International Merchandise Trade

In 2019, the value of world merchandise trade declined by 2.8%, after two consecutive years of increase. Global exports amounted to US$18.9 trillion. In light of COVID-19, quarter two of 2020 saw a precipitous decline, before being nowcast to rebound somewhat in quarter three. Despite this recovery, a year-on-year decrease of 11.9% is nowcast for the third quarter of 2020.

The world’s largest bilateral flows of merchandise trade run between China and the United States of America, and between their respective neighbouring economies. In 2019, goods worth US$472 billion were imported by the United States from China. Goods worth US$132 billion also travelled in the opposite direction. China’s trade – exports and imports – with Hong Kong Special Administrative Region (SAR), Japan, Taiwan Province of China, and the Republic of Korea totalled US$1.16 trillion. The United States’ trade with Mexico and Canada was worth about the same amount (US$1.12 trillion).

Source: UNCTAD Handbook of Statistics 2020