MAIN POINTS 
The trade forecast for 2014 has been 
upgraded  to 4.7% from 4.5%, still 
below the 20‐year average of 5.3% 
(1983–2013).  A 5.3% increase in trade 
is anticipated  for 2015. 
Risks to the forecast have eased in 
developed  economies  but risen in 
developing  countries , as the end of 
quantitative  easing has increased  
financial market volatility.    
World merchandise  trade grew 2.1% in 
2013 in volume terms, very close to 
the 2.3% increase from the previous 
year. 
Developing  economies  trade flows 
turned negative in the middle of 2013 , 
as exports and imports each fell 1% 
between the first half and the second.  
Developed  economies  staged a modest 
recovery,  as exports and imports rose 
1% and 1.5%, respectively,  during the 
same period.  
PRESS RELEASE 
PRESS/721 
14 April 2014 
 
(14-2311) 
WORLD TRADE 2013, PROSPECTS FOR 2014 
Modest trade growth anticipate d for 2014 and 2015 following two 
year slump 
 
World trade is expected to grow by a modest 4.7% 
in 2014 and at a slightly faster rate of 5.3% in 2015 WTO economists said today.   
 
Although the 2014 forecast of 4.7% is more than double the 2.1% increase of last year, it remains below the 20-year average of 5.3%. For the past 
two years, growth has averaged only 2.2%. 
 The sluggish pace of trade growth in 2013 was due to a combination of flat import demand in developed 
economies (-0.2%) and moderate import growth in 
developing economies
1 (4.4%). On the export side, 
both developed and developing economies only managed to record small, positive increases (1.5% 
for developed economies, 3.3% for developing 
economies).   “For the last two years trade growth has been 
sluggish. Looking ahead, if GDP forecasts hold true, 
we expect a broad-based but modest upturn in 2014, and further consolidation of this growth in 2015,” WTO Director-General Roberto Azevêdo said. “It's clear that trade is going to improve as the 
world economy improves. But I know that just 
waiting for an automatic increase in trade will not be enough for WTO Members.”  
“We can actively support trade growth by updating 
the rules and reaching new trade agreements. The deal in Bali last December illustrates this.”  
                                               
1 For the purposes of this document, developing economies include current and former members of 
the Commonwealth of Independent States (CIS). PRESS/721 
Page 2 of 29 
 
 
  “Concluding the Doha round would provide a strong foundation for trade in the future, and a 
powerful stimulus in today’s slow growth environment. We are currently discussing new ideas and 
new approaches which would help us to get the job done – and to do it quickly.”  
Chart 1: Growth in volume of world merchandise  exports and GDP, 2005‐15 a
(Annual % change)
a  Figures for 2014 and 2015 are projections.
Source: WTO Secretariat.‐15‐10‐5051015
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014P 2015PExports
GDPAverage export growth 
1993-2013
Average GDP growth 
1993-2013
 
 
Several factors contributed to the weakness of tr ade and output in 2013, including the lingering 
impact of the EU recession, high unemployment in euro area economies (Germany being a notable exception), and uncertainty about the timing of the Federal Reserve’s winding down of its monetary stimulus in the United States. The latter contributed to financial volatility in developing economies in the second half of 2013, particularly in certain “emerging” economies with large 
current account imbalances. 
 The preliminary estimate of 2.1% for world trade growth in 2013 refers to the average of merchandise exports and imports in volume terms,  i.e. adjusted to account for differences in 
inflation and exchange rates across countries. This figure is slightly lower than the WTO’s most 
recent forecast of 2.5% for 2013, issued last Se ptember. The main reason for the divergence was 
a stronger than expected decline in developing economies’ trade flows in the second half of last year. For the second consecutive year, world trade has grown at roughly the same rate as world 
GDP (gross domestic product, a measure of countries ’ economic output) at market exchange rates, 
rather than twice as fast, as is normally the case (Chart 1).   Recent business surveys and industrial production data point to a firming up of the recovery in the 
United States and Europe in early 2014. The gradual improvement of US employment data has 
allowed the Federal Reserve to proceed with it s planned “tapering”, of their third round of 
quantitative easing (“QE3”) The outlook for the European Union has also improved, although growth there will remain uneven as long as pe ripheral EU economies continue to underperform 
core ones. Output growth in Japan should be slightly lower this year as planned fiscal consolidation PRESS/721 
Page 3 of 29 
 
 
  is implemented. Finally, despite having hit a soft patch recently, developing economies (including 
China) should continue to outpace developed econ omies in terms of GDP and trade growth in the 
coming year, but some could encounter setbacks, particularly those most exposed to the recalibration of monetary policy in developed countries.  
In 2013, the dollar value of world merchandise expo rts rose 2.1% to $18.8 trillion. This growth 
rate was slightly less than the WTO’s export volume growth estimate for the year (+2.4%), which implies that export prices declined slightly from one year to the next. Meanwhile, the value of world commercial services exports rose 5.5% to $4.6 trillion.  
 
