreased considerably, between 4.4 and 19.3 per cent, in all groups of economies classified by development status.

Developing economies in Africa experienced a strong decline of exports and imports, 19.3 and 13.2 per cent, respectively, while developing economies in America saw their imports fall by 15.2 per cent and exports by 9.5 per cent.

The relatively smaller loss in developing economies’ exports in 2020 was reflected in a considerable increase of their trade surplus, which had already grown continuously during the three previous years. Between 2018 and 2020, developing economies’ trade balance rose from +US$421 billion to +US$582 billion.

This development was mirrored by an increase of developed economies’ trade deficit between 2018 (-US$702 billion) and 2020 (-US$791 billion). In 2020, the developed world’s exports declined more than its imports.