World Trade Statistical Review 2020

1 Trade Statistical Review 2020 World Trade Statistical Review2020 About the WTOThe 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 this publicationWorld 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 more informationAll data used in this report, as well as additional charts and tables not included, can be downloaded from the WTO web site at Introduction 4 Acknowledgements 6 A message from Director-General Roberto Azev do 7II. Highlights of World Trade in 2019 8 World Trade in 2019 10 World merchandise Trade 2019 12 World exports of commercial services 2019 13 The World s leading traders 14 Least-developed countries 15 III.

2 World Trade and GDP, 2019-20 16 World Trade and GDP 18 Merchandise Trade volume 19 Primary commodity prices 21 Exchange rates 22 Value of World Trade 23 COVID-19 and Trade 26 Outlook for 2020 29IV. Shifting patterns in Trade 32 Merchandise Trade 34 Trade in services 47 Global supply chains for chemicals and pharmaceutical goods 55 Statistical reporting 59V. Composition, definitions & methodology 60 Composition of geographical and economic groupings 62 Definitions and methodology 66 Specific notes for selected economies 73 Statistical sources 74 Abbreviations and symbols 75VI. Statistical tables 763 World Trade Statistical Review 202010 Acknowledgements06A message from Director-General Roberto Azev do07 Introduction4 Chapter I115 Acknowledgements This publication has been prepared under the direction of Robert Koopman, Director of the Economic Research and Statistics Division, and Andreas Maurer, Chief of the International Trade Statistics Section.

3 The coordination of the report was undertaken by Ninez Piezas-Jerbi. Statistical research, data compilation and the preparation of estimates were conducted by Barbara d Andrea-Adrian, Alejandra Barajas Barbosa, Lori Chang, Christophe Degain, Florian Eberth, Kathryn Lundquist, Coleman Nee, Ninez Piezas-Jerbi and Ying to this publication were also provided by the WTO s Market Access Intelligence Section and the Research Group of the Economic Research and Statistics Division. The International Trade Statistics Section also wishes to thank colleagues from the Information and External Relations Division (IERD) and the Languages, Documentation and Information Management Division (LDIMD) whose collaboration is vital in the production of this report. In particular, recognition is due to Anthony Martin, Serge Marin-Pache and Steve Cooper in IERD and to the French and Spanish translators in LDIMD.

4 Finally, we wish to thank the users of WTO statistics for their constructive suggestions on how to improve our Statistical output. This regular feedback allows us to constantly refine the data we Trade Statistical Review 2020 6A message from Director-General Roberto Azev do The COVID-19 pandemic has given rise to the deepest economic downturn of our lifetimes. Output has plummeted, while job losses pile up. Trade has been severely disrupted by supply and demand shocks. A key challenge for policymakers will be to lay the foundations for a strong, sustainable and inclusive economic recovery as the health crisis recedes. To make the right decisions about how to guide the global economy to recovery, they will need reliable data. The WTO plays a critical role in compiling and analysing Trade data. While the ongoing pandemic represents a dramatic break with nearly all recent economic trends, the fact remains that patterns in global Trade offer useful insights for what the future may 2019, even before the pandemic, World merchandise Trade declined in volume terms by per cent, weighed down by political tensions and protectionist measures.

5 In value terms, which reflect commodity price fluctuations, merchandise Trade fell by 3 per cent. For comparison, merchandise Trade volumes grew by per cent in Trade in commercial services increased by per cent in 2019, slowing from its per cent rise in 2018 . All services sectors were affected, with exports of transport services declining by per cent as merchandise Trade faltered, and travel exports growing by only 1 per cent. The only sector to record more positive growth of per cent was other commercial services , reflecting growth in telecommunications, computer and information Trade continues to be concentrated among major traders: the top ten traders in both merchandise Trade and commercial services accounting for slightly more than half of World Trade . Among the least developed countries, merchandise Trade fell by 2 per cent but Trade in commercial services increased by 10 per cent, boosted in particular by diversification from merchandise to the travel sector which has now been badly hit by the COVID-19 pandemic has underlined the growing importance of the services sector, in particular the distribution sector, in keeping Trade flowing.