The trade forecast for 2014 is premised on an assu mption of 3.0% growth in world GDP growth at 
market exchange rates, while the forecast for 201 5 assumes output growth of 3.1%. Note that the 
GDP figures are consensus estimates and are not WT O projections. Risks to the trade forecast are 
still mostly on the downside, but there is some upside potential, particularly since trade in 
developed economies is starting from a low base. However, volatility is likely to be a defining 
feature of 2014 as monetary policy in developed economies becomes less accommodative.   Some developed economy risks factors have receded considerably since last year’s press release, 
including the sovereign debt crisis in Europe and fiscal brinksmanship between the executive and 
legislative branches of government in the United States. Developing economies are now the focus of several gathering risks, including large current account deficits (e.g. India, Turkey), currency crises (Argentina), overinvestment in productive capacity, and rebalancing economies to rely more 
on domestic consumption and less on external demand. 
 Geopolitical risks have introduced an additional element of uncertainty to the forecast. Civil conflicts and territorial disputes in the Middle Ea st, Asia and Eastern Europe could provoke higher 
energy prices and disrupt trade flows if they e scalate. However, since the timing and impact of 
these kinds of risks are inherently unpredictable, they are not considered directly in our forecasts.  PRESS/721 
Page 4 of 29 
 
 
  More details on trade developments in 2013   
 
The WTO and UNCTAD jointly produce a variety of short-term trade statistics, including seasonally-adjusted quarterly 
merchandise trade volume indices. These are 
shown in Chart 2 for the United States, the European Union, Japan and developing Asia (which includes China)
2.  
 
After a flat first quarter, US exports grew steadily for the remainder of 2013. In contrast, exports from the Europe Union to 
the rest of the world (i.e. extra-EU exports) 
were strongest in the first quarter but weakened and turned negative over the course of the year. Trade between EU 
countries (i.e. intra-EU exports) rallied slightly 
in the third quarter but stalled in other periods. Japan saw its exports increase in three out of four quarters in 2013, starting 
from a low base. Finally, exports from 
developing Asia treaded water, alternating between positive and negative but trending flat.   
Overall, exports in the se cond half of the year 
were up for the United States (3.3%), intra-EU (2.0%), and Japan (1.2%), while developing Asia was flat (0.0%) and extra-EU 
slightly negative (-1.5%). 
 On the import side, extra-EU trade trended down throughout the year, sapping global 
demand. (The story for intra-EU imports is the 
same as for intra-EU exports, see above.) Meanwhile, US and Japanese imports were generally rising, and developing Asia was 
mostly flat, only turning negative in the fourth 
quarter.   In the second half, import demand was improving in some large markets (+2.2% for the US, 
+1.8% for intra-EU, +0.2% for extra-EU, and +3.3% for Japan), and was slightly negative in 
developping Asia (-0.2%). However, exporters wi ll find little relief until EU imports recover 
substantially from their current depressed state. (EU merchandise imports represent 32% of world imports including intra-EU trade, and 15% of world imports excluding it.) 
                                               
2 Other monthly and quarterly data series on merchandise and commerci al services trade are available 
at the WTO's statistics portal at www.wto.org/statistics . Chart 2: Quarterly  merchandise  trade flows of
selected economies,  2010Q1‐2013Q4
Seasonally  adjusted volume indices, 2010Q1=100
Source: WTO Short term trade statistics.Exports
Imports9095100105110115120125130
2010Q1
2010Q2
2010Q3
2010Q42011Q1
2011Q2
2011Q32011Q4
2012Q1
2012Q22012Q32012Q4
2013Q1
2013Q22013Q3
2013Q4
9095100105110115120125130
2010Q1
2010Q2
2010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q4United States Extra‐EU Intra‐EU
Japan Developing  AsiaPRESS/721 
Page 5 of 29 
 
 
   
Although not shown in Chart 2, quarterly export s and imports of developing economies in total 
turned negative in the second half of last year, with exports and imports each falling around 2% between the second and fourth quarters. South and Central America’s trade flows were particularly affected (the region’s exports declined by 3% and its imports contracted by 5% during the same 
period) but other natural resource exporting regions were hit hard as well. However, the declines 
in developing regions were roughly cancelled by the rising trend for developed economies. 
 For the second time in two years, merchandise trade has grown more slowly than one would 
expect given the growth of the world economy as  measured by GDP. Although trade can grow 
faster or more slowly than outp ut in any given year, since the 1990s it has tended to grow about 
twice as fast as GDP when measured at market exchange rates. In 2012 trade growth fell to the same rate as GDP, and they remained at matching rates in 2013, prompting analysts to question whether the previous relationship continued to hold.  
 
Chart 3 shows 10-year moving averages of world trade growth, world GDP growth and their ratio. 
This ratio peaked at 2.4 in 2000 but has since fallen to 1.7 in 2013. Historically, trade has tended to contract when world output has slowed, only to rebound sharply afterwards. Structural factors 
(e.g. the spread of supply chains, the product comp osition of world trade, subtle protectionism, 
etc.) may have played a role in the declining ratio. However, given the number and severity of global slowdowns in recent years, the explanation may simply be cyclical. It is too soon to say whether something like a 2:1 relationship betw een trade growth and GDP growth will reassert 
itself once the global recovery gains traction, but this variable will bear watching in the future. 
 
Chart 3: 10‐year moving average of world trade, GDP and trade/GDP,  1990‐2015  a
Average annual % change (left) and ratio (right)
a  Figures for 2014 and 2015 are projections.
Source: WTO Secretariat.1.42.02.4
1.9
1.61.7
1.5
0.00.51.01.52.02.53.03.54.0
0.01.02.03.04.05.06.07.08.0
1990
19911992
1993
199419951996
1997
199819992000
2001
200220032004
2005
200620072008
2009
201020112012
2013
2014P2015PWorld merchandise  trade growth (left) World GDP growth at market ex. rates (left)
Trade growth/GDP  growth (right)
 PRESS/721 
Page 6 of 29 
 
 
   
Additional perspective on the trade forecast 
 
The WTO’s forecast of 4.7% growth in world merchandise trade for 2014 is below the average rate 
of 5.3% for the last 20 years (1993–2013) and also below the pre-crisis average rate of 6.0% for 
1990–2008 (Chart 4). In addition to creating a perm anent shift downward in the level of trade, the 
global recession of 2008-09 may have reduced its average growth rate as well. The average rate 
of trade expansion in the three years since 2010 is 3.2%. Forecasts for 2014 and 2015, if correct, 
would raise the average to 4%, but this rate is  insufficient to narrow the existing gap. 
 
