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PRESS/373 
5 April 2004 
 
(04-1445) 
WORLD TRADE 2003, PROSPECTS FOR 2004 
Stronger than expected growth spurs modest trade recovery 
Propelled by higher than expected economic grow th in Asia and the United States, world trade 
recovered at an increased rate in 2003, and could expand further in 2004 should the global 
economy continue to improve, according to the World Trade Organization’s latest figures, released 
today (5 April 2004).  
A 2.5 per cent increase in global output in 2003 spurred world trade to recover by 4.5 per cent. 
While this growth was stronger than expected a year ago after the outbreak of severe acute 
respiratory syndrome (SARS) and the build-up of tensions in the Middle East, trade and output 
expansion in real terms in 2003 remained below the average rates recorded since 1995 (see 
Chart 1 on page 3).   
However, WTO economists say that with global GDP growth expected to reach 3.7 per cent in 
2004, world trade could expand by 7.5 per cent in 2004, although there are a number of risks 
associated with these projections — including the po ssibility of slower than expected import growth 
in the United States and a faltering in demand recovery in Western Europe. 
 “Clearly, the improved economic situation in the United States and Asia has given an important 
boost to world trade,” said WTO Director-General Supachai Panitchpakdi. “But when you look 
around the world, the pace of trade growth remains uneven and there remain many barriers to trade globally. Greater expansion of trade would provide support for sustained economic growth 
and job creation. If this potential is to be realised the many trade distortions that exist must be 
addressed, and the best way to do that is to bring about a successful conclusion to the Doha Development Agenda.”  
 
In 2003, Asia and the transition economies were the regions recording the most dynamic trade performance. Their merchandise exports and imports expanded in real terms (i.e. adjusted for 
price changes) between 10 per cent and 12 per cent, more than twice as fast as world 
merchandise trade.  
China’s imports expanded by a remarkable 40 per cent in nominal dollar terms (i.e. not adjusted 
for price changes) while its exports expanded by 35 per cent, unprecedented levels of expansion for a country with such substantial trade volume. PRESS/373 
Page 2 of 12 
 
 
 But Western Europe and Latin America recorded weak real import growth — the weakest in fact of 
all regions — at less than 2 per cent, reflecting the sluggishness of their economies. (See Chart 3 
on page 5.)  
For the third successive year, United States import growth exceeded the world average. This 
buoyancy has been a significant factor in mitigati ng sluggish world trade growth over the last few 
years. However, US import growth continues to exceed export growth, further widening the trade 
deficit. 
 Commodity price and exchange rate changes led to a 10.5 per cent strengthening of world 
merchandise trade prices in 2003. For the first time since 1995, dollar prices increased for both 
agricultural and manufactured products. (See Chart 2 on page 4.)  
The impact of price and exchange rate developm ents on nominal trade flows differed sharply by 
region. As West European currencies appreciated strongly vis-à-vis the dollar, the dollar merchandise export value of Western Europe expanded faster than world trade despite a near 
stagnation in volume terms. (See Chart 4 on page 6.) 
 World merchandise exports rose by 16 per cent to  $7.3 trillion and commercial services exports by 
12 per cent to $1.8 trillion in 2003. For both merchandise and services trade, this was the 
strongest annual increase in nominal terms since 1995. (See Table 1 on page 5.)  
Developing countries’ merchandise exports expanded by 17 per cent in 2003, slightly faster than 
their imports and the world average (see Table 2 on  page 7). The overall trade surplus widened for 
these countries. But according to estimates based on incomplete data, developing countries’ 
commercial services exports and imports expanded at only half the rate of world services trade in 
2003. (See Table 3 on page 8.)  
Major trade developments in 2003, at country level, include the extraordinary expansion of China’s 
merchandise trade. China leapfrogged three posi tions and currently ranks, for the first time, 
number three among the world’s leading merchandise importers. (See Appendix Table 1 on page 
10). 
 Nominal export growth in excess of 20 per cent wa s recorded by many oil exporting countries (e.g. 
Russia and Saudi Arabia) and in countries with strongly appreciating currencies, in particular in 
Western Europe. The euro’s appreciation is reflected in the fact that Germany’s merchandise exports again exceeded those of the United States. 
 
