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World Trade Statistical Review 2019 3% 6% 2016 2017 2018 12% 15% 17% 25% About the WTO The World Trade Organization deals with the global rules of trade between nations. Its main function is to ensure that trade flows as smoothly, predictably and freely as possible. About this publication World Trade Statistical Review provides a detailed analysis of the latest developments in world trade. It is the WTO’s flagship statistical publication and is produced on an annual basis. For more information All data used in this report, as well as additional charts and tables not included, can be downloaded from the WTO web site at www.wto.org/statistics World Trade Statistical Review 2019 I. Introduction 2 Acknowledgements 4 A message from Director-General Roberto Azevêdo 5 II. Highlights of world trade 6 World merchandise trade in 2018 8 World trade in commercial services in 2018 9 Trends in world trade, 2008-2018 10 Developing economies 12 Global trade: World maps 14 III. World trade developments, 2018-2019 16 General trends in world trade in 2018 18 World trade and GDP in early 2019 25 IV. Trade in merchandise and commercial services 28 Merchandise trade 30 Trade in commercial services 36 Global value chains, 2005-2015 42 Digital trade 44 V. Leading traders and the role of developing economies in world trade 46 Leading players 48 Regional performance 52 Regional trade agreements (RTAs) 55 Developing economies 57 Least-developed countries 62 VI. Trade policy developments 66 Trade monitoring 68 Trade Facilitation Agreement 70 Applied tariffs 73 Aid for Trade 75 Trade finance 76 VII. Composition, definitions & methodology 78 Composition of geographical and economic groupings 80 Definitions and methodology 84 Trade policy indicators 91 Specific notes for selected economies 92 Statistical sources 93 VIII. Statistical tables 94 Abbreviations and Symbols 174 1 World Trade Statistical Review 2019 Chapter I Introduction Acknowledgements 4 A message from Director-General Roberto Azevêdo 5 102 World Trade Statistical Review 2019 113 World Trade Statistical Review 2019 Acknowledgements This publication has been prepared under the direction The International Trade Statistics Section also of Robert Koopman, Director of the Economic Research wishes to thank colleagues from the Information and and Statistics Division, and Andreas Maurer, Chief of the External Relations Division (IERD) and the Languages International Trade Statistics Section. The coordination of Documentation and Information Management Division the report was undertaken by Ninez Piezas-Jerbi. Statistical (LDIMD) whose collaboration is vital in the production research, data compilation and the preparation of estimates of this report. In particular, recognition is due to Anthony were conducted by Barbara d’Andrea-Adrian, Alejandra Martin, Serge Marin-Pache and Steve Cooper in IERD Barajas Barbosa, Lori Chang, Christophe Degain, Florian and to the French and Spanish translators in LDIMD. Eberth, Antonella Liberatore, Kathryn Lundquist, Coleman Finally, we wish to thank the users of WTO statistics for Nee, Ninez Piezas-Jerbi and Ying Yan with the assistance their constructive suggestions on how to improve our of Sonia Bouali and Carlo Gambaré. statistical output. This regular feedback allows us to Contributions to this publication were also provided by constantly refine the data we provide. the WTO’s Aid for Trade Unit, the Market Access Division, the Market Access Intelligence Section, the Economic Research Group and the Trade Monitoring Section of the Trade Policies Review Division. 4 Chapter I: Introduction A message from Director-General Roberto Azevêdo At a time of great uncertainty for global trade, the role of trade statistics takes on a renewed significance. Governments need the latest data to take informed decisions and to determine the best direction of trade policy for the benefit of the people they represent. The WTO’s data-gathering role plays a big part in meeting this need. World merchandise trade grew by 3.0 per cent in 2018, and agricultural products grew by 8 per cent and 5 per cent slightly exceeding GDP. This was significantly lower than respectively. Overall, merchandise exports grew by 10.0 per the 4.6 per cent growth recorded in 2017. This loss of cent, down from 10.7 per cent in 2017. In contrast, world momentum is partly due to increasing trade tensions and trade in commercial services grew by 8 per cent, recording historically high levels of trade restrictions. strong growth for the second consecutive year. Goods- related services registered the strongest expansion, at 11 The WTO’s latest trade monitoring report confirms that trade- per cent, while the weakest growth was in transport services. restrictive measures are on the rise. Trade covered by import- restrictive measures recorded in the last trade monitoring Worldwide networks for the production of goods continue to report (mid-October 2018 to mid-May 2019) is estimated grow in importance, with developing economies playing an at US$ 339.5 billion. This is the second-highest figure on increasing role. Asian economies have become major players record, after the US$ 588.3 billion reported in the previous in global value chains. Viet Nam and the Philippines have report (mid-October 2017 to mid-October 2018). If trade is seen growth in GVC participation while for Singapore over to pick up in 2019-20, trade tensions must be resolved. 