 
Chart 4: Volume of world merchandise  exports , 1990‐2015 a
Indices, 1990=100
a  Figures for 2014 and 2015 are projections.
Source: WTO Secretariat.50100150200250300350400450
1990
1991199219931994
1995
19961997199819992000
2001
20022003200420052006
2007
20082009201020112012
2013
2014P2015PExport volume
Forecast
Trend (1990‐2008)
 
 
The divergence between the pre-crisis trend and current levels of world trade continues to widen. This gap stood at 17.0% of the trend level in 2013 an d will rise to 19% by 2014 if our projections 
are realized, which would place world trade further below its the pre-crisis trend than it was in 
2009 during what economists have called the “great trade collapse” (Chart 5).  
In 2012 the EU recession had a significant dampening effect on measured trade volumes due to 
the large share of the European Union in world trade (around 1/3 for both exports and imports) 
and to the fact that, by convention, trade between EU countries is counted in world trade totals. In 
last year’s press release, we estimated that growth in world trade would have been more than a 
percentage point higher if the EU was treated as a single entity and intra-EU trade was ignored. A similar calculation for 2013 did not result in a su bstantially higher growth rate (2.7% for world 
trade excluding intra-EU trade, compared to 2.1% including it) because although trade within the EU remained depressed it was not declining as sh arply as last year. However, if EU economies 
recover faster than expected and trade between th em is revitalized, this could cause world trade 
to surprise on the upside. 
 PRESS/721 
Page 7 of 29 
 
 
  Chart 5: Deviation  of world merchandise  export volumes from
pre‐crisis trend, 2005‐15 a
Per cent
a  Figures for 2014 and 2015 are projections.
Source: WTO Secretariat.3
‐18‐11
‐17
‐19
‐30‐20‐10010
2005
2006
20072008
2009
2010
2011
2012
2013
2014P2015P
 
 
The state of the world economy and trade in 2013 and 2014Q1 
Economic Growth 
 
Output trends in developed economies were decidedly mixed during 2013. The 2012 recession in 
the European Union, which was particularly acute in the euro area, extended into 2013 with a 0.2% contraction in EU GDP the first quarter (annualized rate) according to data from OECD Quarterly National Accounts. Growth remained positive but tepid for the rest of the year, ranging 
between 1.2% and 1.7% annualized.  
 In contrast to this performance, the United States saw annualized quarterly growth reach 4.1% in the third quarter, and roughly 2.5% in both Q2 and Q4. After some delay,  the US Federal Reserve 
announced in December of last ye ar that it would begin to wind down its QE3 (third quantitative 
easing) programme of bond purchases beginning in January. Initial market reaction was muted but after-shocks were felt soon enough, mostly in developing economies.  
 
Japan’s experiment with expanded fiscal and mone tary stimulus known as “Abenomics” produced 
stronger growth in the first two quarters of 2013, but activity slowed in the second half of the 
year, falling to less than 1% per quarter, annualized.    For developed economies taken together, GDP growth for the whole of 2013 was 1.1%, lower than 
the 1.3% rate recorded in 2012 and the 1.5% expansion of 2011 (Table 1). 
 Developing economies’ output slowed in 2013 as fi nancial volatility hit some countries harder than 
others. Developing economies including the Commonwealth of Independent States (CIS) saw their 
collective GDP growth drop to 4.4% from 4.5% in 2012, down from 5.7% in 2011 (Table 1).  
 The rise in financial market volatility was most keenly felt in emerging markets with large current account deficits. This is especially true of India, where output growth see-sawed from 2.6% in the 
second quarter to 7.2% in the third, then back to 3.9% in the fourth (all rates annualized, sourced 
from the OECD). With financial markets anticipating an early tapering of QE3 in mid-2013, capital PRESS/721 
Page 8 of 29 
 
 
  flows put pressure on emerging market currencies like India’s Rupee, which suffered a 
depreciation of 14.5% between April and Septembe r (Chart 6). Other emerging market currencies 
also depreciated significantly against the dollar, including the Argentinean peso, the Turkish lira, the Indonesian rupiah and the South African rand. Idiosyncratic political shocks contributed further to market turbulence in Turkey and Thailand.  
 
In a potentially significant development, China has given its currency greater leeway to fluctuate against other currencies, and monetary authorities allowed the RMB to depreciate by 1.5% against the dollar between January and March. What this portends for the future conduct of Chinese 
monetary policy remains to be seen, but Chinese authorities have indicated a desire to gradually 
move their currency toward greater convertibility.   
Chart 6: US dollar exchange  rates against currencies  of selected countries,  January 2005 ‐ March 2014
Indices of US dollars per unit of national currency,  1 January 2005 = 100
Source: Federal Reserve Bank of St. Louis except for Russian Federation  and Turkey, which are sourced from IMF International  Financial  Statistics.
QE1 QE2 QE3
406080100120140160180
01/2005
07/2005
01/2006
07/2006
01/200707/2007
01/2008
07/2008
01/2009
07/2009
01/2010
07/2010
01/2011
07/201101/2012
07/2012
01/2013
07/2013
01/2014
Brazil China
India South Africa
Russian Federation Turkey
QE1 QE2 QE3
406080100120140160180
01/2005
07/2005
01/2006
07/2006
01/2007
07/2007
01/200807/2008
01/2009
07/2009
01/2010
07/2010
01/2011
07/2011
01/2012
07/2012
01/2013
07/201301/2014
Japan Rep. Korea
Euro area United Kingdom
Singapore Switzerland
 
