(MENAFN- Emirates News Agency (WAM)) GENEVA, 2nd August, 2023 (WAM) – Services trade recovered in 2022 rising by 15% year-on-year, slightly more than goods trade. Trade in goods and services amounted to
US$ 31.0 trillion in 2022, a 13% rise year-on-year. While trade in goods exceeded pre-pandemic levels already in 2021, trade in services caught up in 2022, according to the World Trade Statistical Review 2023, issued by the World Trade Organisation.
China remained the top merchandise exporter in 2022 but its share in world exports declined to 14% (from 15% in 2021). The United States (8% of world trade) and Germany (7%) were ranked in second and third positions.
The share of manufactured goods in world merchandise exports fell to 63% in 2022 (versus 68% in 2018) mainly due to high energy prices limiting demand.
Trade in transport services continued to grow in 2022, although at a slower pace than in 2021 as shipping rates returned to pre-pandemic levels.
Intra-regional merchandise trade represented 65% of Europe's world trade in 2022, the highest amongst the major world regions. The lowest was for Africa (14% in 2022, down from 16% in
2018).
The value of merchandise trade expanded at a faster pace across the globe than volume in 2022, inflated in part by high global commodity prices.
World exports of fuels and mining products increased on average by 19% per year between 2019 and 2022, reaching a value of US$ 5,158 billion in 2022. Their share in world exports increased
by 4 percentage points during this period, rising to 21% in 2022.
Excluding“other manufactured goods”, chemicals (US$ 3,010 billion) and office/telecom equipment (US$ 2,512 billion) had the highest shares – 20% and 16% respectively – in world exports
of manufactured goods in 2022. Automotive products (US$ 1,518 billion) represented 10% of the global total. It presents recent trends in international trade at a time of geopolitical and macroeconomic strains and technological challenges affecting the global economy and supply chains.
The United States overtook Japan as the second-largest exporter of automotive products in 2022. Among the top 10 exporters, China increased its exports the most, recording a 30% increase.
World exports of intermediate goods (IGs) – inputs used to produce a final product – fell from a 9% year-on-year increase in quarter 1 of 2022 to a 10% decline in Q4. In value terms, they
remained stable compared to 2021, amounting to US$ 9.7 trillion. Weakness in the exchange of industrial inputs in supply chains was largely due to a 0.3% decrease in exports of manufacturing supplies,
parts and accessories, which represent more than 85% of IGs. Food supply chains remained the most resilient sector, with a 15% increase in 2022.
Exports of intermediate goods declined in Europe and Asia in 2022, by 1.8% and 1.2% respectively. North and South America, however, saw an increase of 5.7%. An increase in South
and Central America's exports of industrial inputs in 2022 (8.5%) was mostly due to Brazil's supplies of raw and processed soybean products, which grew by 27% (representing 28%
of its IG exports).
The World Trade Statistical Review 2023 looks into the latest developments in world trade, featuring key data on global trade in merchandise and commercial services.