World trade

Main article: World Economy

Foreign trade of countries

Asia

• India's Foreign Trade
• Foreign trade of Kazakhstan
• China's foreign trade
• Russia's Foreign Trade
• South Korea's foreign trade
• Japan's Foreign Trade

Europe

• EU Foreign Trade

• UK foreign trade
• German Foreign Trade
• Italian Foreign Trade
• Russia's Foreign Trade
• French foreign trade
• Foreign trade of Ukraine

North America

• Canada's Foreign Trade
• US Foreign Trade

Australia and Oceania

• Australia's Foreign Trade

Online commerce in the world

Main article: Internet commerce in the world

Chronicle

2024: Trade in goods accounts for 32.9% of China's GDP, the EU has this share of 28%, the United States - 18%

In 2024, trade in goods as a share of GDP in China was recorded at 32.9%. For comparison, the United States has this figure of approximately 18.4%, and the European Union - 28%. This is stated in the Econovis review, published at the end of February 2025.

The study says that the PRC economy is largely dependent on foreign trade. In particular, trade in goods as a share of GDP in China peaked in 2006, exceeding 64%. After that, a consistent decline began with some fluctuations. So, in 2009, the value decreased to about 45%, but a year later there was another increase with a final result of more than 50%. During the COVID-19 pandemic, the indicator was at the level of 32-34%.

Global Commodity Trade Leaders in 2024: China - $6.16 trillion, EU - $5.43 trillion, USA - $5.38 trillion

In the United States, the maximum value was recorded in 2011-2012 - about 24%. Until 2022, the value mainly fluctuated in the range of 20-21% with a drop to 18% in 2020 and an increase to 20% in 2021. Then, against the background of a worsening geopolitical situation, another decline occurred. There is also a decline in the European Union.

Econovis analysts note that the performance of the three regions in question highlights differences in their economic dependence on global trade. An increase in import duties in the United States could further reduce the intensity of trade operations. This could lead to major changes in supply chains, higher costs for consumers and businesses, and possible retaliation from trading partners. Over time, rising tariffs could push the U.S. economy toward a greater domestic orientation, while the EU and China strengthen trade ties elsewhere. This, in turn, according to the authors of the study, can increase global economic fragmentation.^[1]

2023

Top 10 countries by import size. Schedule

In 2023, the world rating of countries in terms of imports was topped USA with an indicator of approximately $3.17 trillion. This value turned out to be 6% less compared to 2022. Such data are reflected in the Statista study, the results of which TAdviser were reviewed in early November 2024.

It is noted that global imports of products in 2023 amounted to $23.54 trillion. This is 23.2% more compared to 2019, when the volume of the sector in question was estimated at $19.11 trillion. However, on an annualized basis, a decline of 7.4% was recorded, which is partly due to the difficult macroeconomic situation and geopolitical tensions in many regions.

The second place in the Statista rating (see graph) is occupied by, China which in 2023 imported products worth $2.56 trillion with a 5.8% drop compared to 2022. Closes the top three Germany with $1.46 trillion and a decrease of 7.1% year-on-year. In general, as noted, everyone states in the top ten showed a decrease in the volume of imports at the end of 2023.

The list of products most in demand in terms of imports on a global scale includes:

1. Crude oil: $1.359 trillion (down 15.1% from 2022);
2. Integrated circuits/microassemblies: $1.094 trillion (down 13%);
3. Cars: $970.9 billion (up 21.9% yoy);
4. Refined petroleum oils: $949.5 billion (down 16.2%);
5. Telephone devices, including smartphones: $605.4 billion (down 7%);
6. Petroleum gases: $556.1 billion (down 36.2%);
7. Gold (unprocessed): $491 billion (up 0.7%);
8. Drug mixtures: $480.5 billion (0.9% decrease);
9. Automotive parts/accessories: $454.9 billion (up 7.1%);
10. Computers, optical readers: $412.9 billion (down 11.7%).^[2]

Top 10 countries by export size. Schedule

At the end of 2023, China became the leader in terms of exports on a global scale with a result of about $3.38 trillion. Such data are given in the materials of Statista, which TAdviser got acquainted with in early November 2024.

It is noted that the cost of products exported from the PRC grew rapidly from 2020 to 2021. In particular, during this period, China accounted for about 15% of global exports of goods and about 6% of global exports of services. The leading export destinations were machinery and transport equipment, which, according to estimates, in 2022 provided about $1.7 trillion. China is the world's leading manufacturer, supplying a wide range of products to the international market. At the same time, the PRC actively supports and strengthens trade relations with many other states.

In second place in the Statista rating are the United States, whose export volume in 2023 was at the level of $2.02 trillion. The main trading partners of the United States are Canada, Mexico and China. Texas and California were the two largest American states by export value. Germany closes the top three countries in terms of export size, showing a result of about $1.69 trillion.

It is noted that world trade is not going through the easiest times. In particular, against the background of sanctions, the volume of exports of high-tech products from China is decreasing, and from the United States and Europe, on the contrary, are growing. In this regard, the role of India and Indonesia as rapidly developing exporters of high-tech goods is strengthening. Exports of electric vehicles and medical technology are growing at a significant rate. Changes in global value chains and geopolitical tensions determine to some extent the slowdown in trade growth, as well as inflation, which increases the cost of high-tech goods in foreign trade.^[3]

Top 10 countries with trade surplus

At the end of 2023, Russia entered the top ten countries of the world in terms of trade surplus, taking seventh place with an indicator of 121 billion dollars. This information follows from an analysis of World Bank data published in July 2024.