 
Asia recorded the fastest GDP growth among WTO geographic regions in 2013 at 4.2%, which was 
almost equal to growth in the previous two years.  It was followed by Africa (3.8%), Middle East 
(3.0%), South and Central America (also 3.0%), the Commonwealth of Independent States (2.0%), North America (1.8%) and Europe (0.3%).  PRESS/721 
Page 9 of 29 
 
 
  Table 1: GDP and merchandise  trade by region, 2011‐13
Annual % change
2011 2012 2013 2011 2012 2013 2011 2012 2013
World 2.8 2.3 2.2 5.5 2.4 2.4 5.3 2.1 1.8
North America 2.0 2.8 1.8 6.5 4.5 2.8 4.4 3.1 1.2
United States 1.8 2.8 1.9 7.1 4.0 2.6 3.8 2.8 0.9
South and Central America  a 4.5 2.7 3.0 6.8 0.8 0.7 13.1 2.2 2.5
Europe 1.9‐0.1 0.3 5.7 0.8 1.5 3.2 ‐1.8‐0.5
European  Union (28) 1.7 ‐0.3 0.1 5.8 0.5 1.7 2.8 ‐1.9‐0.8
Commonwealth  of 4.9 3.5 2.0 1.6 1.0 0.7 17.2 6.9 ‐1.1
 Independent  States (CIS)
Africa 1.1 5.7 3.8 ‐8.4 6.5 ‐3.4 5.1 12.7 4.0
Middle East 5.7 3.4 3.0 7.8 5.3 1.5 4.5 11.1 4.4
Asia 4.1 4.0 4.2 6.4 2.7 4.6 6.7 3.6 4.4
China 7.7 7.7 7.5 8.8 6.2 7.7 8.8 3.6 9.9Japan 1.4 1.6 1.5 ‐0.6‐1.0‐1.8 4.3 3.8 0.6
India 3.2 4.4 5.4 15.0 0.2 7.0 9.7 6.8 ‐3.0
Newly industrialized 4.1 1.8 2.7 7.8 1.4 3.4 2.7 1.4 3.4
 economies  (4)  b
Memo: Developed  economies 1.5 1.3 1.1 5.2 1.1 1.5 3.4 0.0 ‐0.2
Memo: Developing  and CIS 5.7 4.5 4.4 5.8 3.8 3.3 8.1 5.1 4.4
a  Includes 
the Caribbean.
b  Hong Kong, China; Republic of Korea; Singapore  and Chinese Taipei.
Source:  WTO Secretariat.GDP Exports Imports
 
 
Merchandise trade in volume (i.e. real) terms 
 
World merchandise trade volume as measured by the average of exports and imports rose 2.1% in 2013, but the difference between measured exports and imports was relatively large (2.4% for 
exports, 1.8% for imports). Some degree of dive rgence between these figures is normal due to 
imperfect data recording and may be narrowed by future revisions.  Exports of developed economies grew more sl owly than the world average at 1.5%, while 
shipments from developing countries grew faster than average at 3.3%. On the import side, 
developed economies recorded a small decline of -0.2%, while developing economies and CIS 
increased by 4.4% (Table 1).  Asia’s exports grew faster than any other region’s last year, with a 4.6% rise. It was followed by 
North America (2.8%), Europe (1.5%), the Middle East (also 1.5%), South and Central America 
(0.7%), the Commonwealth of Independent States (also 0.7%) and Africa (-3.4%). Asia’s export growth was held back by Japan, which saw is shipments to the rest of the world decline by 1.8%. Meanwhile, exports of China and India increa sed by 7.7% and 6.7%, respectively. These 
performances were better than 2012 but still relatively weak by recent historical standards. The 
negative figure for Africa was due to sharp reductions in shipments from petroleum exporting countries, including Libya (-27%), Nigeria (-11%) and Algeria (-7%).    
Turning to imports, the fastest growing region was Asia (4.4%), followed by the Middle East 
(4.4%), Africa (4.0%), South and Central America (2.5%), North America (1.2%), PRESS/721 
Page 10 of 29 
 
 
  Europe (-0.5%), and the Commonwealth of Independ ent States (-1.1). India suffered a sharp drop 
of 2.9% in its imports as a result of its economic slowdown, but China’s purchases from abroad 
jumped nearly 10%.   Africa was able to increase its imports even as its exports fell in 2013 due to continued high 
primary commodity prices. Although prices for me tals, raw materials, and beverages (including 
coffee, tea and cocoa) have fallen in the last 2 years, oil prices have been remarkably steady, rising 1% in 2012 and falling 2% in 2013. Primary commodity prices in general only fell 2% last year (Table 2). 
 
Table 2: World prices of selected primary commodities,  2000‐13
Annual % change and $/barrel
2011 2012 2013 2000 ‐13 2005 ‐13
All commodities 26 ‐3 ‐298
Meta l s 14 ‐17 ‐498
Food 20 ‐2167
Beverages    a1 7 ‐19 ‐1 255
Agricultural  raw materials 23 ‐1 3234
Energy 32 1 ‐21 0 8
Memo: Crude oil price in $/barrel   b 104 105 104 63 82
a  Compri s e s  coffee, cocoa beans and tea.
b  Average of Brent, Dubai, and West Texas Intermediate.
Source: IMF International  Financial  Statistics  
 
Merchandise and commercial services trade in value (i.e. dollar) terms 
 
The dollar value of world merchandise exports in  2013 was $18.8 trillion, 2% higher than in 2012. 
The growth of world merchandise exports in current dollar terms was nearly equal to the growth of exports in volume terms since prices of traded goods as measured by unit values were nearly 
unchanged from one year to the next. The average growth rate of export values in the post-2005 period remained stable at 8% (Table 3).  On e much remarked upon development in 2013 was the 
fact that China became the largest trader as measured by the sum of exports and imports (11.0% 
of world), overtaking the United States (10.4%).  However, if the EU is treated as a single entity 
its share in world exports plus imports excluding intra-EU trade remains the largest,  15.1% compared to China's 13.8%. 
 
