Page 74 - TEXtalks. August- September 2023

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The World Trade

Statistical Review 2023

The latest developments in the world trade

The World Trade Statistical Review 2023 presents the Caribbean as well as in Africa were only 8% and
recent trends in international trade at a time of 3% respectively, suggesting potential for growth.
geopolitical and macroeconomic strains and Exports of goods and services from least-developed
technological challenges affecting the global countries (LDCs) increased by 31% between 2019
economy and supply chains. The data cover and 2022, with goods exports up 41% in value terms
merchandise and services trade broken down by over that period, once again reflecting higher
geographical origin, main product groups and commodity prices. LDCs’ exports of commercial
sectors, along with related data on key economic services remained depressed, at 14% below their
developments such as GDP growth, commodity pre-pandemic levels. A major factor in the decline is
prices, and exchange rate fluctuations. the weak recovery of tourism, particularly tourism
within Asia to Asian LDCs, due in part to continuing
In volume terms, world merchandise trade rose by pandemic-related measures within the region. Asian
2.7% in 2022. The volume figure was well below the LDC travel exports in 2022 remained 74% below their
12.4% growth in value terms, reflecting the effect of value in 2019. In contrast, travel exports of African
high global commodity prices. In the manufacturing LDCs performed relatively well, coming in at only 9%
sector, one notable development was that China below pre-COVID-19 levels in 2022.
increased the value of its exports of automotive
products in Q1 2022 by 30% year on year. Services In turbulent times marked by geopolitical frictions,
trade fared better than merchandise trade, growing rapid technological change, and ever-more-frequent
15% in 2022. International travel continued to climate and other shocks, multilateral trade
rebound strongly, rising 70% year-on-year after many cooperation and the WTO are more necessary than
regions lifted pandemic-related mobility restrictions. ever. By working together, governments can update
the regulatory and policy frameworks needed to
Looking back through the entire pandemic period, harness the full potential and minimize the risks - of
computer services were the most dynamic sector in new digital technologies. Open and predictable
services trade, with global exports in 2022 worth 44% global trade, anchored in the multilateral trading
more than their value in 2019. Digitally delivered system, offers businesses and households the
services that is, services provided via computer outside options needed to cope with unexpected
networks, from streaming games to remote supply shortages. The need to deepen,
consulting services are an emerging source of deconcentrate, and diversify international supply
growth, accounting for 54% of global services networks so as to increase this “flexicurity” offers
exports in 2022, and 12% of total global trade in significant commercial opportunities for developing
goods and services. Within Europe and Asia, economies.
intra-regional flows accounted for a large share of
trade in digitally delivered services, respectively Policymakers need reliable statistics to monitor how
accounting for 62% and 43% in 2021. In contrast, the trade is evolving, assess the impact of
intra-regional shares in South & Central America and macro-economic and geopolitical shocks, and

August/September 2023