Imagine a world where, despite high inflation and supply chain chaos, global trade not only survived but surged to a staggering $25 trillion in 2022, proving its remarkable resilience and relentless momentum.
Key Takeaways
- Global merchandise trade reached USD 24.9 trillion in 2022, marking a 12% increase from 2021 despite economic headwinds
- World exports of goods grew by 2.7% in volume terms in 2022, while imports expanded by 3.5%
- In 2022, the value of world merchandise trade increased to USD 25 trillion, driven by higher prices amid supply chain disruptions
- World commercial services exports hit USD 6.26 trillion in 2021, recovering 10% post-COVID slump
- In 2022, global services trade value grew by 8% to approximately USD 7 trillion, led by digital services
- Transport services exports declined 7% in 2022 due to falling freight rates after pandemic peaks
- Asia's intra-regional merchandise trade share rose to 59% in 2022 from 55% in 2019
- EU intra-trade accounted for 58% of total extra-EU trade in 2022, valued at EUR 4.2 trillion
- North America's merchandise trade volume grew 4.2% in 2022, led by US-Mexico flows
- US-China bilateral goods trade totaled USD 690 billion in 2022, down 4% from 2021 peak
- EU-US trade in goods and services reached EUR 1.6 trillion in 2022, the world's largest bilateral flow
- China-EU merchandise trade hit EUR 850 billion in 2022, with EU deficit of EUR 396 billion
- US goods trade deficit was USD 951 billion in 2022, with China at 54% share
- China's current account surplus stood at 1.2% of GDP in 2022, or USD 202 billion
- Germany's trade surplus hit EUR 167 billion in 2022, driven by machinery exports
Global merchandise trade grew to $25 trillion in 2022 despite supply chain disruptions.
Major Trade Partners
- US-China bilateral goods trade totaled USD 690 billion in 2022, down 4% from 2021 peak
- EU-US trade in goods and services reached EUR 1.6 trillion in 2022, the world's largest bilateral flow
- China-EU merchandise trade hit EUR 850 billion in 2022, with EU deficit of EUR 396 billion
- Japan-US trade volume was USD 300 billion in 2022, with auto exports key from Japan
- India-US bilateral trade grew 12% to USD 191 billion in FY2023, services dominant
- Germany-China trade reached EUR 253 billion in 2022, Germany's largest partner
- South Korea-China trade totaled USD 310 billion in 2022, 25% of Korea's total trade
- Canada-US trade hit CAD 1.2 trillion in 2022 under USMCA framework
- UK-EU post-Brexit trade fell 15% to GBP 700 billion in 2022
- US trade deficit with Mexico reached USD 131 billion in 2022, up 10%
- China-Australia bilateral trade peaked at AUD 250 billion in 2021 before tariffs
- Vietnam-US trade surged 20% to USD 138 billion in 2022, electronics key
- Netherlands-Germany trade, Europe's largest, EUR 200 billion in 2022
- Saudi Arabia-China trade reached USD 106 billion in 2022, oil dominant
- France-Italy bilateral trade EUR 120 billion in 2022, machinery and pharma
- Russia-EU trade dropped 40% to EUR 260 billion in 2022 due to sanctions
- UK-China trade GBP 105 billion in 2022, down 5% post-Brexit
- Indonesia-China trade USD 150 billion in 2022, nickel and coal exports
- Turkey-Germany trade EUR 50 billion in 2022, autos and textiles
- Nigeria-India trade USD 20 billion in 2022, crude oil main export
- Vietnam-China bilateral trade USD 171 billion in 2022, largest for Vietnam
Major Trade Partners Interpretation
Despite the gravitational pull of China's economy tying the world's largest trade partnerships together, the US and EU's titanic exchange retains the crown, while political storms from Brexit to sanctions prove that even trillion-dollar flows aren't immune to a turbulent climate.