Meanwhile, world commercial services exports in 2013 reached $4.6 trillion, with a growth rate of 
6%. The 2013 growth rate for transport services  was below world commercial services exports at 
2%, while travel services grew at 7% and othe r commercial services grew at 6% (Table 3). 
 
Commercial services accounted for 20% of total world trade in world goods and commercial services in 2013, up 1% from the 2012 share. It should be noted that traditional trade statistics, which measure gross trade flows rather than value added at various stages of production, may 
strongly underestimate the contribution of services to international trade.  
 In dollar terms, China’s exports of financial serv ices rose 52% to $3 billion in 2013, although the 
United States remained the top supplier with expo rts valued at $82 billion. Other notable changes PRESS/721 
Page 11 of 29 
 
 
  include China’s displacing of France to become the fourth largest exporter of other business 
services. 
 
Table 3: World exports of merchandise  and commercial  services, 2005‐13
$bn and annual % change
Value 
2013 2011 2012 2013 2005 ‐13
Merchandise 18784 20 0 2 8Commercial  Services 4625 12 2 6 8
Transport 900 9 1 2 6Travel 1175 12 4 7 7Other commercial  services 2545 14 2 6 9
    of which:
Communications  services 115 10 5 2 9
Construction 105 7 0 ‐38
Insurance  services 115 9 ‐18 1 1
Financial  services 330 12 ‐37 8
Computer  and information  services 285 17 6 8 14
Royalties  and licence fees 310 14 1 6 9
Other business services 1240 15 3 7 9
Personal,  cultural and  40 17 3 5 8
    recreational  services
Memo: Goods and commercial   23130 20 1 2 8
   services (BOP)
Source: WTO and UNCTAD Secretariats.Annual % change
 
 
 
Some sub-categories of other commercial services grew faster than others. Insurance services and 
computer and information services recorded the st rongest growth at 8%, while construction posted 
the only decline at -3%. Financial services (i.e. services provided by banks and other financial intermediaries) posted the strongest recovery from a decline of -3% in 2012 to growth of 7% in 
2013. Communications services (including postal, courier and telecommunications services) grew 
at a modest 2% rate and other business services (including engineering services, legal/accounting services, management consulting, advertising and trade related services among others) grew 7%. 
Royalties and licence fees increased by 6% after stagnating in 2012. However, all sub-categories 
of other commercial services recorded  lower-than-trend growth rates. 
 Appendix tables 1 to 6 more provide detailed information on nominal merchandise and commercial services trade flows by region and for selected economies. They also include tables of leading exporters and importers with and without trade between EU states. There were few significant 
moves up or down in world rankings last year.  
 China overtook Germany as the second largest importer of commercial services compared to last year’s tables, while France moved into fourth position pushing the United Kingdom to fifth place.  
 
Year-on-year growth in commercial services expo rts by region for 2011-13 are shown in Chart 7, 
below, and in Appendix Table 2. Imports are not shown in the chart, but their appearance is PRESS/721 
Page 12 of 29 
 
 
  similar, with sharp declines between 2011 and 2012 for most regions, followed by smaller changes 
(some positive, some negative) between 2012 and 2013. On both the export and import sides, 
growth in European services trade turned sharply negative in 2012 before rebounding into positive territory in 2013.  
The strongest decelerations were recorded by South and Central America, for both exports and 
imports, with Brazil responsible for much of the de cline. On the export side, growth fell from 18% 
in 2011 to 6% in 2012, to 1% in 2013. On the import side it dropped from 23% in 2011 to 7% in 2012 to 6% in 2013.  
 
Chart 7: Growth in the value of commercial  services exports by region, 2011‐13
Annual % change
a  Includes the Caribbean.
Source: WTO Secretariat.12
1018
1320
1513
256
‐29
710
7
65
1611
‐266
‐50510152025
World North
AmericaSouth and
Central
America  aEurope CIS Africa Middle  East Asia2011 2012 2013
 
 
Merchandise trade details 
 
North America’s merchandise exports rose 1.9% in 2013 to $2.42 trillion (12.9% of world exports) 
while imports remained essentially unchanged at $3.20 trillion (16.9% of world imports). South 
and Central America’s exports fell by 1.8% to $737 billion (3.9%) but the region’s imports grew by 
2.4% to $773 billion (4.1%). European exports rose 4.0% to $6.64 trillion (35.3%), the strongest growth of any region. Meanwhile, Europe’s impo rts recorded a small increase of 1.0% to $6.59 
trillion (34.9%).  
 Exports of the Commonwealth of Independent Stat es declined 2.8% to $778 billion while imports 
grew by 0.7% to $575 billion. Respectively, the re gion’s exports and imports represented 4.1 and 
3.0% of world trade. 
 Africa’s exports suffered a large decline of 6.3% to $599 billion (3.2% of world exports). Meanwhile imports grew a modest 2.2% to $628 billion (3.3% of world imports). Middle East 
exports declined by 1.3% to $1.33 trillion (or 7. 1%) and the region’s imports rose by 4.3% to 
$770 billion (4.1%). 
 PRESS/721 
Page 13 of 29 
 
