World Trade

Statistical
Review
2023
Chapter I I

Highlights of world
trade in 2022

World trade overview 10

Merchandise trade 12

Commercial services 20

Leading traders 26

Least-developed countries 27

8
9
 World Trade Statistical Review 2023

World trade overview

Services trade recovered in 2022 rising by 15% year-on-year, slightly more than goods trade.

Chart 2.1
World trade in goods and commercial services, 2012-22
(Annual percentage change)

30

Goods

Services trade rebounded from

-18% in 2020, during the
COVID-19 pandemic, to +15%
in 2022.

20
Annual percentage change (%)

10
Commercial services

−10

−20
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: WTO-UNCTAD estimates.

Note: Trade as average of exports and imports.

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 Chapter II: Highlights of world trade in 2022

Trade in goods and services 35

30
6.8
Trade in goods and services amounted to 25 5.9
US$ 31.0 trillion in 2022, a 13% rise year-on-year.

US$ trillion
5.9 6.1 24.2
20 5.0
While trade in goods exceeded pre-pandemic 21.6
15 19.0 18.5
levels already in 2021, trade in services caught 17.0
up in 2022. 10
5
Source: WTO-UNCTAD estimates. 0
Note: Average of exports and imports. 2018 2019 2020 2021 2022
Goods Commercial services

Leading merchandise traders 16

14.7 15.0
14.4
14 13.1
China remained the top merchandise exporter 12.7

Share in world (%)

in 2022 but its share in world exports declined 12
to 14% (from 15% in 2021). The United States
(8% of world trade) and Germany (7%) were 10
ranked in second and third positions. 8.5 8.6 8.3
8.1 7.9
8
8.0 7.8 7.8 6.6
7.3
Source: WTO-UNCTAD estimates. 6
2018 2019 2020 2021 2022
China United States Germany

Manufactured goods 100

32 31 29 31 37
80
The share of manufactured goods in world
Percentage (%)

merchandise exports fell to 63% in 2022 (versus 60 68 69 71 69

68% in 2018) mainly due to high energy prices 63
limiting demand. 40

20
Source: WTO estimates.
0
2018 2019 2020 2021 2022
Manufactured goods Other goods

Transport services US$ billion

1,026
2018 1,249
Trade in transport services continued to grow 1,031
in 2022, although at a slower pace than in 2021 2019 1,240
as shipping rates returned to pre-pandemic levels. 2020
865
1,038
1,198
2021 1,393
Source: WTO-UNCTAD estimates.
1,481
2022 1,713
0 500 1,000 1,500 2,000
Exports Imports

Intra-regional merchandise trade 70

60
Percentage share, %

Intra-regional merchandise trade represented 50

65% of Europe’s world trade in 2022, the highest
40
amongst the major world regions. The lowest
was for Africa (14% in 2022, down from 16% in 30
2018). 20
10
2018 2019 2020 2021 2022
Source: UNCTADStat.
Europe Asia (including Oceania) North America
Latin America (including Mexico, Caribbean) Africa

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 World Trade Statistical Review 2023

Merchandise trade

The value of merchandise trade expanded at a faster pace across the globe than volume in 2022,
inflated in part by high global commodity prices.

Chart 2.2
World merchandise trade by region, 2022
(Annual percentage change)

40

The highest growth was

achieved by the Middle East,
an oil-rich region.
30 31.0

20
Annual percentage change (%)

20.0

16.6 17.0

12.4
11.8
10
9.6
8.4

5.1
3.8
3.1 2.9 1.2
2.7
0.1
0

−9.2

−10
World Middle East North America Europe Africa South and Central Asia Commonwealth
America and of Independent
the Caribbean States (CIS),
including certain
associate
and former
Merchandise trade in value Merchandise trade in volume member states

Source: WTO Secretariat

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 Chapter II: Highlights of world trade in 2022

Merchandise exports
World exports of fuels and mining products increased on average by 19 per cent per year between
2019 and 2022, reaching a value of US$ 5,158 billion in 2022. Their share in world exports increased
by 4 percentage points during this period, rising to 21 per cent in 2022.