Gains in the ranking of the leading commercial se rvices traders in 2003 were principally recorded 
by Western European countries at the expense of American and Asian countries. This observation 
is valid for both export and import rankings. It is estimated that in 2003 China became the largest 
exporter of commercial services among the developing countries. (See Appendix Table 3 on page 12.) 
Recovery of global output and st rengthening of world trade, 2003 
In the second half of 2003, the expansion of global output and trade gained considerable 
momentum, resulting in an annual average increase of world GDP and world merchandise trade of 
2.5 per cent and 4.5 per cent respectively. These changes represent stronger than expected gains. 
However, trade growth remained below the average rate recorded since 1995. (See Chart 1 on page 3.). 
 PRESS/373 
Page 3 of 12 
 
 
 The trade recovery was initially limited by a combination of unusual temporary factors — the 
outbreak of SARS and tensions in the Middle East — combined with sluggish GDP growth in 
Western Europe (the world’s largest regional trad er). Once the impact of the temporary factors 
faded at the end of the second quarter, the glob al economy started to strengthen. Trade in goods 
and services strongly rebounded in the second half of the year, in particular in the United States 
and East Asia.  
Major exchange rate developments in 2003 comprise the strengthening of the euro, and to a lesser 
extent that of other European currencies and the yen, vis-à-vis the United States dollar. Given the size and regional structure of world current account imbalances, the exchange rate adjustments in 
2003 might turn out to have been in the right dire ction, but insufficient in magnitude and spread 
to significantly reduce the imbalances in the near future.  
Global foreign direct investme nt (FDI) flows remained almost flat at a five-year low of 
approximately $600 billion. FDI flows to emerging markets, which in the second half of the 1990s 
strongly supported trade flows, decreased in 2003. With the exception of FDI, other capital flows 
to the developing countries increased in 2003. 
  
Chart 1 Real GDP and merchandise exports, 1995-2003 
(Annual percentage change) 
-20246810
1995 1996 1997 1998 1999 2000 2001 2002 2003World GDP Merchandise exportsAverage
export growth, 1 995-2003Average 
GDP growth, 1 995-2003
 
Source : WTO. 
 
Dollar prices of internationally traded goods increased by 10.5 per cent in 2003 , their strongest 
increase since 1995. Prices of fuels — up by 16 per cent — were boosted by temporary supply 
shortfalls linked to the conflict in the Middle East and civil unrest in Venezuela. Several 
developments on the demand side also contribute d to the strengthening of energy prices: China’s 
oil demand rose by 11 per cent in 2003, on its own accounting for more than one-third of the 
estimated 2 per cent increase in global demand. In the United States, the combination of 
increased demand and falling domestic output resu lted in a 7.5 per cent increase in crude oil 
imports. A large part of the expansion of international fuels trade was met by exports from Africa 
and the transition economies. On average, prices of non-fuel commodities rose on spot markets by 
7 per cent. This included an increase in metal prices by 12 per cent in 2003. Prices of manufactured goods evolved quite differently, by re gion, due to exchange rate developments. It is PRESS/373 
Page 4 of 12 
 
 
 estimated that for the global average, prices of  manufactured goods rose by nearly 10 per cent, 
the first annual increase since 1995. (See Chart 2 below.) 
  
Chart 2 Price developments in world merchandise trade, 1995-03 
(Indices, 1995=100) 
6080100120140160
1995 1996 1997 1998 1999 2000 2001 2002 2003Agricultural products
Mining products
Manufactures
 
Source : WTO. 
 
 
Real merchandise trade and output developments, 2003 
The average volume increase of world merchandise trade of 4.5 per cent in 2003 was somewhat faster than in the preceding year. Import dema nd from Asia, North America and the transition 
economies contributed largely to the recovery of world trade. These three regions also recorded 
GDP growth above the global average. Western Eu rope and Latin America recorded only a small 
increase (see Chart 3 on page 5) due to their sluggish economies.  
The most dynamic trading regions in 2003 were Asia and the transition economies, recording 
double-digit import and export expansion of their merchandise trade, in real terms. North America’s import growth not only exceeded global  expansion, but again was much stronger than 
its own export growth. United States’ merchandise imports went up by 5.7 per cent while exports 
rose somewhat less than 3 per cent after two years of contracting export volumes. Western Europe’s merchandise exports in 2003 rose by less than 1 per cent, while imports edged up by 
nearly 2 per cent. Latin America’s exports rose by 4.5 per cent, sustained by a recovery in demand 
for primary products, in particular from Asia.  PRESS/373 
Page 5 of 12 
 
 
 Chart 3 Real GDP and merchandise imports by region, 2003 
(Annual percentage change) 
02468 1 0 1 2Latin AmericaWestern EuropeNorth AmericaTransition EconomiesAsia
Merchandise imports
GDP
 
Source : WTO. 
 