Merchandise Trade
- Global merchandise trade reached USD 24.9 trillion in 2022, marking a 12% increase from 2021 despite economic headwinds
- World exports of goods grew by 2.7% in volume terms in 2022, while imports expanded by 3.5%
- In 2022, the value of world merchandise trade increased to USD 25 trillion, driven by higher prices amid supply chain disruptions
- Merchandise trade volume growth slowed to 0.8% in 2023 after 5.0% in 2022, according to WTO estimates
- China's merchandise exports reached USD 3.59 trillion in 2022, accounting for 14.4% of global exports
- EU merchandise imports totaled USD 2.9 trillion in 2022, with energy products surging 60% due to the Ukraine crisis
- US merchandise trade deficit widened to USD 1.19 trillion in 2022 from USD 1.08 trillion in 2021
- Global trade in intermediate goods, vital for value chains, represented 47% of merchandise trade value in 2021
- South-South merchandise trade grew by 13% in value terms in 2022, faster than North-North trade at 10%
- Merchandise trade in agricultural products reached USD 1.9 trillion in 2022, up 8% from prior year
- Global merchandise trade growth forecast at 0.8% for 2023, down from 1% prior estimate
- Refined petroleum was the top exported product globally in 2022 at USD 1.4 trillion
- Integrated circuits exports totaled USD 651 billion in 2022, Asia dominant
- Cars ranked third in global exports at USD 602 billion value in 2022
- Gold exports reached USD 310 billion in 2022 amid safe-haven demand
- Soybeans global trade volume was 175 million tons in 2022/23 season
- Crude oil trade value hit USD 1.2 trillion in 2022 despite volume dip
- Natural gas LNG trade reached 404 bcm in 2022, up 6% YoY
- Cotton exports totaled 21 million tons in 2022/23, led by US and Brazil
- Telephones exports valued at USD 500 billion in 2022, China top exporter
Merchandise Trade Interpretation
The world's shopping cart hit a record $25 trillion in 2022, proving that even with supply chains in knots and wallets feeling the pinch, humanity's collective desire to both sell its stuff and buy everyone else's is an economic force of nature.
Services Trade
- World commercial services exports hit USD 6.26 trillion in 2021, recovering 10% post-COVID slump
- In 2022, global services trade value grew by 8% to approximately USD 7 trillion, led by digital services
- Transport services exports declined 7% in 2022 due to falling freight rates after pandemic peaks
- Travel services imports rebounded 50% in 2022 but remained 32% below 2019 levels
- Financial services trade surplus for developed economies was USD 200 billion in 2021
- ICT services exports from India reached USD 194 billion in FY2022, 51% of total services exports
- Global telecommunications services trade valued at USD 1.1 trillion in 2021, growing 5% annually
- Other business services accounted for 28% of world services exports in 2021, totaling USD 1.8 trillion
- China's services imports grew 18.5% to USD 581 billion in 2022, narrowing trade deficit
- US services trade surplus hit USD 245 billion in 2022, driven by intellectual property charges
- Commercial services trade in mode 1 (cross-border) grew 12% in 2021 to USD 3 trillion
- Insurance services global exports were USD 250 billion in 2021
- Research and development services trade hit USD 70 billion in 2021, up 15%
- Construction services exports fell 5% to USD 200 billion in 2022 post-pandemic
- Personal, cultural, recreational services trade recovered 25% in 2022
- Charges for use of IP (R&D, patents) exports USD 450 billion in 2021, US leader
- Logistics services (freight forwarding) valued at USD 150 billion globally in 2022
- Education-related services exports from Australia reached AUD 40 billion in 2022
- Health services trade, including medical tourism, estimated USD 100 billion pre-COVID
- Environmental services trade grew to USD 80 billion in 2021, green tech focus
Services Trade Interpretation
The world is now trading in ideas more than ever, as the post-pandemic economy shows us that while we may have stopped moving as much, our digital services, intellectual property, and financial wizardry have sprinted ahead to a staggering $7 trillion in global trade, proving that brains—and bandwidth—increasingly trump container ships.