Chart 2.3
Merchandise exports by major product group, 2019 and 2022
(US$ billion and percentage share)

Agricultural
Other goods/n.e.s
products
870
1,783

5% 10%
Fuels and mining
products
3,097
17%

2019

69%

Manufactured goods
Fuels and mining
12,744
products increased
by 4 percentage
points

Other goods/n.e.s Agricultural

products
1,541
2,326

6% 10%

Fuels and mining

products
21% 5,158

2022*

63%

Manufactured goods
15,288

* WTO estimates.
Source: WTO Secretariat.
Note: Data including intra-trade of the European Union, excluding re-exports of Hong Kong, China.

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World Trade Statistical Review 2023 Chapter II: Highlights of world trade in 2022

World exports of manufactured goods

Excluding “other manufactured goods”, chemicals (US$ 3,010 billion) and office/telecom equipment
(US$ 2,512 billion) had the highest shares – 20 per cent and 16 per cent respectively – in world exports
of manufactured goods in 2022. Automotive products (US$ 1,518 billion) represented 10 per cent of
the global total.

Chart 2.4
World exports of manufactured goods, 2022
(US$ billion)

Chemicals
3,010

20%

Other 44%
manufactured
goods*
6,705
16% Office
and telecom
equipment
2,512

10%
2%
4% 4%

Automotive
products
Textiles
Iron 1,518
339 Clothing and steel
576 628

* Other transport equipment, other machinery, other manufactured goods n.e.s.

Source: WTO estimates.
Note: Data including intra-trade of the European Union, excluding re-exports of Hong Kong, China.

14
 Chapter II: Highlights of world trade in 2022

Leading exporters of automotive products

The United States overtook Japan as the second-largest exporter of automotive products in 2022.
Among the top 10 exporters, China increased its exports the most, recording a 30 per cent increase.

Chart 2.5
Top 10 exporters of automotive products, 2022
(US$ billion and annual percentage change)

800

700
699

600

500
US$ billion

400

300

China recorded a
30% year-on-year
increase.
200

138 135 129

100 121

77
50
41
30 25
0
European United Japan Mexico China Korea, Canada United Thailand Türkiye
Union States Republic of Kingdom
Source: WTO estimates.

15
World Trade Statistical Review 2023

World exports of intermediate goods

World exports of intermediate goods (IGs) – inputs used to produce a final product – fell from a
9 per cent year-on-year increase in quarter 1 of 2022 to a 10 per cent decline in Q4. In value terms, they
remained stable compared to 2021, amounting to US$ 9.7 trillion. Weakness in the exchange of industrial
inputs in supply chains was largely due to a 0.3 per cent decrease in exports of manufacturing supplies,
parts and accessories, which represent more than 85 per cent of IGs. Food supply chains remained the
most resilient sector, with a 15 per cent increase in 2022.

Chart 2.6
World exports of intermediate goods, total and by main category, 2022Q1-Q4
(Year-on-year percentage change)

30

An overall increase at 15%

in world exports of food IGs
in 2022.

22
20

18

15

13

10

9 9
Year-on-year percentage change (%)

7
6
5 5
4

0 1
−1 −2 −1 −1 −2 0
−3

−6

−10
−10 −11

−13
−14

−20
Quarter 1 2 3 4
Year 2022

Total intermediate goods (IG) IG food & beverages IG parts & accessories (excl. transport equipment)
IG parts and accessories (transport equipment) IG ores; precious stones; rare earths IG other industrial supplies

Source: Trade Data Monitor.

16
 Chapter II: Highlights of world trade in 2022

World exports of intermediate goods by region

Exports of intermediate goods declined in Europe and Asia in 2022, by 1.8 per cent and 1.2 per cent
respectively. North and South America, however, saw an increase of 5.7 per cent. An increase in South
and Central America’s exports of industrial inputs in 2022 (8.5 per cent) was mostly due to Brazil’s
supplies of raw and processed soybean products, which grew by 27 per cent (representing 28 per cent
of its IG exports).

Chart 2.7
World exports of intermediate goods, by region, 2019Q1-2022Q4
(US$ billion)

1200

Asia

1000
Europe

800
US$ billion

600
8.5%
annual increase of
exports in IG
goods for South
and Central
America in 2022.
400
North America

200
South and Central America

Africa
0
Quarter 1 2 3 4 1 2 3 4 1 2 3 4 1 2 3 4
Year 2019 2020 2021 2022

Source: Trade Data Monitor (100 reporting economies, including estimates for Africa).