Nominal trade developments, 2003 
The value of world merchandise trade rose by 16 per cent to $7.3 trillion in 2003 , while that of 
world commercial services rose by 12 per cent to $1.8 trillion dollars. In the case of world 
merchandise trade, it is estimated that more than two-thirds of the rise, in value terms, is 
attributable dollar price changes. (See Table 1 below.)  
 
Table 1 World exports of merchandise and commercial services, 1990–2003 
 
  Value   Annual percentage change 
  2003   1990–2000 2001 2002 2003 
Merchandise 7,274  6 –4 4 16 
Commercial services 1,763  7 0 6 12 
              
Source:  WTO. 
 
Nominal regional trade developments in 2003 were st rongly affected by highly divergent price and 
exchange rate developments. Chart 4 provides information on the importance of price 
developments to the nominal export growth of the major regions. The transition economies and 
Africa recorded nominal export growth of 28 per cent and 22 per cent respectively, with most of 
this increase due to dollar price changes. Western Europe’s merchandise dollar export value rose 
by 17 per cent, almost entirely due to exchange ra te changes. Asia is the only region where price 
changes accounted for less than one-third of the increase in the dollar value of the region’s 
merchandise exports. (See Chart 4 on page 6.) 
  PRESS/373 
Page 6 of 12 
 
 
 Chart 4 Nominal and real merchandise exports growth by region in 2003 
(Annual percentage change) 
051015202530
Transition
economiesAfrica Western
EuropeAsia Middle East Latin
Am ericaNorth
Am ericaPr ic e
Volum e
 
Source : WTO. 
 
Merchandise trade developments by region are summ arized in Table 2 on page 7. Six out of seven 
geographic regions recorded a merchandise trade surplus position (on a fob-fob basis) while the seventh, North America, registered a trade defici t. Four out of these six regions increased their 
surplus position in 2003, while North America’s deficit widened further. The United States’ 
merchandise trade deficit (fob-fob) reached $549 bill ion dollars, corresponding to 7.6 per cent of 
world merchandise exports in 2003. 
 
The growth in Latin America’s exports can largely be attributed to increased shipments from Mercosur countries, in particular Brazil. Following a severe contraction in 2002, Mercosur’s imports 
recovered in 2003. Western Europe’s imports increased by 18 per cent, slightly faster than the 
region’s exports. The transition economies recorded the greatest merchandise export and import growth of all regions in 2003. All sub-regions — the Baltic States, Central/Eastern Europe and the 
CIS countries — contributed to this dynamic trade growth. In Africa and Asia, merchandise trade 
performance varied greatly by country within the regions. In Africa, merchandise exports of oil exporters, and South Africa, expanded at a greate r rate than the majority of non-oil exporting 
countries. In the Asian region, China recorded outstanding export and import growth, in particular, 
in trade of office machinery and telecom equipm ent. The Republic of Korea and Australia also 
recorded an expansion of their merchandise trade which was greater than the regional average. 
(See Table 2 on page 7.) PRESS/373 
Page 7 of 12 
 
 
 Table 2 Growth in the value of merchandise trade by region, 1990-2003 
(Billion dollars and percentage) 
 
 Exports         Imports        
 Value   Annual percentage change  Value   Annual percentage change 
  2003   1990–2000 2002 2003   2003   1990–2000 2002 2003 
            
