Despite global supply chain disruptions and rising geopolitical tensions, the numbers tell a surprisingly resilient story of global trade reaching staggering new heights.
Key Takeaways
- In 2022, world merchandise trade volume increased by 2.7% compared to 2021, reaching approximately 25.0 trillion USD in value
- Global services trade reached 7.5 trillion USD in 2022, growing by 11% year-over-year
- The share of developing economies in world merchandise exports rose to 47% in 2022 from 45% in 2021
- US merchandise exports to China totaled 153.8 billion USD in 2022
- China-US bilateral trade volume reached 690.6 billion USD in 2022
- EU-US goods trade amounted to 1.2 trillion EUR in 2022
- Global oil trade volume 3.5 billion tons in 2022
- Iron and steel exports worldwide 1.2 billion tons value 200 billion USD 2022
- Automotive vehicles trade value 800 billion USD globally 2022
- World commercial services exports 6.6 trillion USD in 2022
- Transport services global trade 1.4 trillion USD exports 2022
- Travel services imports fell 20% but recovered to 1.1 trillion USD 2022
- North America intra-regional trade 40% of total trade volume 2022
- EU single market goods trade 3.6 trillion EUR intra-EU 2022
- ASEAN merchandise trade intra-regional 30% of total 700 billion USD 2022
Global trade grew robustly in 2022, led by services and developing economies.
Global Trade Overview
- In 2022, world merchandise trade volume increased by 2.7% compared to 2021, reaching approximately 25.0 trillion USD in value
- Global services trade reached 7.5 trillion USD in 2022, growing by 11% year-over-year
- The share of developing economies in world merchandise exports rose to 47% in 2022 from 45% in 2021
- World trade in commercial services exports grew by 12% in 2022 to 3.8 trillion USD
- Merchandise trade value hit a record 24.9 trillion USD in 2021 before slight decline in 2022
- Intra-regional trade accounted for 37% of total world trade in 2022
- Least-developed countries' share in world exports increased to 1.2% in 2022
- Global trade growth is projected at 0.8% for 2023 and 3.3% for 2024
- Digital trade as part of services trade grew 15% annually from 2019-2022
- World exports of goods and services combined were 28.5 trillion USD in 2022
- Imports of merchandise by developed economies fell 5% in 2022
- Emerging markets drove 60% of global trade growth in 2022
- Total world trade balance showed a surplus for exporters of 1.2 trillion USD in 2022
- Trade openness ratio (trade/GDP) globally stood at 60.4% in 2022
- Pandemic recovery boosted trade by 10.4% in 2021 globally
- Energy products accounted for 12% of world merchandise trade value in 2022
- Agricultural products trade volume up 4.5% in 2022
- Manufactured goods represent 75% of global merchandise trade
- Global trade elasticity with GDP was 1.2 in 2022, down from 2.0 pre-pandemic
- Small and medium-sized enterprises contribute 50% to international trade
- World merchandise imports totaled 23.5 trillion USD in 2022
- Services trade deficit for goods surplus countries widened to 400 billion USD in 2022
- E-commerce trade volume reached 5 trillion USD globally in 2022
- Trade in critical minerals grew 10% in 2022 amid energy transition
- Global supply chain disruptions reduced trade growth by 1.5% in 2022
- Women-owned businesses account for 15% of global trade flows
- Trade finance gap estimated at 1.7 trillion USD in developing countries 2022
- Carbon content of global trade equivalent to 25 GtCO2 in 2022
- Remotely delivered services trade up 20% post-2020
- Global trade in ICT products valued at 2.5 trillion USD in 2022
Global Trade Overview Interpretation
While global goods trade was catching its breath with a modest uptick, services trade sprinted ahead, and emerging markets firmly took the wheel, proving that the global economy is both recovering and fundamentally shifting—for better or worse—beneath a cloud of supply chain snags and a staggering carbon footprint.