17
World Trade Statistical Review 2023

Africa’s trade in intermediate goods

Africa’s trade deficit in intermediate goods shrank to US$ 4.4 billion in 2022. This is partly due to growth
in its exports of intermediate goods, which totalled US$ 292 billion in 2022, an increase of 47 per cent
compared with its pre-COVID-19 level in 2019. A rise in value terms is largely due to high commodity
prices.

Chart 2.8
African trade in intermediate goods, 2010-22
Balance
(US$ billion) Exports Imports

300

Imports

250

200
Exports

150
US$ billion

100 Africa’s IG trade

deficit shrank
to US$ 4 billion
in 2022.

50

Trade balance
0
−19 −4

−37
−47
−53
−50 −57 −58 −60
−61
−65

−80 −77
−82

−100
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: WTO estimates.

18
 Chapter II: Highlights of world trade in 2022

Major African traders in intermediate goods

The top African exporters of intermediate goods in 2022 were South Africa, the Democratic Republic
of the Congo, Morocco and Egypt. The main destinations for their exports were China, India, the United
States and Spain. Exports were essentially primary products, such as precious materials (gold and
diamonds), palladium group metals, copper, iron ores and inputs for the fertilizer industry.

Chart 2.9
African trade in intermediate goods: top exporters by main partner and product, 2022
(US$ billion, percentage)

Top African IG 2021-22 2022 Share in Main destinations Exported products

Exporters growth value Africa IG
(%) (US$ exports
billion) (%)
South Africa -4% 108.7 38% United States Rhodium, palladium, diamonds,
iridium

China Gold, iron/tin ores, diamonds,

copper, cobalt, rhodium,
Congo, 46% 22.4 8%
palladium, iridium
Democratic
Republic of

India Diammonium phosphate, urea,

phosphoric acid

Morocco 13% 21.2 7%

Spain Copper, wiring, phosphoric acid

Egypt 16% 17.9 6%

Saudi Arabia, Copper, iron
Kingdom of

Source: WTO estimates.

The Democratic
Republic of the Congo
recorded a 46%
increase in IG exports
in 2022.

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 World Trade Statistical Review 2023

Commercial services

In 2022, travel continued to bounce back strongly following the lifting of mobility restrictions worldwide.
It is now on course for a full recovery and a return to its pre-COVID-19 levels, when it accounted for
almost one-quarter of services trade.

Chart 2.10
World trade in commercial services by sector, 2012-22
(Annual percentage change)

80

Travel has increased

by 91% compared with 2020. Travel
60

Transport
40

Other commercial
20
services
Annual percentage change (%)

−20

−40

−60

−80
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Source: WTO-UNCTAD estimates.

Note: Trade as average of exports and imports.

20
 Chapter II: Highlights of world trade in 2022

Other commercial services

Computer services has been the most dynamic services sector over the last decade. In 2022, world
exports were 44% above pre-pandemic levels. Growth was boosted by remote working as well as online
learning and home entertainment. Globally, demand for software, cloud services, machine learning
and enhanced cybersecurity continues to rise. Subdued growth in 2022, at 6 per cent compared with
22 per cent the previous year, is entirely due to exchange rate volatility.

Chart 2.11
Other commercial services by selected sector, 2022
(Year-on-year percentage change)

Year-on-year percentage change (%)

−3
Financial services 13
16

−2
Intellectual property related 15
services
1

2
Insurance and pension services 18
26

1
Construction 11
9

5
Telecommunications services 4
8

6
Personal, cultural, and 20
recreational services
20

12
Information services 14
27

6
Other business services 14
21

6
Computer services 22
44

−10 0 10 20 30 40 50

2022 2021 2022 vs. 2019

Source: WTO-UNCTAD estimates.

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 World Trade Statistical Review 2023

Trade in transport services/travel

Despite recovery in many regions in 2022, air transport has only marginally increased compared
to pre-pandemic levels. Exports of sea transport expanded due to high shipping rates in 2021.
However, in 2022, growth slowed as shipping rates started to decline steadily since the spring.