Trade Balances
- US goods trade deficit was USD 951 billion in 2022, with China at 54% share
- China's current account surplus stood at 1.2% of GDP in 2022, or USD 202 billion
- Germany's trade surplus hit EUR 167 billion in 2022, driven by machinery exports
- Japan's trade deficit widened to JPY 20 trillion in FY2022 due to energy imports
- India's trade deficit reached USD 265 billion in FY2023, oil imports key factor
- EU overall trade balance was a surplus of EUR 40 billion in 2022, services offsetting goods deficit
- South Korea's trade surplus was USD 59 billion in 2022, semiconductors leading
- Brazil's trade surplus surged to USD 68 billion in 2022 on agribusiness boom
- Australia's trade surplus hit AUD 122 billion in FY2022-23, minerals dominant
- Mexico's trade deficit with non-US partners was USD 50 billion in 2022
- Switzerland's trade surplus USD 110 billion in 2022, pharma and watches
- Netherlands trade surplus EUR 130 billion in 2022, re-exports hub
- Singapore's trade surplus SGD 100 billion in 2022, electronics and pharma
- Ireland's trade surplus EUR 170 billion in 2022, driven by pharma multinationals
- Vietnam's trade surplus USD 12 billion in 2022, first since 2019
- Malaysia trade surplus USD 56 billion in 2022, petroleum products key
- Thailand trade deficit USD 30 billion in 2022, tourism recovery insufficient
- Indonesia trade surplus USD 55 billion in 2022, commodities boom
- Philippines trade deficit USD 40 billion in 2022, electronics imports rise
- Bangladesh trade deficit USD 40 billion in FY2022-23, RMG exports strong but imports higher
Trade Balances Interpretation
The global ledger reveals a script where some nations, flush with exports from factories, farms, or pharmaceuticals, are the auteurs of surplus, while others, often shackled by energy bills or insatiable appetites for goods, star in the perpetual drama of deficit.
Trade by Region
- Asia's intra-regional merchandise trade share rose to 59% in 2022 from 55% in 2019
- EU intra-trade accounted for 58% of total extra-EU trade in 2022, valued at EUR 4.2 trillion
- North America's merchandise trade volume grew 4.2% in 2022, led by US-Mexico flows
- Africa's total merchandise trade reached USD 1.1 trillion in 2022, with exports up 20% on energy prices
- Latin America's exports surged 17% to USD 1.3 trillion in 2022, fueled by commodities
- ASEAN merchandise trade hit USD 3.6 trillion in 2022, with intra-ASEAN at 23%
- Middle East oil exports drove regional trade growth of 25% to USD 2.1 trillion in 2022
- Central Asia's trade with China grew 30% in 2022, reaching USD 70 billion
- Pacific Islands merchandise trade deficit widened to USD 10 billion in 2022 amid import reliance
- Europe's intra-regional services trade share is 45% of total services exports
- East Asia services trade volume up 10% in 2022 to USD 1.5 trillion
- Sub-Saharan Africa services exports stagnant at USD 100 billion in 2022
- MERCOSUR intra-trade grew 5% to USD 50 billion in 2022
- Gulf Cooperation Council trade intra-regional at 15% share, USD 200 billion total
- Central European Free Trade Area trade volume USD 80 billion in 2022
- SAARC intra-regional trade minimal at 5% of total, USD 30 billion in 2022
- Baltic states trade with Nordic countries hit EUR 40 billion in 2022
- Caribbean Community intra-trade USD 5 billion in 2022, 10% share
- Eurasian Economic Union internal trade up 10% to USD 100 billion in 2022
Trade by Region Interpretation
It seems the world is carefully organizing itself into a club of increasingly self-sufficient, robust trading blocs, while sadly confirming that some neighborhoods still struggle to even borrow a cup of sugar.
Sources & References
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