 
  Finally, Asia’s exports grew by 2.8% to $6.29 trillion (33.5% of the global total) in 2013. 
Meanwhile, imports grew by 2.1% to $6.37 trillion (33.6%). 
 The top five merchandise exporters in 2013 were China ($2.21 trillion, 11.8% of world exports), the United States ($1.58 trillion, 8.4%), Germany ($1.45 trillion, 7.7%), Japan ($715 billion, 
3.8%) and the Netherlands ($664 billion, 3.5%). Th ere were no changes in rank among the top 
exporters, although Japan suffered a sharp decline of 10.5% in exports.  The leading importers were the United States ($2.33 trillion, 12.4% of world imports), China 
($1.95 trillion, 10.3%), Germany ($1.19 trillion, 6.3%), Japan ($833 billion, 4.4%) and France 
($681 billion, 3.6%). France replaces the United Kingdom at number five on the list of leading 
importers.   If we count all 28 European Union members as a single entity and exclude intra-EU trade, the 
leading exporters were the European Union ($2.30 trillion, or 15.3% of world exports), China 
(14.7%), the United States (10.5%), Japan (4.8%) and the Republic of Korea ($560 billion, 3.7%). The leading importers when intra-EU trade is excluded were the United States (15.4% of world imports), the European Union ($2.23 trillion, 14.8%), China (12.9%), Japan (5.5%), and 
Hong Kong, China ($622 billion, 4.1%). 
 
Commercial services trade details 
 The dollar value of world commercial services expo rts in 2013 was $4.6 trillion, implying growth of 
6% over 2012. The region that recorded the fastest growth in exports services was the CIS with an 11% increase to $115 billion. This was followed  by the Middle East at 6% ($128 billion), Europe 
at 6% ($2.17 trillion), Asia at 6% ($1.21 trillion), North America at 5% ($760 billion), South and 
Central America at 1% ($142 billion), and Africa, which fell 2% to $91 billion. 
 The top five exporters of commercial services in 2013 were the United States ($662 billion, or 14.3% of the world total), the United Kingdom ($290 billion, 6.3%), Germany ($287 billion, or 
6.2%), France ($233 billion, or 5.0%) and China ($207 billion, or 4.5%). There were no changes 
in rank among the top exporters, although within this group the United Kingdom posted the smallest annual growth in exports (0.6%) while China posted the largest annual growth in exports (8.7%). 
 
The five leading importers of commercial services were the United States ($427 billion, or 9.8% of world total), China ($329 billion, or 7.6%), Germany ($315 billion, or 7.2%), France ($188 billion, or 4.3%) and the United Kingdom ($173 billion, or 4.0%). China replaced Germany as the second 
largest importer of commercial services, while France moved from number six to number four on 
the list. As a result, Japan exited the list of top five importers of commercial services and the United Kingdom dropped from fourth to fifth place.  
If we exclude trade between EU member states and treat the European Union as a single entity, 
the EU was the top exporter of commercial servic es in 2013 with exports valued at $880 billion 
(25.0% of the world total). It was followed by the United States (18.8%), China (5.9%), India ($153 billion, or 4.3%) and Japan ($144 billion, 4.1%). The European Union was also the leading 
importer of services at $667 billion (19.9%), followed by the United States (12.7%), China 
(9.8%), Japan ($161 billion, or 4.8%) and India ($127 billion, 3.8%).  PRESS/721 
Page 14 of 29 
 
 
  Merchandise trade developments by manufacturing sector 
Chart 8 shows estimated year-on-year growth in the dollar value world trade for selected 
categories of manufactured goods. Growth turned ne gative for most products, except for office and 
telecom equipment, at the beginning of 2012, and remained negative until mid-2013. By 2013Q2 most categories had returned to positive (albeit slow) year-on-year growth, but even as late as Q4 
iron and steel remained below its level of one year earlier. 
 Iron and steel trade is a very pro-cyclical and somewhat lagging indicator of economic activity. At the beginning of 2013 world trade in iron and steel was down 10% compared to a year earlier, but 
by the end of the year it was still down 4%. 
 Automotive products trade is equally cyclical but leading. In the first quarter of 2013 trade in vehicles and parts had dropped 4% from its level a year earlier, but by Q4 trade in automotive 
products was 9% higher than a year earlier. Th is rebound bodes well for the economic recovery 
and for trade in inputs to automobile production, including iron and steel, electronics and various raw materials.   
Chart 8: Quarterly  world exports of manufactured  goods by product, 2008Q1‐2013Q4
Year‐on‐year % change in US dollar values
Source: WTO Secretariat  estimates  based on mirror data for available  reporters  in the Global Trade Atlas
database,  Global Trade Information  Systems.‐60‐40‐200204060
2008Q1
2008Q2
2008Q3
2008Q42009Q1
2009Q2
2009Q32009Q4
2010Q1
2010Q2
2010Q3
2010Q42011Q1
2011Q2
2011Q32011Q4
2012Q1
2012Q2
2012Q3
2012Q42013Q1
2013Q2
2013Q32013Q4Iron and steel Chemicals
Office and telecom equ ipment Automotive  products
Industrial  machinery Textiles and clo thing
 
 
Prospects for 2014 and 2015  
 
Prospects for world trade and output in 2014 and 2015 are better than they have been for some time, but leading economies remain fragile, including some of the most dynamic developing 
countries that until recently were propping up gl obal demand. Downside risks to trade abound, but 
significant upside potential also exists, as the US economy seems to be gaining momentum and the European Union appears to have turned a corner. At the same time, developing economies PRESS/721 
Page 15 of 29 
 
 
  have slowed appreciably, for a variety of reasons both internal and external. Which of these forces 
is stronger may determine how world trade evolves over the next 1 to 2 years. 
 In order to provide a more complete picture of the trade outlook, the WTO has produced more detailed forecasts this year, including breakdowns by geographic region and by level of 
development (Table 4).  Forecasts for North America, South and Central America, Europe and Asia 
are shown separately, whereas data for Africa , the Middle East and the CIS are aggregated 
together due to their economic similarity as petroleum exporting regions, and also because 
statistics for these regions rely more on estimation due to incomplete data. 
 
