Chapter I I

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

10
8
11
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World Trade Statistical Review 2020

World trade in 2019

World merchandise trade in volume terms recorded a slight
decline of 0.1 per cent in 2019 after rising by 2.9 per cent
in the previous year. Merchandise trade is measured as
the average of exports and imports. In value terms, trade
declined by 3.0 per cent compared with an 10.2 per cent
increase in 2018.
World trade in commercial services increased by 2.1 per
cent in 2019, slowing substantially from its 8.4 per cent
rise in 2018. Transport exports declined by 0.8 per cent
as merchandise trade faltered. Other commercial services
recorded the highest export growth (3.3 per cent) among
services sectors in 2019, buoyed by slowing, but continued,
growth in the telecommunications, computer and information
services sector.

Agricultural
products:
US$ 1.8 billion —

Goods-related
services:
— US$ 196 billion

Transport:

2019 — US$ 1,118 billion

World World trade

merchandise in commercial
trade services
US$ 19.051 US$ 5.898
trillion, trillion,
Fuels and
mining products: -3.0% +2.1%
— US$ 3.0 billion

Travel:
— US$ 1,416 billion

Other commercial services:

US$ 3,168 billion —

— Manufacture of goods: US$ 13.3 billion

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 Chapter II: Highlights of world trade in 2019

US$ billion European Union

Merchandise trade of the European
4,796 5,314 5,870 5,670 Union accounted for 30 per cent
of world trade in 2019, totalling
2016 2017 2018 2019 US$ 5,670 billion.

Commercial services
exports
6.8% 4.7% 4.3% 3.5% 3.3%
United France Netherlands India Japan World exports of commercial services
Kingdom exports remain very concentrated.
14.1% 5.5% 4.6% 3.9% 3.4% 45.8% The top ten exporters accounted for
United States Germany China Ireland Singapore Others 54.2 per cent of global exports in 2019.

30% Manufactured goods

Trade in manufactured goods represents
70 per cent of world merchandise
exports. Iron and steel exports
70% experienced the largest decline among
manufactured goods in 2019, with a
12 per cent drop compared with 2018.

2,979
Other commercial
2016 2017 2018 2019

3,358
2,829 services
3,252
“Other commercial services”,
2,662
such as telecommunications or
2,978
financial services, continued to
2,469
2,738 dominate world commercial services
trade. Total exports and imports
0 500 1,000 1,500 2,000 2,500 3,000 3,500
amounted to US$ 3,358 billion and
US$ billion
US$ 2,979 billion respectively.
Imports Exports

250
231 226 Least-developed
208
200
184 countries (LDCs)
LDCs’ merchandise trade amounted
150
US$ billion

to US$ 226 billion in 2019, a 2 per

cent decrease from 2018, while LDC
100 commercial services trade totalled
US$ 43 billion , increasing by 10 per
50 40 43 cent. Exporters of manufactured goods
32 35
and oil accounted for 65 per cent of
0 LDC merchandise exports. In services,
2016 2017 2018 2019 travel receipts were the largest source
Merchandise trade Commercial services of export earnings for LDCs.

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 World Trade Statistical Review 2020

World merchandise trade 2019

All regions recorded a decline in merchandise trade in terms of volume and

value in 2019. The largest decline was in South and Central America and the
Caribbean.

Chart 2.1
Merchandise trade by region, 2019
(Annual percentage change)

3.1
3

-3.0%
2

1 0.9
0.7
0.3 0.3 0.2
Annual percentage change

0
-0.1
-1

-2
-1.1
The 3.0 per cent decline
-2.2
-3
-3.0
-2.6
-2.9
in the value of world
-3.1
-4
-3.4
merchandise trade was
-5 mostly driven by Europe
-6 -5.8
-6.4
and Asia, which represent
-7
World South & North Europe Asia Africa Commonwealth Middle almost two-thirds of
Central
America
America of Independent
States (CIS),
East
merchandise trade.
including associate and
former member States
Merchandise trade in value Merchandise trade in volume

Source: WTO Secretariat

World exports of manufactured goods contracted by 2.0 per cent in 2019

but remain the leading component of merchandise exports.

-7.5% -1.5%
Chart 2.2
Merchandise exports by
major product group,
2000-2019
(US$ billion, annual Fuels and mining exports declined World agricultural exports
percentage change)
by 7.5 per cent in 2019, mostly decreased by 1.5 per cent
due to a large fall in energy prices in 2019, less than the overall
(a decline of 17 per cent). decline for world exports.

20,000
-2.9

15,000
Annual percentage change
US$ billion

-2.0
10,000

5,000
-7.5

-1.5
0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*

Total Agriculture Mining Manufacturing

* Estimate of product break-down.
Data include intra-EU trade of the European Union, exclude re-exports of Hong Kong, China.
Source: WTO Secretariat.

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 Chapter II: Highlights of world trade in 2019

World exports of commercial services 2019

Commercial services exports slowed in 2019 (growth of 2.0 per cent)

compared with 2018, with subdued growth in all main sectors and a decline
in transport.

Chart 2.3
World commercial services exports by sectors, 2018 and 2019
(Annual percentage change)

20
16.6

-0.8%
15
Annual percentage change

10 9.2 9.1
7.9

Economic uncertainty and trade tensions

5
3.3
2.1 depressed international travel and related
1.0
0
spending. Transportation services posted a
-0.8
-0.8 per cent decline as trade tensions rose.
-5
Other commercial Travel Transport Goods-related
services services

2018 2019

Source: WTO-UNCTAD in cooperation with ITC and UNSD

Other business services (42 per cent) and telecommunications, computer

and information services (20 per cent) remained the largest exporting
subsectors of “other commercial services”.

