Trade indicators
Note: This index measures the importance of international trade in goods relative to the domestic economic output of an economy. Exports are given equal weight to imports.
How important is trade for economies?
In 2022, Hong Kong (China) reported the highest trade openness index, as the average value of its exports and imports of goods represented 170 per cent of its GDPgross domestic product. Djibouti (122 per cent) and Singapore (117 per cent) ranked second and third, respectively. The ratios are much lower for some of the world’s largest economies. The United States of America recorded 10 per cent, Japan 19 per cent, and China 17 per cent.
How did the volume of trade change?
Adjusting the development of merchandise trade by the movements in the traded goods’ prices reveals that the increase in global trade in 2022 (see chapter 1.1) was primarily a monetary phenomenon. The volume index of global merchandise exports remained almost constant throughout the year, seasonally adjusted. In the first two quarters of 2023, export volumes slightly increased in developing and slightly decreased in developed economies.
Note: This index indicates the change in exports, adjusted for the movement of prices, relative to the base year. Seasonal adjustment is based on X-12-ARIMA.
How concentrated was global product supply?
Note: This index measures the extent to which a high proportion of exports is delivered by a small number of economies. It has a value of 1 if all exports originate from a single economy.
How concentrated was the structure of exports?
Note: This index measures the extent to which a large share of exports is accounted for by a small number of product groups. The index has a value of 1 when an economy exports only one group of products and a value of 0 if all product groups are equally represented.
Concepts and definitions
This section presents different indices that can be used to analyze trade flows and trade patterns over time from the perspective of, for example, relative competitiveness, structure of global exports and imports markets, or the importance of trade for the economy, both for individual economies and for groups of economies.
For information on how the indices in this section are calculated, see on Calculation methods page. Further guidance on their interpretation can be obtained from the “Indicators Explained” section on UNCTADstat -—
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References
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