Total merchandise trade
Global trends and patterns
In 2022, the value of world merchandise exports increased by 11.4 per cent. It was the second year of solid growth after two consecutive years of decline during the COVID-19 pandemic. Global exports amounted to $24.9 trillion, $2.5 trillion higher than in the previous year. However, in the first half of 2023, the exports value decreased by 4.6 per cent, year over year. That year over year decline is nowcast to continue in the third and fourth quarters.
In 2022, almost all developed economies registered increasing exports, with the exceptions of Belarus (-42.7 per cent) and Ukraine (-34.8 per cent). Among developing economies, considerable decline was recorded in Tuvalu (-84.5 per cent), Saint Kitts and Nevis (-40.5 per cent), as well as in several other small island States. The North exported more merchandise than the South in 2022: developed economies contributed $13.7 trillion and developing economies $11.2 trillion to the world total.
Note: The dotted line indicates UNCTAD nowcasts (as of November 2023). For the weekly update of the nowcast and its methodology, see -—
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Trade upswing in all regions
In 2022, merchandise exports and imports increased significantly, by more than 10 per cent in developed economies and by 12 per cent in developing economies in Asia and Oceania. African and American developing economies experienced the highest rise in exports (16.9 per cent).
In terms of imports, developing economies in the Americas registered the highest increase (21.4 per cent) with African developing economies in the second position (18.9 per cent). In developing Asia and Oceania, imports increased much less (10.2 per cent).
Trade imbalance between developing and developed economies rising
Developing economies registered a considerable increase in their trade surplus in 2022 for the second consecutive year. Their trade balance stood at $692 billion in 2021 and reached $864 billion in 2022. By contrast, developed economies have recorded a continuously rising merchandise trade deficit in recent years, reaching $1.6 trillion in 2022. The developed world’s imports increased more than their exports.
Note: 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.
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 (FOBfree on board) value, whereas the value of imports includes cost, insurance and freight (CIFcost, insurance and freight).
The trade balance is calculated as the difference between the values of exports and imports.
Merchandise trade figures from 2014 to 2022, at total product level with partner world, are jointly produced by UNCTAD and the World Trade Organization (WTOWorld Trade Organization).
Summary tables
References
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