Global trade supports the economic standing of developing and established countries. It creates jobs and offers more products and services for people to consume and use. When a country sells its wares internationally, its citizens make more money.
However, a lot of rules and policies businesses must follow when trading globally. Many companies use global trade management software to handle international trade operations and improve collaboration with trade partners. Moreover, the software automates compliance while your company manages global trade efforts.
Look at the statistics below to understand the state of global trade and where it’s heading.
Top global trade statistics
As countries exchange goods and services, global trade trends upward. Many countries are reducing trade barriers, such as taxes on imported goods, to make it easier for companies to purchase or sell things internationally.
With this growth, companies worldwide get a fair chance to compete with each other. In turn, the competition lowers product and service costs for customers.
Let's look at the state of global trade through these statistics.
- World trade in goods bounced back with a 9.8% increase in 2021, recovering from a significant drop in 2020 due to the COVID-19 pandemic.
- China led the world by exporting goods worth $3 trillion in 2023.
- The US imported $3.3 trillion worth of goods in 2022.
- The European Union's total trade, including imports and exports, hit €5.5 trillion in 2022.
80%
of Chinese corn imports came from Ukraine in 2019.
Source: The Diplomat
- Ukraine's steel consumption dropped by over 55% in 2022.
- India's exports exceeded $400 billion for the first time in 2022.
- Trade between China and Africa reached over $200 billion in 2019.
US trade statistics
The United States trades products ranging from cars to clothes. Its economy relies on this trade, which helps many companies grow and leads to competitive pricing.
The country imports electronics and oil from its trade partners so Americans can use products from all over the world.
- The US saw over $7 trillion in exports and imports of goods and services in 2022.
8.1%
of global exports came from the US in 2020, making it the third-largest global merchandise exporter.
Source: Statista
- The US goods and services deficit fell by $177.8 billion, or 18.7%, from 2022.
- The US exported goods worth $166 billion in November 2023, while their imports were $256 billion, creating a trade deficit.
- The US goods and services deficit was 3.7% of the gross domestic product (GDP), slightly up from 3.6% in 2021.
Sector-specific global trade statistics
Different countries have unique products that showcase their strength in particular sectors. For example, Germany has a merit in the automotive industry. Similarly, Russia’s rich natural resources make it a strong player in fuel trade.
Look at the statistics below to discover which countries lead different sectors.
- Germany led the automotive export market with over €150 billion in 2021.
- Brazil was the top soybean exporter, with $40 billion in shipments. The global agricultural product trade was valued at around $1.5 trillion in 2020.
- Russian revenue from coal exports fell by 26% in 2024.
- Australia's iron ore exports surpassed $100 billion, a record high in 2020.
- Mexico became the leading beer exporter, with over $4 billion in sales in 2022.
- The US and China traded around goods worth $758.4 billion in 2022.
- Japan's electronics exports reached $100 billion.
- South Korea's semiconductor exports hit a record $129 billion in 2022.
- The UK is the second largest exporter of financial services, with a trade value of €94.9 billion for 2024.
- Vietnam's textile and garment exports reached $40 billion in 2023.
- The global pharmaceutical trade exceeded $1 trillion in 2022, with the US as a leading exporter.
- Turkey's home appliances and electronics exports surpassed $10 billion in 2022.
- France's wine exports hit a record €14 billion in 2022.
- Argentina's beef exports climbed to $3 billion in 2022.
- Malaysia's palm oil exports contributed over $20 billion.
- Egypt's exports of fruits and vegetables, mainly citrus fruits, hit $3 billion.
Trade policies and agreements statistics
Trade policies and agreements shape international commerce and focus on tangible assets, as well as for intangible assets, like intellectual property (IP). People are paying more for IP as it gives a competitive edge to businesses that rely on creativity and innovation.
The World Trade Organization monitors certain measures that facilitate or restrict trade.This maintains balance and ensures the system is fair, while supporting economic growth on a global level.
Explore the statistics below for the quantitative impact of policies and agreements on global trade.
- Payments for intellectual property use neared $350 billion in 2019, underlining the importance of intangible assets.
- Global foreign direct investment (FDI) flows dropped by 35% due to COVID-19's economic impacts in 2020.
14.3%
of global trade costs will be reduced with the WTO's Trade Facilitation Agreement.
Source: Trade Facilitation
- The World Trade Organization recorded 230 new trade-facilitating and 109 trade-restrictive measures in 2022.
Start selling globally
Global trade is on the rise. Modern technology and trade facilitation fuel this growth, promising a competitive market. Trade policies will continue to shape the international market and offer a balanced and fair system for more businesses to participate in.
The market looks bright for growth, innovation, and collaboration at scale. Start trading globally and see the value the international market offers.
Learn more about the top three global trade management software on the market to streamline your operations.
by Andrew Zangre