According to RIA Novosti, the global export of goods in 2023 amounted to $23.3 trillion, while imports reached $22.9 trillion. As a result, a global trade surplus of $365 billion was created.

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Фото: Unsplash

The leader in trade surplus was China with an indicator of $594 billion. In second place is Germany ($245.3 billion), and Ireland closed the top three ($178 billion). The fourth and fifth positions were occupied by Singapore and Switzerland with a surplus of 155 billion and 131 billion dollars, respectively.

As follows from the analysis, Saudi Arabia took sixth place with an indicator of 127 billion dollars, ahead of Russia. After Russia, the Netherlands ($97 billion), Australia ($83 billion) and Brazil ($81 billion) are in the top ten.

In total, there are 43 countries with a positive trade balance in the world, the total surplus of which reached $2.5 trillion. At the same time, 72 states have trade deficits totaling $2.3 trillion.

According to an analysis by the World Bank, the largest trade deficit was recorded United States of America at $1.1 trillion. In second place in this indicator is India with a deficit of $245 billion, which is more than four times less than the American value. The third place is occupied Great Britain with a negative trading balance of $232 billion. Rounding out the top five countries with the largest deficits ($88 France billion) and ($87 Turkey billion).^[4]

Global trade contraction continues at fastest pace since COVID-19

According to the results of the first half of the year, the fall in global trade occurs at the fastest pace after the COVID-19 pandemic. Demand for exports of goods is declining amid rising inflation, rising rates and spending on services.

Paralysis in WTO international trade arbitrator leads to increased protectionism

By the beginning of 2023, the global economy is moving into survival mode of the strongest, as leading countries abandon the system of trade rules created after World War II, including in the WTO format, in favor of a more restrictive and transactional approach to cross-border trade.

The "jungle law" will remain a dangerous guiding force for the global economy, which is turning into the sphere of influence of the United States and China.

2022: WTO - Global trade up 2.7%

At the end of 2022, the volume of world trade increased by 2.7%, which is lower than analysts' forecasts. For comparison: a year earlier, the growth was approximately 9.4%. This is stated in the report of the World Trade Organization (WTO), which was published on April 5, 2023.

Trade is still an indicator of the resilience of the global economy, but the industry is affected by external factors. This makes it even more important for governments to avoid fragmentation of trade and refrain from creating market obstacles, "said Ngozi Okonjo-Iweala, Director General of the WTO.

In October 2022, WTO experts predicted that the growth in world trade at the end of the same year would be at the level of 3.5%. However, these expectations were not met. The reasons are the current geopolitical situation, an increase in world commodity prices, tightening monetary policy in response to inflation and the ongoing COVID-19 pandemic, and uncertainty in the financial sector.

It is noted that in 2022 the volume of world trade in goods increased on an annualized basis by 12% - to $25.3 trillion. Commercial services brought in $6.8 trillion, which is 15% more compared to 2021. Digital services provided $3.82 trillion. In 2022, business, professional and technical services accounted for about 40% of the total costs in the digital services segment. This is followed by computer services (20%), financial services (16%), services in the intellectual property segment (12%), insurance services (5%), telecommunications services (3%), audiovisual, cultural and recreational services (3%), information services (1%).

The study notes that rising interest rates in advanced economies have exposed flaws in banking systems that, if not addressed, could lead to wider financial instability.^[5]

2020

Countries take 800 new measures to restrict imports

The states of the world in 2020 adopted about 800 different measures restricting the import of products into their territory. In total, the number of such measures over the year increased by 7.6% - to 10,952.

Global trade decline due to COVID-19

Main article: The impact of the coronavirus COVID-19 on the economies of the world

World trade volumes rose sharply in June 2020 after the lifting of quarantine restrictions due to COVID-19 in the world's largest economies and trillion injections from central banks in the United States, Europe, Britain and Japan.

Deferred demand from businesses and the population increased global trade turnover by 7.6% compared to May, follows from the CPB World Trade Monitor data.

Growth was seen in almost all countries after a huge decline in the previous three months.

However, even after the June jump in the quarter, world trade volumes remained 15% lower than last year's level and 12.5% less than in January-March, and the global trade index has fallen to the bottom since 2014.

2019

Protectionism reduces trade

International trade dynamics of some countries for Q3 2019

The negative dynamics of global trade is explained by the simultaneous action of a number of factors.

Economic protectionism measures, which states around the world have been resorting to more and more often since 2009, are making a significant contribution to reducing trade by 2019.

According to Global Trade Alert, in 2017, 73% of G20 countries' exports were affected by certain restrictive measures. At the same time, however, the impact of protectionism should not be overestimated: the IMF in its report in April 2019 on the prospects for the global economy emphasizes that the change in the volume of cross-border trade over the past 20 years is primarily due to various macroeconomic factors, while import tariffs play a less significant role.

The general cyclical slowdown in global GDP growth also negatively affects the volume of trade between states. Among other factors that provoke a decrease in world trade, one can note the tendency to terciarize the economy (an increase in the share of the service sector in the structure of markets), the end of the commodity trade boom and the evolution of global value chains.

Shares of Sea Straits in Global Trade

2018: World's major exports

The main goods of export of countries of the world

2014: Trade between non-rich countries reaches level of trade between rich

Notes