World 7,274  6 4 16  7,557  6 4 16 
            North America 996  7 –5 5  1,552  9 2 9 
United States 724  7 –5 4  1,306  9 2 9 
            Latin America 377  9 0 9  366  12 –7 3 
Mexico 165  15 1 3  179  15 0 1 
MERCOSUR 106  6 1 19  69  12 –26 10 
Other Latin America 106  6 –3 8  118  7 –4 3 
            Western Europe 3,141  4 6 17  3,173  4 5 18 
European Union (15) 2,894  4 6 17  2,914  4 4 18 
Extra trade 1,099  5 7 17  1,114  5 2 19 
Intra trade 1,795  4 6 18  1,800  4 6 18 
            Transition economies 400  10 10 28  378  8 11 27 
Central/Eastern Europe 191  10 15 29  225  12 11 27 
Russian Federation 135  – 4 26  74  – 12 24 
            Africa 173  3 2 22  165  3 4 17 
South Africa 36  2 2 23  38  5 4 30 
Oil exporters 
a 80  4 –1 30  42  1 6 19 
Other African countries 56  3 7 12  85  2 4 12 
            Middle East 290  7 1 16  188  5 3 9             
Asia 1,897  8 8 17  1,734  8 6 19 
Japan 472  5 3 13  383  5 –3 14 Developing Asia 1,338  11 10 19  1,244  9 9 20 
China 438  15 22 35  413  15 21 40 
Six East Asian traders 
b  686  9 6 14  615  8 3 12 
India 55  9 14 11  70  8 12 23 
            Memorandum items:            
Developing economies 2,178  9 6 17  1,963  8 4 15 
LDCs 44  7 9 14  54  5 4 15 
                        
a Algeria, Angola, Congo, Equatorial Guinea, Gabon, Libya, Nigeria and Sudan. 
b Chinese Taipei, Hong Kong China, Rep. of Korea, Malaysia, Singapore and Thailand. 
Source:  WTO. 
 
 
At the country level, the rapid expansion of China’s merchandise trade stands out. China leapfrogged three positions and ranks for the firs t time as number three among the world’s leading 
merchandise importers. Its merchandise imports rose by 40 per cent and exceeded its export 
growth of 35 per cent. (See Appendix Table 1 on page 10.)  
Nominal merchandise export growth in excess of 20  per cent was recorded by many oil exporting 
countries (for example Russia and Saudi Arabia) and countries with strongly appreciating currencies, in particular Western Europe. Boosted by the appreciation of the euro, merchandise 
exports of Germany again exceeded those of the United States. (See Appendix Table 1 on page 
10.)  
Commercial services developments by region have been quite distinct from merchandise trade due 
to the predominant role played by exchange rate  movements. In merchandise trade, all regions 
recorded stronger nominal export and import growth in 2003 compared to 2002. In services trade, 
however, Asia’s exports are estimated to have expanded at a lower rate than in 2002. Western 
Europe and the transition economies recorded annual gains in their exports and imports of services PRESS/373 
Page 8 of 12 
 
 
 ranging from 16 per cent to 21 per cent, while Asia and Latin America’s export expansion was 
limited to 6 per cent. North America’s surplus in services trade was further reduced as imports 
expanded, at 7 per cent, much faster than exports in 2003. (See Table 3 below.)  
 
Table 3 Growth in the value of commercial services trade by region, 1990-2003 
(Billion dollars and percentage) 
 
 Exports         Imports        
 Value   Annual percentage change  Value   Annual percentage change 
  2003   1990–2000 2002 2003   2003   1990–2000 2002 2003 
            
World 1,763  7 6 12  1,743  6 5 12 
            North America 322  8 1 4  266  7 1 7 
United States 282  8 1 4  218  8 2 6 
            
Latin America 60  7 –4 6  67  7 –9 3 
Mexico 12  7 –1 0  17  5 3 2 MERCOSUR 15  8 –11 12  20  9 –24 8 Other Latin America 33  7 –1 5  29  7 –2 0 
            
Western Europe 895  5 10 17  839  5 8 16 
European Union (15) 802  5 10 16  782  5 8 16 
            Transition economies 72  9 11 19  82  8 15 21 
Central/Eastern Europe 40  12 5 21  38  11 11 28 
Russian Federation 16  4 20 18  27  3 15 13 
            Africa 36  5 3 ...  46  4 2 ... 
            
Middle East 33  9 –4 ...  49  4 –1 ...             Asia 345  9 8 6  394  8 4 5 
Japan 
a 70  5 2 8  110  3 0 3 
Developing Asia 249  11 9 5  258  12 5 5 
China 45  18 20 ...  54  24 18 ... Hong Kong, China 43  8 10 0  24  8 1 -5 Korea, Republic of 31  13 –4 15  39  13 8 10 Singapore 30  9 3 3  27  12 2 0 
India 25  14 12 ...  20  13 –1 ... 
            Memorandum items:            
Developing economies 377  9 5 6  419  9 2 6 
LDCs 7  7 6 9  17  4 2 12 
                        
a Provisional Secretariat estimate for exports in 2003 is based on the methodology applied by the Bank of Japan up to 2002. 
Source: WTO 
 
