Worldwide trade in goods and services amounted to $31 trillion last year—a 13 per cent rise year on year. 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, according to the World Trade Organisation’s (WTO) World Trade Statistical Review 2023.

China remained the top merchandise exporter in 2022, but its share in world exports declined to 14 per cent from 15 per cent in 2021. The United States, with 8 per cent of world trade, and Germany, with 7 per cent, ranked second and third respectively.

The share of manufactured goods in world merchandise exports fell to 63 per cent last year compared to 68 per cent in 2018, primarily due to high energy prices limiting demand.

Intra-regional merchandise trade represented 65 per cent of Europe’s world trade last year, the highest amongst the major world regions. The lowest was for Africa—14 per cent in 2022, down from 16 per cent in 2018.

World exports of intermediate goods (IGs—inputs used to produce a final product—fell from a 9 per cent year-on-year (YoY) increase in the first quarter (Q1) last year to a 10 per cent decline in Q4. In value terms, they remained stable compared to 2021, amounting to $9.7 trillion.

Weakness in the exchange of industrial inputs in supply chains was largely due to a 0.3 per cent decrease in exports of manufacturing supplies, parts and accessories, which represent more than 85 per cent of IGs, the document noted.

Exports of intermediate goods declined in Europe and Asia last year by 1.8 per cent and 1.2 per cent respectively. North and South America, however, witnessed an increase of 5.7 per cent, the WTO report said.

Africa’s trade deficit in intermediate goods shrank to $4.4 billion in 2022. This was partly due to growth in its exports of intermediate goods, which totalled $292 billion last year—an increase of 47 per cent compared with its pre-COVID-19 figure in 2019. A rise in value terms is largely due to high commodity prices.

Fibre2Fashion News Desk (DS)

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