Major Trading Partners
- US merchandise exports to China totaled 153.8 billion USD in 2022
- China-US bilateral trade volume reached 690.6 billion USD in 2022
- EU-US goods trade amounted to 1.2 trillion EUR in 2022
- US exports to Canada were 356.5 billion USD in 2022
- Mexico-US trade surplus for Mexico at 130 billion USD in 2022
- Japan-US bilateral trade 215 billion USD exports from US in 2022
- Germany's exports to US reached 157 billion USD in 2022
- US-China trade deficit stood at 382.9 billion USD in 2022 for goods
- India-US bilateral trade hit 191 billion USD in 2022
- South Korea-US trade volume 169 billion USD exports from US 2022
- UK-US goods trade totaled 280 billion USD in 2022
- Vietnam-US trade deficit for US at 106 billion USD in 2022
- US exports to EU countries summed 367 billion USD in 2022
- China-EU bilateral trade 847 billion EUR in 2022
- Canada-Mexico trade reached 40 billion USD in 2022 under USMCA
- Australia-US trade 65 billion USD exports from US 2022
- Brazil-US bilateral trade 88 billion USD in 2022
- US imports from Mexico 475.6 billion USD in 2022
- Netherlands-US trade partner ranking top 5 with 120 billion USD exports US 2022
- Taiwan-US trade 120 billion USD in 2022 amid chip tensions
- US-Saudi Arabia oil trade imports 40 billion USD 2022
- India-China bilateral trade 135 billion USD in 2022
- France-US trade 100 billion USD exports from US 2022
- US-UK services trade surplus 20 billion USD 2022
Major Trading Partners Interpretation
Despite the headlines fixating on the colossal US-China trade deficit, the world's economic dance floor is far more crowded, with the US and EU locked in a trillion-euro waltz, America and Canada sharing a quiet $356 billion drink, and a whole chorus of partners—from Mexico to Germany—humming along to the complex tune of global interdependence.
Merchandise Trade
- Global oil trade volume 3.5 billion tons in 2022
- Iron and steel exports worldwide 1.2 billion tons value 200 billion USD 2022
- Automotive vehicles trade value 800 billion USD globally 2022
- Electrical machinery and equipment top traded HS chapter at 2.5 trillion USD 2022
- Pharmaceuticals global trade 1.2 trillion USD in 2022
- Textiles and apparel exports 750 billion USD world 2022
- Chemicals trade volume 1.5 trillion USD 2022
- Machinery and mechanical appliances 3 trillion USD global trade 2022
- Precious metals and stones trade 500 billion USD 2022
- Plastics and articles thereof 400 billion USD exports 2022
- Optical and medical instruments 600 billion USD trade 2022
- Furniture and bedding exports 200 billion USD globally 2022
- Ships and boats trade value 150 billion USD 2022
- Aircraft and spacecraft parts 300 billion USD 2022
- Meat and edible meat offal trade 200 billion USD 2022
- Cereals exports 250 billion USD world 2022
- Coffee, tea, and spices 50 billion USD trade 2022
- Fish and crustaceans trade 180 billion USD 2022
- Vegetable oils 80 billion USD exports 2022
- Cotton trade volume 40 billion USD 2022
- Aluminum and articles 150 billion USD global trade 2022
- Copper and articles 120 billion USD 2022
- Footwear exports 200 billion USD world 2022
- Toys and games trade 100 billion USD 2022
- Printed books and newspapers 50 billion USD 2022
Merchandise Trade Interpretation
The world's shopping cart is a bizarre but deadly serious place where humanity spends trillions to simultaneously wire the planet, medicate itself, and ship mountains of oil and steel just to ensure we can all drive, work, play, and eat breakfast while wearing decent shoes.