 Gains in the ranking of the leading commercial se rvices traders in 2003 are recorded principally by 
West European countries and transition econ omies at the expense of American and Asian 
countries. This observation is valid both for export and import rankings. In the export ranking, Japan, Canada, Singapore and Chinese Taipei lost two positions while Belgium, Sweden and 
Greece gained two positions. Among the leading im porters, Japan and Canada lost one position. 
The Republic of Korea lost two and Chinese Taipei and Hong Kong China lost four positions. It is 
estimated that China has become the largest exporter of commercial services among the 
developing countries in 2003. China was already the largest developing country importer of 
services, and its imports of commercial services continued to exceed its exports in 2003. (See Appendix Table 3 on page 12.) PRESS/373 
Page 9 of 12 
 
 
 Prospects for 2004 
The strengthening of world economic growth in th e second half of 2003 is projected to maintain 
most of its momentum in 2004. Global GDP growth is expected to reach 3.7 per cent in 2004, up from 2.5 per cent in 2003. In line with the predic ted economic recovery, global trade could expand 
by 7.5 per cent in 2004. 
 Most of the acceleration in global output growth can be attributed to expected developments in 
North America, Western Europe and Latin America. Asia and the transition economies are expected 
to record unchanged or weaker GDP growth in 2004 when compared to 2003, but still above the 
world average. 
 
The stronger global economic activity will lead to a faster growth of world trade. In the OECD 
countries, the expansion of exports of goods and services in the second-half of 2003 was close to 
9 per cent at an annualised rate. Partial information available for the first months of 2004 indicates 
that the momentum of trade growth remained strong.  
There are a number of risks associated with  these projections, among these risks are: 
 
(a) The US current account deficit is projected to increase further in 2004, although its size is 
considered to be unsustainable in the medium-term. Already in 2003 the US current account deficit reached $542 billion dollars, corresponding to 4.9 per cent of US GDP. A 
stronger than expected rise in the US private savings ratio, triggered either by a decline in 
house or stock prices, could lead to a slower than projected increase in imports with negative repercussions on exports of countries dependent on the US market, 
(b) Western Europe’s demand recovery could falter. Growth in fixed investment could be 
dampened if the real appreciation of the European currencies observed in the fourth 
quarter of 2003 and the first months of 2004 continues. Consumer expenditure could also be weaker if the uncertainty about the financial reforms in the pension and health systems 
lead to a marked rise in precautionary savings, 
(c) Most projections for world economic growth assume a fall in average oil prices in 2004. 
However, oil markets have often defied the forecasts. 
 PRESS/373 
Page 10 of 12 
 
 
 Appendix 
 
Appendix Table 1 
Leading exporters and importers in world merchandise trade, 2003 
(Billion dollars and percentage) 
 
Rank Exporters Value Share Annual 
percentage 
change   Rank Importers Value Share Annual 
percentage 
change 
           
1 Germany  748.4 10.0 22  1 United States  1,305.6 16.8 9 2 United States  724.0 9.7 4  2 Germany  601.7 7.7 23 3 Japan 471.9 6.3 13  3 China 412.8 5.3 40 
4 China 438.4 5.9 35  4 France  388.4 5.0 18 
5 France  384.7 5.1 16  5 United Kingdom  388.3 5.0 12 6 United Kingdom  303.9 4.1 8  6 Japan 383.0 4.9 14 7 Netherlands  293.4 3.9 20  7 Italy  289.0 3.7 17 8 Italy  290.2 3.9 14  8 Netherlands  261.1 3.4 19 
9 Canada  272.1 3.6 8  9 Canada  245.6 3.2 8 
10 Belgium  254.6 3.4 18  10 Belgium  234.3 3.0 18 
           
11 Hong Kong, China  224.0 3.0 11  11 Hong Kong, China  232.6 3.0 12 
  domestic exports  15.6 0.2 –15    retained imports 
a 24.2 0.3 –1 
  re-exports 208.4 2.8 14  12 Spain  200.1 2.6 21 
12 Korea, Republic of  194.3 2.6 20  13 Mexico  179.0 2.3 1 13 Mexico  165.3 2.2 3  14 Korea, Republic of  178.8 2.3 18 14 Spain  151.9 2.0 21  15 Singapore  127.9 1.6 10 
15 Taipei, Chinese 150.6 2.0 12    retained imports 
a 63.5 0.8 9 
16 Singapore 144.1 1.9 15  16 Taipei, Chinese 127.3 1.6 13 
  domestic exports  79.7 1.1 19  17 Austria  97.7 1.3 25   re-exports 64.4 0.9 10  18 Switzerland  96.3 1.2 15 
17 Russian Federation 135.2 1.8 26  19 Australia  88.6 1.1 22 
18 Sweden  100.9 1.3 24       19 Malaysia 100.7 1.3 8       
           
