On 31 July 2024 the WTO launched a new online interactive tool, World Trade Statistics 2023.

The interactive tool includes charts of the growth in merchandise trade value and volume, the top 20 exporters in merchandise trade and the growth in commercial services. These charts which show the evolution of global trade are accompanied by detailed Excel tables.

The statistics indicate that in 2023 world trade in goods and commercial services fell on average by 2% to USD 30.5 trillion, on a balance of payments basis. There was a 5% decline in trade in goods, while services trade increased by 9% in the year. The share of goods in global trade was therefore reduced from 77.8% in 2022 to 75.3% in 2023, while the share of services in world trade rose to 24.7%.

The statistics show that in 2023 the continuing effects of high energy prices and high inflation resulted in a 1.3% reduction in the volume of world merchandise trade. The contraction was greater when measured in value terms, deceasing by 5%, as a result of reduced trade volumes, lower prices for primary commodities and exchange rate fluctuations.

Africa recorded a 3.1% increase in merchandise export volume. Merchandise export volumes also rose in North America (3.7%) and in South and Central America and the Caribbean (1.9%).

Import demand fell by 4.7% in Europe and fell by 2.0% in North America, while remaining almost flat in Asia. However in the fuel exporting regions, including the Middle East region, import demand rose by 9.7%.

The average value of world merchandise trade in 2023 was USD 24 trillion. Asia’s trade surplus reached USD 600 billion in 2023, representing an increase of 41% compared to the previous year. However, the total exports of the least developed countries (LDCs) declined by 5% in the year, and their total imports declined by 11%. This led to a reduced trade deficit of USD 60 billion dollars for the LDCs.

The top ten merchandise exporters increased their share of exports in 2023, accounting for 49.9% of global merchandise exports in 2023. The largest merchandise exporter was China with a 14.2% share of global merchandise exports, other large exporters being the US with an 8.5% share and Germany with a 7.1% share.

Of the leading exporters of agricultural products, Brazil increased its exports by 6%, the EU increased its agricultural exports by 5%, and Thailand increased the exports of these products by 0.2%. The rest of the top ten exporters of agricultural products saw a reduction in their exports of the products. The top ten exporters had a 71.9% share of global exports of agricultural products in 2023.