Regional Trade
- North America intra-regional trade 40% of total trade volume 2022
- EU single market goods trade 3.6 trillion EUR intra-EU 2022
- ASEAN merchandise trade intra-regional 30% of total 700 billion USD 2022
- MERCOSUR intra-trade 200 billion USD in 2022
- Africa Continental Free Trade Area potential trade boost 52% by 2025 but 2022 intra 18%
- RCEP members intra-trade 2.3 trillion USD 2022 representing 30% of global
- USMCA trade volume 1.8 trillion USD among members 2022
- Pacific Alliance intra-trade growth 15% to 50 billion USD 2022
- Eurasian Economic Union intra-trade 80 billion USD 2022
- Gulf Cooperation Council intra-trade 200 billion USD energy dominated 2022
- SAARC intra-regional trade only 5% of total 20 billion USD 2022
- Central American Common Market trade 15 billion USD intra 2022
- ECOWAS intra-trade 10 billion USD formal 2022
- East African Community exports intra 6 billion USD 2022
- Southern African Development Community intra-trade 40 billion USD 2022
- Caribbean Community intra-trade 3 billion USD 2022
- Andean Community trade 15 billion USD intra-regional 2022
- Nordic countries bilateral trade 100 billion EUR 2022
- Baltic states intra-trade growth 20% post-2022
- Middle East and North Africa intra-regional trade 20% of total 2022
Regional Trade Interpretation
Geography may try to divide us, but the numbers whisper a stubborn truth: trade blocks obsessively favor their own neighborhoods, yet the global economy remains a tantalizingly half-finished jigsaw puzzle.
Services Trade
- World commercial services exports 6.6 trillion USD in 2022
- Transport services global trade 1.4 trillion USD exports 2022
- Travel services imports fell 20% but recovered to 1.1 trillion USD 2022
- Financial services trade 600 billion USD 2022
- Telecommunications services exports 400 billion USD world 2022
- Computer and information services 800 billion USD trade 2022
- Insurance and pension services 300 billion USD 2022
- Research and development services 100 billion USD exports 2022
- Professional and management consulting 500 billion USD 2022
- Charges for use of IP (licenses) 400 billion USD services trade 2022
- Construction services global 300 billion USD 2022
- Cultural and recreational services 200 billion USD 2022
- Government goods and services n.i.e. 150 billion USD trade 2022
- Remotely delivered ICT services up 15% to 400 billion USD 2022
- Logistics services trade embedded in supply chains 1 trillion USD 2022
- Education services exports 100 billion USD globally 2022
- Health services trade growing at 10% annually to 50 billion USD 2022
- E-commerce enabling services 300 billion USD 2022
- US services exports to world 926 billion USD in 2022
- EU intra-regional services trade 1 trillion EUR 2022
- Asia-Pacific services trade growth 8% to 2 trillion USD 2022
Services Trade Interpretation
The global economy increasingly runs on invisible expertise and digital connections, evidenced by the fact that while we shipped $1.4 trillion worth of goods across oceans, we also spent nearly twice that ($2.6 trillion) on the very ideas and computer codes that make that shipping possible, and then another $500 billion just to ask consultants how to do it all better.
Trade Policies
- World average applied MFN tariff 7.4% in 2022
- US average tariff rate 3.4% on industrial goods 2022
- China retaliatory tariffs on US goods cover 110 billion USD 2022
- EU Common External Tariff average 5.1% 2022
- India average applied tariff 17% highest among majors 2022
- Number of WTO members 164 with 350 RTAs notified 2022
- US-China Section 301 tariffs remain on 370 billion USD imports 2022
- Anti-dumping measures worldwide 3,500 active in 2022
- Safeguard measures imposed on 50 products value 20 billion USD 2022
- Subsidies notifications to WTO 500 members total 2022 disputes
- CPTPP tariff elimination 95% of goods among 11 members 2022
- USMCA rules of origin require 75% regional content for autos 2022
- AfCFTA eliminates tariffs on 90% intra-African trade over 5 years from 2022
- EU Carbon Border Adjustment Mechanism starts 2023 affecting 2022 trade prep
- Global non-tariff measures cover 60% of trade lines 2022
- Export controls on semiconductors tightened by 5 countries 2022
- Local content requirements in 100 countries affect 500 billion USD trade 2022
- WTO dispute settlements new cases 20 in 2022 amid Appellate Body crisis
- Digital Services Taxes imposed by 10 countries on 50 billion USD revenue 2022
- Investment screening mechanisms in 30 countries block 10 billion USD FDI 2022
Trade Policies Interpretation
The world's trade landscape in 2022 was a complex tapestry of selective openness and protective armor, where countries happily cut tariffs among friends while building formidable legal fortresses against perceived foes, all under the increasingly strained watch of a global referee.