20 Switzerland  100.6 1.3 14  20 Sweden  82.3 1.1 23 
21 Austria  96.2 1.3 22  21 Malaysia 81.1 1.0 1 
22 Ireland  92.7 1.2 5  22 Thailand 75.7 1.0 17 23 Saudi Arabia  88.5 1.2 23  23 Russian Federation 74.5 1.0 24 24 Thailand 80.3 1.1 17  24 India 69.7 0.9 23 25 Brazil 73.1 1.0 21  25 Turkey  67.7 0.9 31 
26 Australia 70.4 0.9 8  26 Poland  66.9 0.9 21 
27 Norway  68.1 0.9 14  27 Denmark  58.7 0.8 17 28 Denmark  67.9 0.9 18  28 Ireland  52.8 0.7 1 29 Indonesia  60.7 0.8 6  29 Czech Republic 
b 51.3 0.7 26 
30 United Arab Emirates  58.1 0.8 17  30 Brazil 50.7 0.7 2 
           
 Total of above c 6,405 85.6 –   Total of above c 6,570 84.6 – 
 World c 7,482 100.0 16   World c 7,765 100.0 16 
                      
           
a Retained imports are defined as imports less re-exports. 
b Imports are valued f.o.b. 
c Includes significant re-exports or imports for re-exports. 
 
Source: WTO PRESS/373 
Page 11 of 12 
 
 
 Appendix Table 2 
Leading exporters and importers in world merc handise trade (excluding intra-EU trade), 
2003  
(Billion dollars and percentage) 
 
Rank Exporters Value Share Annual 
percentage 
change   Rank Importers Value Share Annual 
percentage 
change 
           
1 Extra-EU exports 1,099.2 19.3 17  1 United States  1,305.6 21.9 9 2 United States  724.0 12.7 4  2 Extra-EU imports 1,113.8 18.7 19 
3 Japan  471.9 8.3 13  3 China 412.8 6.9 40 
4 China  438.4 7.7 35  4 Japan  383.0 6.4 14 
5 Canada  272.1 4.8 8  5 Canada  245.6 4.1 8 6 Hong Kong, China  224.0 3.9 11  6 Hong Kong, China  232.6 3.9 12 
  domestic exports  15.6 0.3 –15    retained imports 
a 24.2 0.4 –1 
  re-exports 208.4 3.7 14  7 Mexico 179.0 3.0 1 
7 Korea, Republic of  194.3 3.4 20  8 Korea, Republic of  178.8 3.0 18 8 Mexico 165.3 2.9 3  9 Singapore 127.9 2.1 10 9 Taipei, Chinese  150.6 2.6 12    retained imports 
a 63.5 1.1 9 
10 Singapore 144.1 2.5 15  10 Taipei, Chinese  127.3 2.1 13 
  domestic exports  79.7 1.4 19       
  re-exports 64.4 1.1 10                  
11 Russian Federation  135.2 2.4 26  11 Switzerland  96.3 1.6 15 12 Malaysia 100.7 1.8 8  12 Australia 88.6 1.5 22 
13 Switzerland  100.6 1.8 14  13 Malaysia 81.1 1.4 1 
14 Saudi Arabia  88.5 1.6 23  14 Thailand 75.7 1.3 17 15 Thailand 80.3 1.4 17  15 Russian Federation  74.5 1.2 24 16 Brazil 73.1 1.3 21  16 India 69.7 1.2 23 
17 Australia 70.4 1.2 8  17 Turkey  67.7 1.1 31 
18 Norway  68.1 1.2 14  18 Poland  66.9 1.1 21 19 Indonesia 60.7 1.1 6  19 Czech Republic 
b 51.3 0.9 26 
20 United Arab Emirates  58.1 1.0 17  20 Brazil 50.7 0.8 2 
           
