World Trade Statistical Review 2020

World Trade Statistical Review

2020

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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 statistics

World Trade Statistical Review 2020

I. Introduction

4

Acknowledgements

6

A message from Director-General Roberto Azev?do

7

II. 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. World trade and GDP, 2019-20

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World trade and GDP

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Merchandise trade volume

19

Primary commodity prices

21

Exchange rates

22

Value of world trade

23

COVID-19 and trade

26

Outlook for 2020

29

IV. Shifting patterns in trade

32

Merchandise trade

34

Trade in services

47

Global supply chains for chemicals and pharmaceutical goods

55

Statistical reporting

59

V. 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

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VI. Statistical tables

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3

Chapter I

Introduction

Acknowledgements

06

A message from Director-General Roberto Azev?do

07

140

151

World Trade Statistical Review 2020

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. 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 Yan.

Contributions 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.

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 provide.

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Chapter I: Introduction

A 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 hold.

In 2019, even before the pandemic, world merchandise trade declined in volume terms by 0.1 per cent, weighed down by political tensions and protectionist measures. In value terms, which reflect commodity price fluctuations, merchandise trade fell by 3 per cent. For comparison, merchandise trade volumes grew by 2.9 per cent in 2018.

World trade in commercial services increased by 2.1 per cent in 2019, slowing from its 8.4 per cent rise in 2018. All services sectors were affected, with exports of transport services declining by 0.8 per cent as merchandise trade faltered, and travel exports growing by only 1 per cent. The only sector to record more positive growth ? of 3.3 per cent ? was "other commercial services", reflecting growth in telecommunications, computer and information services.

World 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 pandemic.

The COVID-19 pandemic has underlined the growing importance of the services sector, in particular the distribution sector, in keeping trade flowing. 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 years.

Finally, the COVID-19 pandemic has highlighted the limitations of existing tools for measuring trade. 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 scale.

I 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 analysis.

Roberto Azev?do Director-General

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Chapter II

Highlights of world trade in 2019

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

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