Chart 2.12
Breakdown of trade in transport services 2019-22
(Percentage share)

100 1.7 2.2 2.2

2.8
21.0 25.0 22.9 22.9

80

35.2
22.4 25.8
22.4

60
Percentage change (%)

52.4
50.3
48.4

40 42.1

20

0
2019 2020 2021 2022

Sea transport Air transport Other transport services Postal and courier services

Source: WTO-UNCTAD estimates

Note: Trade as average of exports and imports.

The share of air transport in

transport services overall
contracted from 35.2 per cent in
2019 to 25.8 per cent in 2022.

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 Chapter II: Highlights of world trade in 2022

Global exports of digitally delivered services

Europe accounts for more than half of global exports of digitally delivered services. Its growth levelled
off in 2022, largely due to the depreciation of the euro and the British pound against the US dollar. Asia’s
exports have been rising most, covering almost a quarter of the world’s digitally delivered services.
Growth in Africa and LDCs continued to lag behind, with Africa holding less than 1% share of world
exports in 2022.

Chart 2.13
Growth in digitally delivered services exports by region and selected group, 2015-22 (Index 2015=100)

220 220
200 200
Index 2015=100

Index 2015=100
180 180
Rest of the world Rest of the world
160 160
Europe
140 140
Africa
120 120
100 100
80 80
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022

220 220
200 200
Rest of the world Rest of the world
Index 2015=100

Index 2015=100

180 180
160 160 South and Central America
140 140 & the Caribbean
North America
120 120
100 100
80 80
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022

220 220
200 200
Middle East Asia
Index 2015=100

Index 2015=100

180 180
160 160
140 140
Rest of the world Rest of the world
120 120
100 100
80 80
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022

220 220
200 200
Index 2015=100

Index 2015=100

180 180
Rest of the world Rest of the world
160 160
140 140
120 120
Commonwealth
100 100
of Independant States* LDCs
80 80
2015 2016 2017 2018 2019 2020 2021 2022 2015 2016 2017 2018 2019 2020 2021 2022

Note: In the chart, digitally delivered services cover cross-border supply (mode 1 of the General Agreement on Trade in Services) of insurance
and pension services, financial services, charges for the use of intellectual property n.i.e., telecommunications, computer and information services,
most other business services, and personal, cultural, and recreational services. See Technical Notes for more information.
Sources: WTO estimates.
* The Commonwealth of Independent States includes certain associate and former member states.

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 World Trade Statistical Review 2023

Intra-regional trade in digitally delivered services

Digitally delivered services traded within Asia reached 43.2% of the region’s total trade in these services
in 2021, up from 39.2% in 2019. Telecommunications, computer and information services as well as
business, professional and technical services drove this rapid growth. In North America, the share
of intra-regional trade in digitally delivered services rose to 18.2%, up from 15.8% in 2019. In contrast,
intra-regional trade remained stable in South and Central America and the Caribbean and contracted
slightly in Europe. Intra-Africa trade in digitally delivered services declined to 3.3% in 2021.

Chart 2.14
Intra-regional trade in digitally delivered services, 2019-21
(Percentage share)

70%

63 63
60% 62

Digitally delivered services

50% traded within Asia reached
43.2% of the region’s total trade
in these services in 2021.

43
40% 41
Percentage share (%)

39

30%

20%

18
17
16

10%
10
9 9 9 9
8 8 8 8

4 4
3
0%
Europe Asia North Middle CIS* South and Africa
America East Central
America**
2019 2020 2021

Note: The data is presented as a percentage of total trade in digitally delivered services.
Source: WTO-OECD Balanced Trade in Services dataset.
* CIS refers to the Commonwealth of Independent States, including certain associate and former member states.
** Includes the Caribbean.

24
 Chapter II: Highlights of world trade in 2022

Inter-regional trade in digitally delivered services

The share of Africa’s exports of digitally delivered services to Asia rose from 20.3 per cent in 2019
to 22.0 per cent in 2021. Flows from South and Central America and the Caribbean to North America
and to Asia were also on the rise. In 2021, 37.5 per cent of the region’s exports of digitally delivered
services went to North American countries, up from 34.5 per cent before the pandemic.