60 per cent of its trade involves exchanges among GVCs. Trade continues to be concentrated. The ten leading While this publication sheds light on the latest trends traders in 2018 represented more than half of world in trade, the increasing use of new technologies and trade, with the top five accounting for around 37 per online transactions begs the question as to whether we cent of global transactions. Developing economies are have the right data to measure these trends. Are existing playing an increasingly important role in world trade, with trade statistics and product classifications up-to-date significant increases in their rankings among the world’s for quantifying and identifying emerging products and leading exporters and importers. There are also increasing services? As technology has helped to create new levels of trade between developing economies. In 2018, business models and products, it is essential that these this represented over 50 per cent of their merchandise are sufficiently captured. The WTO is currently working in exports. However, the merchandise exports of the least- collaboration with national and international authorities, the developed countries remained at a meagre US$ 193 billion, private sector, consumers and academia to increase our representing less than 1 per cent of world exports. understanding of this area. In nominal terms, high energy prices contributed to growth I would like to thank everyone who has worked on this in merchandise exports in 2018. Exports of fuels and mining report. We hope it provides useful insights into world trade products grew by 23 per cent while manufactured goods for WTO members and all those involved in trade analysis. Roberto Azevêdo Director-General 5 World Trade Statistical Review 2019 Chapter II Highlights of world trade World merchandise trade in 2018 8 World trade in commercial services in 2018 9 Trends in world trade, 2008-2018 10 Developing economies 12 Global trade: World maps 14 106 World Trade Statistical Review 2019 117 World Trade Statistical Review 2019 World merchandise trade in 2018 The volume of world merchandise trade, as measured by the average of exports and imports, grew by 3.0 per cent in 2018, just above the 2.9 per cent increase in world GDP over the same period. US$ Merchandise trade 19.67 trillion The value of Value of world merchandise trade merchandise increased by 10 per cent trade in 2018 in 2018. The increase in exports was mostly driven by high energy prices while Asia was the main China contributor to an increase World’s leading in global imports. merchandise trader in 2018 World merchandise exports of fuels and mining products, Clothing manufactured goods Clothing was the most and agriculture grew dynamic product among by 23 per cent, 8 per manufactured goods, cent and 5 per cent with an increase of respectively. 3.3 per cent in 2018. Developing economies US$ exported a total of US$ 8,779 billion in 2018, 193 of which US$ 193 billion billion were from least- Merchandise exports developed countries. of least-developed countries in 2018 8 Chapter II: Highlights of world trade World trade in commercial services in 2018 Trade in commercial services recorded strong growth for the second year in a row, rising by 8 per cent. US$ Commercial 5.63 services trade trillion Value of world trade Information and in commercial communication services in 2018 technology recorded the highest export growth (15 per cent) among services United States sectors in 2018, led World’s leading by computer services. commercial services trader in 2018 Growth in exports of commercial services was highest in the Commonwealth of Independent States 17% (12 per cent) in 2018, Growth in world exports partly due to the FIFA of computer services World Cup in Russia. in 2018 China was the leading exporter of commercial services (by value) among developing 16.2% countries, with exports increasing by 17% Growth of least- in 2018. developed countries’ services exports in 2018 9 World Trade Statistical Review 2019 Trends in world trade, 2008-2018 Trade and GDP Chart 2.1 World merchandise trade volume and real GDP at market exchange rates, 2008-2018 (Indices, 2008=100) 130 125 120 115 110 105 100 World trade and GDP have grown in 95 tandem for the last ten years. Both have 90 increased by 26 per cent since 2008. 85 80 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 World merchandise trade volume World real GDP at market exchange rates Source: WTO estimates, IMF World Economic Outlook.
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