In its World Trade Statistical Review 2019, published on 29 July, the World Trade Organization (WTO) noted the growing share taken by developing economies in world trade over the past decade. Trade in services recorded strong growth in 2018 for the second consecutive year.
2018
According to the WTO, the volume of the global trade in goods increased by 3% in 2018, and its value rose by 10%, driven mainly by high energy prices.
World exports of fuels and products from extractive industries, manufactured goods and agricultural products increased by 23%, 8% and 5% respectively, the report states.
Developing economies - including China - were responsible for 44% of the global trade in goods in 2018.
With an increase of 7.7%, trade in services recorded strong growth in 2018, for the second consecutive year. The report also highlights the fact that, driven by IT services, information and communication technologies posted the strongest growth among these exports, at +15%.
Services from China increased by 17% in 2018, although the United States remains the leading provider of services.
According to the WTO, developing economies exported a total of $8.779 billion in 2018.
Ten-year trends
The WTO also analyses the way in which global trade evolved between 2008 and 2018.
Global exports of goods saw their value increase by 20%, while exports of manufactured goods increased by an average of 2.3% per year, driven by pharmaceuticals, which have increased by 4.2% per year over the last ten years.
Exports of iron and steel, on the other hand, fell by 2.3% per year over the same period.
Overall exports of services have increased by 46% in value since 2008, driven by consultancy services: these have increased by 6.5% annually over the same period. Maritime transport, by contrast, recorded the largest decrease, with a decline of 1% per year.
Ireland is one of the countries that has experienced the strongest growth in trade in goods and services in the last decade, alongside Hong Kong, India and Mexico.
The economies of developing countries - including China - have outperformed or matched the performance of developed economies in world trade over the decade. 52% of their trade was with other developing countries.
To read this document, go to: https://bit.ly/2YjJWAm (Original version in French by Hermine Donceel)