World merchandise trade is expected to post a 4.7% increase in 2014, with developed economies growing 3.6% and developing economies and the CIS advancing 6.4%. We expect that exports 
from Asia will grow faster than those from any other region (6.9%). Asia  should be followed by 
North America (4.6%), South and Central America (4.4%), Europe (3.3%), and Other regions 
(3.1%), an aggregate that includes Africa, CIS and Middle East. Exports will be supported by rising 
import demand on the part of developed countries as the US economy gains momentum, and by improving economic conditions in Europe. However, the extent of the gains will be limited by the high level of unemployment in European countries and the still considerable amount of slack in the 
US labour market due to low labour force participation.  
 On the import side, the 4.7% increase in world trade in 2014 will be split between developed economies growing at 3.4%, and developing economies growing at 6.3%. Asia should also lead all 
regions in import growth in 2014 (6.4%), followed by Other regions (5.8%), South and Central 
America (4.1%), North America (3.9%), and finally Europe (3.2%). However, Asian import growth is likely to be unbalanced, with larger gains in China and smaller increases in other developing Asian economies. 
 
Two year forecasts are provisional estimates based on strong assumptions about the medium-term trajectory of gross domestic product (GDP) and sh ould be interpreted with care. Merchandise trade 
is projected to grow by 5.3% in 2015, with developed and developing economies posting increases 
of 4.3% and 6.8%, respectively, on the export si de, as well as gains of 3.9% and 7.1% on the 
import side. For the year we expect to see Asia’s exports grow faster than in 2014 (7.2%), followed by those of South and Central America (5.5%), North America (4.5%), Europe (4.3%), and Other regions (4.2%). In 2015, import growth of Asia should accelerate to 7.0%.  Other 
regions will have the second fastest import grow th (6.6%) followed by South and Central America 
(5.2%), North America (5.1%) and Europe (3.4%).  Trade growth this year could fall short of estimates if some downside risks emerge, including 
financial turbulence in emerging markets related to the conduct of monetary policy in the United 
States and other developed countries. Better than expected growth in the US could actually provoke further instability in developing economies as it might be interpreted as portending earlier interest rate rises. This in turn could trigger fu rther capital outflows from the developing world as 
investors seek improved returns in developed count ries. However, the prospect of deflation in the 
euro area suggests that monetary policy in developed countries could as easily become looser 
rather than tighter.    
 PRESS/721 
Page 16 of 29 
 
 
  Table 4: World merchandise  trade and GDP, 2010‐2015 a
Annual % change
2010 2011 2012 2013 2014P 2015P
Volume of world merchandise  trade 13.9 5.4 2.3 2.1 4.7 5.3
Exports
Developed  economies 13.3 5.2 1.1 1.5 3.6 4.3
Developing  economies  and CIS 15.1 5.8 3.8 3.3 6.4 6.8
North America 15.0 6.5 4.5 2.8 4.6 4.5
South and Central America 4.7 6.8 0.8 0.7 4.4 5.5
Europe 11.4 5.7 0.8 1.5 3.3 4.3
Asia 22.7 6.4 2.7 4.6 6.9 7.2
Other regions  b5.6 2.1 4.3 0.3 3.1 4.2
Imports
Developed  economies 10.6 3.4 0.0 ‐0.2 3.4 3.9
Developing  economies  and CIS 18.3 8.1 5.1 4.4 6.3 7.1
North America 15.7 4.4 3.1 1.2 3.9 5.1
South and Central America 22.4 13.1 2.2 2.5 4.1 5.2
Europe 9.4 3.2 ‐1.8 ‐0.5 3.2 3.4
Asia 18.2 6.7 3.6 4.5 6.4 7.0
Other regions  b10.9 8.4 9.8 2.9 5.8 6.6
Real GDP at market exchange  rates (2005) 4.1 2.8 2.3 2.2 3.0 3.1
Developed  economies 2.6 1.5 1.3 1.1 2.1 2.2
Developing  economies  and CIS 7.5 5.7 4.5 4.4 4.7 5.0
North America 2.7 2.0 2.8 1.8 2.9 3.0
South and Central America 6.1 4.5 2.7 3.0 2.7 3.0
Europe 2.2 1.9 ‐0.1 0.3 1.5 1.8
Asia 7.2 4.1 4.0 4.2 4.4 4.4
Other regions  b5.2 4.0 4.1 2.9 3.8 4.1
a Figures for 2014 and 2015 are projections.
b Other regions comprise  the Africa, CIS and the Middle East.
Sources: WTO Secretariat  for trade, concensus  estimates  for GDP. 
 
   
The high level of joblessness in the euro area could act as a brake on global import demand for 
some time to come since unemployment rates te nd to decline only gradually. The recent 
experience of the United States gives us an indi cation of how much time might be required. From 
its peak at just under 10% in March of 2010, it took 44 months — more than three and a half years — for the US unemployment rate to fall to 7% (Chart 9). Until the EU rate comes down, 
European demand will likely only provide marg inal support for stronger global trade growth. 
 PRESS/721 
Page 17 of 29 
 
 
  Chart 9: Unemployment  rates in the European  Union (28), the euro area, 
the United States and Japan, 2010Q1‐2013Q4
% of labour force
Source: OECD Labour Force Statistics.02468101214
2011Q1
2011Q2
2011Q32011Q4
2012Q1
2012Q22012Q3
2012Q4
2013Q12013Q2
2013Q3
2013Q4
European  Union (28) euro area United States Japan
 