Chart 2.4
Exports in other commercial services by subsectors, 2019
(US$ billion and percentage share)

20% Telecommunications,

+11%
computer and information services

15% Financial services 20%

12% Receipts of charges for the

use of intellectual property nie
Computer services, which
4% Insurance and pension services
account for 81 per cent of
3% Construction
42%
US$ 3,358
telecommunications, computer
2% Personal cultural billion 15%
and information services, grew
and recreational services

1% Services not allocated

11 per cent in 2019, continuing
an uninterrupted expansion since
42% Other business services 12% the 2009 financial crisis.
3% 4%

2%
1%

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World Trade Statistical Review 2020

The world’s leading traders

Among the world’s top 50 traders, Viet Nam and the
Philippines rose the most in world rankings for merchandise
trade over the past ten years. Their active participation in
global value chains, particularly in manufactured goods,
was the main driving force for this improvement.
Qatar and the United Arab Emirates rose the most in world
rankings for services trade from 2009 to 2019. Their central
location has meant they are well-positioned to export
transportation services. Furthermore, growing intra-regional
tourism has contributed to growth.

Chart 2.5 Chart 2.6

Merchandise traders improving their rankings among the Commercial services traders improving their rankings
world’s top 50, 2009-2019 among the world’s top 50, 2009-2019
(Rank) (Rank)

2009 2019 2009 2019

Hong Kong, China, 8
China, 2
Korea, Republic of, 9
Ireland, 5
Korea, Republic of, 11 China, 7
Mexico, 12 Ireland, 9 Singapore, 8
Hong Kong, China, 12
India, 12 India, 10
Singapore, 13
India, 15
Korea, Republic of, 15 Korea, Republic of, 14
Mexico, 17
Luxembourg, 17
India, 18

Switzerland Luxembourg, 21 United Arab

Switzerland Emirates, 22
Thailand
Poland
Viet Nam, 23 Thailand
Poland
Chinese Taipei
Poland
Poland Malaysia Turkey Turkey
Chinese Taipei Israel
Malaysia
United Arab
Emirates, 34 Indonesia
Turkey
Turkey Israel
Czech Republic Philippines
Czech Republic
Indonesia Qatar, 41

Romania
Hungary Macao, China
Hungary Viet Nam
Philippines
Nigeria
Romania
Philippines, 39
Viet Nam, 39
Slovak Republic
Romania Nigeria
Slovak Republic Macao, China

Iraq

Romania Israel
Israel Argentina
Viet Nam
Argentina Nigeria
Nigeria Ukraine
Ukraine Qatar

Philippines, 52
Iraq Qatar, 74

Qatar

23 41
Among the top 50 merchandise traders, Qatar had the largest increase
Viet Nam recorded the biggest increase in world services trade ranking
in world ranking, improving its position in 2019, rising from 74th place in
from 39th place in 2009 to 23rd in 2019. 2009 to 41st in 2019.

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 Chapter II: Highlights of world trade in 2019

Chart 2.7
World’s leading traders of goods and commercial services, 2019
(US$ billion) The top traders of goods and
commercial services in 2019 were
mainly economies in North America,
United States of America China has become the second
largest global trader since 2010,
Asia and Europe.
is the leading services trader.
with trade growing on average 5.8%
a year from 2010 to 2019.

6,000

Germany, with its Russian Federation Philippines, with average annual trade
5,000 manufacturing-focused is a top global trader growth of nearly 9% from 2010 to 2019,
economy, continues to with large hydrocarbon is now the world's 38th largest trader,
be a top trader. exports. with particular strength in other business
services exports.
4,000
US$ billion

Canada and Mexico are the 13th and United Arab Emirates is a key
3,000 14th largest global traders, benefiting from services trader with strong
membership of NAFTA and its supply chain transportation service trade
network with the United States. and growing regional tourism.

2,000

1,000

0
USA
China
Germany
United Kingdom
Japan
France
Netherlands

Korea, Republic of
Italy
Singapore
India
Canada
Mexico
Spain
Ireland
Belgium
Russian Federation
Switzerland

United Arab Emirates

Chinese Taipei

Australia
Poland
Thailand
Viet Nam
Brazil
Sweden
Austria
Turkey
Saudi Arabia, Kingdom of
Malaysia
Indonesia
Denmark
Czech Republic
Norway
Hungary
Luxembourg
Philippines
Israel
Finland
Romania
Portugal
South Africa
Slovak Republic
Nigeria
Greece
Iraq
Chile
Qatar
Iran
Argentina
Hong Kong, China

North America Asia Europe Commonwealth of Independent States Middle East C./S. America/Caribbean Africa

Source: WTO-UNCTAD in cooperation with ITC and UNSD.

Least-developed countries

LDC merchandise exports decline while commercial services rise in 2019.

Chart 2.8
World exports of least-developed countries, 2015-2019
(US$ billion)

2015
2016
147
146
+23% +30%
Merchandise 2017
trade
170
The value The value of
2018 192
2019 181 of LDC commercial
merchandise services exports
2015 33
exports in 2019 of LDCs is
2016 32
Commercial
services 2017 35 is 23 per cent 30 per cent
2018 40 higher than its higher than its
2019 43
value in 2015. value in 2015.
0 50 100 150 200

15
2015 2016 2017 2018 2019