Sources & References
- Reference 1WTOwto.orgVisit source
- Reference 2STATSstats.wto.orgVisit source
- Reference 3UNCTADunctad.orgVisit source
- Reference 4OECDoecd.orgVisit source
- Reference 5DATAdata.worldbank.orgVisit source
- Reference 6IMFimf.orgVisit source
- Reference 7WITSwits.worldbank.orgVisit source
- Reference 8COMTRADEPLUScomtradeplus.un.orgVisit source
- Reference 9FAOfao.orgVisit source
- Reference 10IEAiea.orgVisit source
- Reference 11ADBadb.orgVisit source
- Reference 12CENSUScensus.govVisit source
- Reference 13USTRustr.govVisit source
- Reference 14ECec.europa.euVisit source
- Reference 15BEAbea.govVisit source
- Reference 16ONSons.gov.ukVisit source
- Reference 17POLICYpolicy.trade.ec.europa.euVisit source
- Reference 18INTERNATIONALinternational.gc.caVisit source
- Reference 19COMMERCEcommerce.gov.inVisit source
- Reference 20COMTRADEcomtrade.un.orgVisit source
- Reference 21WORLDSTEELworldsteel.orgVisit source
- Reference 22OECoec.worldVisit source
- Reference 23IQVIAiqvia.comVisit source
- Reference 24ICCA-CHEMicca-chem.orgVisit source
- Reference 25FASfas.usda.govVisit source
- Reference 26ICOico.orgVisit source
- Reference 27OILWORLDoilworld.deVisit source
- Reference 28ICACicac.orgVisit source
- Reference 29WORLD-ALUMINIUMworld-aluminium.orgVisit source
- Reference 30COPPERcopper.orgVisit source
- Reference 31DATAdata.imf.orgVisit source
- Reference 32ITUitu.intVisit source
- Reference 33STATSstats.oecd.orgVisit source
- Reference 34ITCitc.orgVisit source
- Reference 35UISuis.unesco.orgVisit source
- Reference 36WHOwho.intVisit source
- Reference 37ASEANasean.orgVisit source
- Reference 38MERCOSURmercosur.intVisit source
- Reference 39WORLDBANKworldbank.orgVisit source
- Reference 40RCEPSECrcepsec.orgVisit source
- Reference 41ALIANZAPACIFICOalianzapacifico.netVisit source
- Reference 42EAEUNIONeaeunion.orgVisit source
- Reference 43GCC-SGgcc-sg.orgVisit source
- Reference 44SOUTH-ASIAsouth-asia.commerce.gov.npVisit source
- Reference 45SICAsica.intVisit source
- Reference 46ECOWASecowas.intVisit source
- Reference 47EACeac.intVisit source
- Reference 48SADCsadc.intVisit source
- Reference 49CARICOMcaricom.orgVisit source
- Reference 50COMUNIDADANDINAcomunidadandina.orgVisit source
- Reference 51NORDENnorden.orgVisit source
- Reference 52PIIEpiie.comVisit source
- Reference 53MFATmfat.govt.nzVisit source
- Reference 54AU-AFCFTAau-afcfta.orgVisit source
- Reference 55TAXATION-CUSTOMStaxation-customs.ec.europa.euVisit source
- Reference 56BISbis.doc.govVisit source
- Reference 57GLOBALTRADEALERTglobaltradealert.orgVisit source