World Trade Statistics 2023

A new interactive tool presenting key data and trends for international merchandise and commercial services trade in 2023 was issued by the World Trade Organization this week. The digital platform allows users to view the latest trends in world trade, in terms of both value and volume. By using filters one can also display the data by economy, region, selected grouping, product group and services sector.

Merchandise Trade Drops by 1.2%

In 2023, the lingering effects of high energy prices and inflation weighed heavily on demand for energy-intensive manufactured goods. World merchandise trade volume fell by 1.2%. However, despite the decline, the value of merchandise trade was 25% above 2019 levels.

In the Merchandise Trade TOP 20 ranking the first three positions stayed the same as they were in 2022 – China, USA, Germany, Netherlands and Japan. There were three countries which placed lower in the latest Top 20 than in 2022 - Republic of Korea, Belgium and Russia - and one that got there from being 22nd in 2022 - Switzerland.

Commercial Services Trade Increases by 9%

In 2023, commercial services trade rose on average by 9 %, driven mostly by travel (which increased by 35%) and other commercial services (which increased by 9%), such as computer services and business services - mostly digitally delivered.

Global services growth was strong despite decline in transport. Transport dropped by 8% as shipping rates returned to pre-pandemic levels. International passenger transport continued to recover in 2023, with airlines returning to profitability.

In the Commercial Services Trade TOP 20 ranking the first three positions stayed the same as they were in 2022 – USA, UK and Germany. There were six countries which placed lower in the latest Top 20 than in 2022 – China, Singapore, UAE, Belgium, Denmark and the Republic of Korea - and one that got there from being 21st in 2022 - Poland.

You can examine the new WTO interactive world trade tool here.

Source: WTO official - https://www.wto.org/english/news_e/news_e.htm