Chart 2.15
Regional exports of digitally delivered services by destination, 2019-21
(Percentage share in partner world)

Destination

South &
North
Europe Asia CIS* Middle East Central Africa
America
America**

Exporter 2019 2021 2019 2021 2019 2021 2019 2021 2019 2021 2019 2021 2019 2021

Europe 63.5% 62.3% 13.1% 13.8% 14.3% 15.4% 1.9% 1.8% 3.1% 3.2% 2.3% 1.8% 1.9% 1.7%

Asia 30.8% 29.0% 39.2% 43.2% 19.7% 18.4% 1.1% 1.0% 4.3% 4.1% 2.6% 2.2% 2.4% 2.1%

North
54.3% 50.0% 20.1% 22.4% 15.8% 18.2% 0.9% 0.8% 2.0% 2.1% 5.4% 5.1% 1.5% 1.4%
America

CIS* 56.8% 55.0% 15.2% 15.4% 11.5% 13.0% 8.4% 8.8% 4.0% 4.3% 2.5% 2.0% 1.5% 1.4%

Middle East 43.3% 42.9% 22.0% 22.8% 18.8% 18.7% 1.7% 1.7% 9.2% 9.6% 2.4% 2.1% 2.6% 2.3%

South &
Central 35.5% 31.0% 15.0% 17.4% 34.5% 37.5% 1.7% 1.3% 3.2% 3.2% 8.2% 8.0% 1.9% 1.5%
America**

Africa 52.4% 52.4% 20.3% 22.0% 14.8% 14.0% 1.0% 0.9% 5.2% 5.3% 2.4% 2.1% 3.9% 3.3%

Source: WTO-OECD Balanced Trade in Services dataset.

* CIS refers to the Commonwealth of Independent States, including certain associate and former member states.
** Includes the Caribbean.

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World Trade Statistical Review 2023

Leading traders

While China remained the largest merchandise trader in 2022, significant increases in the world
rankings were achieved by Guatemala and Costa Rica, which moved up eight places to 76th and 77th
place respectively. This was mostly due to an increase in Costa Rica’s exports of medical instruments
and appliances and in its imports of electrical machinery and equipment. Guatemala’s rise was
prompted by an increase in imports of petroleum products. India rose to 7th position in the ranking
of services traders in 2022 thanks to a double-digit growth of 32 per cent, boosted by exports of
computer services.

Chart 2.16
Changes in rankings for merchandise traders in Changes in rankings for commercial services
the world’s top 100, 2019-22 traders among the world’s top 100, 2020-22
(Rank) (Rank)

2019 2022 2019 2022

24 7 India

10

28 Thailand

19 Sweden
34 Norway 21
23
24
37 26 Australia
27 Saudi Arabia,
Kingdom of
30 30 Thailand
31
32 Greece
34 Malaysia
36

46

48 42
49 49 Bangladesh
50 Slovenia

53
50 Colombia
Rank

Rank

55 Iran

57 57 Nigeria 55

59 59 Bulgaria 58 Panama

61 Ukraine
62
63 Dominican
64 64 New Zealand 65 Republic
67 Bengladesh
68 Macao, China
68 Ecuador
72
73
70 Belarus
71
72 Azerbaijan
73 Latvia 78 Kenya

76 Guatemala
77 77 Costa Rica 85
86 Mauritius
79
88
90 Tunisia

84
85 96

Source: WTO-UNCTAD estimates. Source: WTO-UNCTAD estimates.

26
 Chapter II: Highlights of world trade in 2022

Least-developed countries

Least-developed countries (LDCs)’ exports of goods increased by 41 per cent in 2022 compared with
pre-pandemic levels in 2019 while commercial services remained depressed (-14 per cent). This was due
to subdued recovery of international travel to Asian LDCs (74 per cent below 2019). By contrast, travel
exports of African LDCs performed better, remaining only 9 per cent below their value in 2019.

Chart 2.17
Exports of least-developed countries, 2019-22
(US$ billion)

300

Exports of goods from

least-developed countries reached 277
US$ 277 billion in 2022.

250

236

200

196

181

150
US$ billion

100

50

44
37
30
27

0
2019 2020 2021 2022

Goods Commercial services

Source: WTO-UNCTAD estimates.

27