6 The crisis has also underlined the importance of digital Trade . Improvements in bandwidth and technological innovation have been the main factors for the increase in e-commerce and digital Trade . These advances make vital services such as telemedicine possible. In addition, the services sector represents more than one-third of the value-added in pharmaceutical supply chains. Disruptions to supply chains due to the COVID-19 crisis have had a major impact on the supply of medical products and other vital goods. The data in this report also reflect how changing consumer preferences in recent years have influenced global Trade patterns, with consumers increasingly keen to reduce use and waste of products that have a damaging impact on the environment, such as plastics. Demand for renewable energy goods, such as wind turbines, solar panels and electric cars, has also increased significantly in the last few , the COVID-19 pandemic has highlighted the limitations of existing tools for measuring Trade .

7 Some countries have struggled to report Trade data on a regular basis, and the system used to classify traded goods has proved to be insufficient to measure the full range of goods traded to tackle COVID-19. International organizations will need to increase co-operation to prepare themselves for future challenges of this would like to thank everyone who has worked on this report. We hope it provides useful insights for WTO members and all those involved in Trade Azev do Director-GeneralChapter I: Introduction7 10 World Trade in 201910 World merchandise Trade 201912 World exports of commercial services 201913 The World 's leading traders14 Least-developed countries15 Highlights of World Trade in 2019 8 Chapter II11970%30% ,9793,3582,8291842082312263,2522,6622,97 82,4692,7383235404305001,0001,5002,0002, 5003,0003,5002016201720182019US$ billionUS$ billionUS$ billion2016201720182019 OthersJapanSingaporeIndiaIrelandNetherla ndsChinaFranceGermanyUnited KingdomUnited States20192018201720164,7965,3145,8705,6 70 ImportsExportsMerchandise tradeCommercial services050100150200250 World merchandise Trade in volume terms recorded a slight decline of per cent in 2019 after rising by per cent in the previous year.

8 Merchandise Trade is measured as the average of exports and imports. In value terms, Trade declined by per cent compared with an per cent increase in 2018 . World Trade in commercial services increased by per cent in 2019, slowing substantially from its per cent rise in 2018 . Transport exports declined by per cent as merchandise Trade faltered. Other commercial services recorded the highest export growth ( per cent) among services sectors in 2019, buoyed by slowing, but continued, growth in the telecommunications, computer and information services sector. World Trade in 2019 World merchandise tradeUS$ 51 trillion, Trade in commercial servicesUS$ trillion,+2 .1%Fuels and mining products:2019US$ billion Agricultural products: US$ billionUS$ 3,168 billion US$ 1,416 billionTravel:Transport: US$ 1,118 billion Manufacture of goods: US$ billion Other commercial services: US$ 196 billionGoods-relatedservices.

9 World Trade Statistical Review 2020 1070%30% ,9793,3582,8291842082312263,2522,6622,97 82,4692,7383235404305001,0001,5002,0002, 5003,0003,5002016201720182019US$ billionUS$ billionUS$ billion2016201720182019 OthersJapanSingaporeIndiaIrelandNetherla ndsChinaFranceGermanyUnited KingdomUnited States20192018201720164,7965,3145,8705,6 70 ImportsExportsMerchandise tradeCommercial services050100150200250 Merchandise Trade of the European Union accounted for 30 per cent of World Trade in 2019, totalling US$ 5,670 UnionCommercial services exportsWorld exports of commercial services exports remain very concentrated. The top ten exporters accounted for per cent of global exports in in manufactured goods represents 70 per cent of World merchandise exports. Iron and steel exports experienced the largest decline among manufactured goods in 2019, with a 12 per cent drop compared with goodsOther commercial services Other commercial services , such as telecommunications or financial services, continued to dominate World commercial services Trade .

10 Total exports and imports amounted to US$ 3,358 billion and US$ 2,979 billion countries (LDCs)LDCs merchandise Trade amounted to US$ 226 billion in 2019, a 2 per cent decrease from 2018 , while LDC commercial services Trade totalled US$ 43 billion, increasing by 10 per cent. Exporters of manufactured goods and oil accounted for 65 per cent of LDC merchandise exports. In services, travel receipts were the largest source of export earnings for II: Highlights of World Trade in 201911 World merchandise Trade 2019 Annual percentage change-7-6-5-4-3-2-10123 Middle EastCommonwealth of Independent States (CIS), including associate and former member StatesAfricaAsiaEuropeNorth AmericaSouth & Central AmericaWorld-0. Trade in volumeMerchandise Trade in valueAll regions recorded a decline in merchandise Trade in terms of volume and value in 2019.