21 India 54.7 1.0 11  21 Hungary  47.7 0.8 26 
22 Poland  52.3 0.9 27  22 Norway  39.9 0.7 14 23 Czech Republic  48.7 0.9 27  23 Philippines 39.3 0.7 6 24 Turkey  46.6 0.8 29  24 South Africa  38.1 0.6 30 25 Hungary  42.7 0.8 24  25 Israel 36.4 0.6 3 
26 Philippines 37.1 0.7 2  26 United Arab Emirates  34.4 0.6 10 
27 South Africa  36.5 0.6 23  27 Saudi Arabia  34.1 0.6 5 28 Iran, Islamic Rep. of  33.4 0.6 18  28 Indonesia 32.4 0.5 4 29 Israel 31.6 0.6 8  29 Iran, Islamic Rep. of  27.6 0.5 24 
30 Argentina 29.3 0.5 14  30 Viet Nam 24.0 0.4 26 
            Total of above 
c 5,132 90.2 –   Total of above c 5,383 90.2 – 
 World (excl. intra-EU 
trade) c 5,687 100.0 15   World (excl. intra-EU 
trade) c 5,965 100.0 15 
                      
a Retained imports are defined as imports less re-exports. 
b Imports are valued f.o.b. 
c Includes significant re-exports or imports for re-exports. 
 
Source: WTO PRESS/373 
Page 12 of 12 
 
 
 Appendix Table 3 
Leading exporters and importers in world trade in commercial services, 2003  
(Billion dollars and percentage) 
 
                  
         
Rank Exporters Value Share Annual 
percentage 
change  Rank Importers Value Share Annual 
percentage 
change 
           
1 United States  282.5 16.0 4  1 United States  218.2 12.5 6 
2 United Kingdom  129.5 7.3 5  2 Germany  167.0 9.6 12 3 Germany  111.7 6.3 12  3 United Kingdom  112.4 6.4 11 4 France  98.0 5.6 14  4 Japan  109.7 6.3 3 
5 Spain  76.4 4.3 23  5 France  81.6 4.7 20 
6 Italy  72.8 4.1 23  6 Italy  74.1 4.3 21 7 Japan 
a  70.2 4.0 8  7 Netherlands  66.2 3.8 17 
8 Netherlands  64.1 3.6 18  8 China  53.8 3.1 ... 9 China  44.5 2.5 ...  9 Ireland  48.5 2.8 20 
10 Hong Kong, China  43.2 2.5 0  10 Canada  47.8 2.7 14 
11 Belgium  41.7 2.4 17  11 Spain  46.1 2.6 22 12 Austria  41.4 2.3 19  12 Belgium  41.4 2.4 17 13 Canada  39.2 2.2 8  13 Austria  40.6 2.3 18 14 Ireland  35.3 2.0 26  14 Korea, Republic of  38.7 2.2 10 
15 Switzerland  32.7 1.9 17  15 Sweden  29.6 1.7 25 
16 Denmark  32.6 1.9 20  16 Denmark  29.1 1.7 16 17 Korea, Republic of  31.2 1.8 15  17 Singapore  27.2 1.6 0 
18 Sweden  31.0 1.8 32  18 Russian 
Federation  26.7 1.5 13 
19 Singapore  30.4 1.7 3  19 Taipei, Chinese 25.5 1.5 7 
20 India  24.9 1.4 ...  20 Hong Kong, China  23.5 1.3 -5 21 Greece  24.4 1.4 21  21 Australia  21.1 1.2 19 22 Luxembourg  23.8 1.4 18  22 Switzerland  19.9 1.1 17 
23 Taipei, Chinese 23.0 1.3 7  23 India  19.7 1.1 ... 
24 Norway  22.2 1.3 16  24 Norway  19.5 1.1 18 25 Australia  20.6 1.2 18  25 Thailand  18.1 1.0 9 26 Turkey  17.3 1.0 17  26 Indonesia  17.7 1.0 ... 27 Russian Federation  15.9 0.9 18  27 Mexico  17.4 1.0 2 
28 Thailand  15.5 0.9 2  28 Malaysia  16.4 0.9 1 
29 Malaysia  12.8 0.7 –13  29 Luxembourg  15.8 0.9 16 30 Mexico  12.5 0.7 0  30 Brazil  14.6 0.8 7 
 Total of above  1,521 86.3 –   Total of above  1,488 85.4 – 
 World  1,763 100.0 12   World  1,743 100.0 12 
                      
a Provisional Secretariat estimate for exports in 2003 is based on the methodology applied by the Bank of Japan up to 2002. 
 
Source: WTO 
 
 
END