 
   PRESS/721 
Page 18 of 29 
 
 
  APPENDIX TABLES AND CHARTSPRESS/721 
Page 19 of 29 
 
 
   
Appendix  Table 1
World merchandise  trade by region and selected economies,  2013
$bn and %
Value Value
2013 2005 ‐13 2011 2012 2013 2013 2005 ‐13 2011 2012 2013
World 18270 8 20 0 2 18395 7 19 0 1
North America 2417 6 16 4 2 3198 4 15 3 0
United States 1579 7 16 4 2 2331 4 15 3 0
Canada  a 458 3 16 1 1 474 5 15 2 0
M e x i c o 3 8 0 7 1 763 3 9 1 7 1 653
South and Centra l America  b7 3 7 9 2 8 ‐1‐2 773 12 26 3 2
Brazil 242 9 27 ‐50 2 5 0 1 6 2 4 ‐27
Other South and Ce ntra l America  b4 9 5 9 2 9 1 ‐3 522 11 27 5 0
Europe 6636 5 18 ‐4 4 6595 5 17 ‐61
European  Union (28) 6068 5 18 ‐5 4 6000 4 17 ‐61
Germany 1453 5 17 ‐5 3 1187 5 19 ‐72
Fra nce 580 3 14 ‐5 2 681 4 18 ‐61
Netherlands 664 6 16 ‐2 1 590 6 16 ‐10
United Kingdom 541 4 22 ‐71 5 6 5 4 31 5 2 ‐5
Italy 518 4 17 ‐4 3 477 3 15 ‐13 ‐2
Commonwealth  of Independent  States (CIS) 778 11 33 2 ‐3 575 13 30 6 1
Russian Federation   a 523 10 30 1 ‐1 344 13 30 4 3
Africa 599 9 16 5 ‐6 628 12 18 9 2
South Africa 96 8 19 ‐8‐41 2 6 9 2 8 2 ‐1
Africa less South Africa 503 9 16 8 ‐7 501 13 16 10 3
Oil exporters   c 3 2 7 81 41 2 ‐11 199 14 11 10 9
Non oil exporters 176 10 20 1 2 302 12 18 10 ‐1
Middle East 1332 12 40 7 ‐1 770 11 17 9 4
Asia 5769 10 18 2 2 5855 10 23 4 1
C h i n a 2 2 1 01 4 2 0 8 8 1 9 5 01 5 2 5 4 7
Japan 715 2 7 ‐3‐10 833 6 23 4 ‐6
India 312 15 34 ‐25 4 6 6 1 6 3 35 ‐5
Newly industrialized  economies  (4)  d 1295 7 16 ‐1 1 1300 8 19 0 0
Memorandum
MERCOSUR   e 344 10 26 ‐51 3 4 8 1 5 2 5 ‐37
ASEAN  f 1270 9 18 1 1 1245 9 21 6 2
EU (28) extra‐trade 2302 7 21 0 6 2235 5 18 ‐4‐3
Least developed  countries  ( L D C s ) 2 1 41 3 2 4 1 5 2 3 81 3 2 2 8 7
a. Imports are va l ue d f.o.b.
b. Includes  the Caribbean.   For composition  of groups see the Technical  Notes of WTO, International  Trade Statistics,  2013.
c. Algeria, Angola, Ca me roon,  Cha d, Congo, Equatorial  Guinea, Gabon, Libya, Nigeria, Sudan.
d. Hong Kong, Chi na ; Republic  of Korea ; Singapore  and Chi ne s e Taipei.
e. Common  Market of the Southern  Cone : Argentina,  Brazil, Paraguay,  Uruguay.
f. Association  of Southeast  Asian Nations:  Brunei, Ca mbodi a ,  Indonesia,  Laos, Malay sia,  Myanmar,  Philippines,  Singapore,  Thailand,  Viet Nam.
Note: Data for the Member States of the European  Union are sourced from Eurostat,  compiled  in accordance  with the community  concept and
may differ from national  statistics.
Source:   WTO Secretariat.Exports Imports
Annual % change Annual  % change
    PRESS/721 
Page 20 of 29 
 
 
  Appendix  Table 2
$bn and %
Value Value
2013 2005 ‐13 2011 2012 2013 2013 2005 ‐13 2011 2012 2013
World 4625 8 12 2 6 4340 8 12 3 4
North A m e r i c a 7 6 1 7 1 055 5 6 1 6832
United S t a t e s 6 6 2 8 1 155 4 2 7 6743
South and Ce ntra l America  a 142 9 18 6 1 195 13 23 7 6
Brazil 37 12 21 5 ‐28 41 8 2 3 7 7
Europe 2174 7 13 ‐2 6 1780 6 10 ‐35
European  Union (28) 1984 7 13 ‐2 6 1651 6 11 ‐24
Germany 287 8 11 ‐1 8 315 5 11 ‐17
United Kingdom 290 4 11 ‐11 1 7 3 160 ‐1
France 233 … 20 ‐8 8 188 … 14 ‐98
Netherlands 142 6 17 ‐3 8 121 5 15 ‐11
Spain 144 6 15 ‐45 9 1 49 ‐51
Commonwealth  of Independent  States (CIS) 115 14 20 9 11 175 15 18 18 16
Russian Federation 66 13 22 7 13 123 16 22 19 19
Ukraine 19 10 14 3 4 15 10 5 10 10
Africa 91 6 1 7 ‐2 161 11 13 2 0
Egypt 19 4 ‐19 12 ‐10 15 6 1 18 ‐1
South Africa 14 3 6 2 ‐71 6 4 7 ‐11 ‐5
Nigeria 2 4 ‐12‐10 ‐72 11 6 1 3 0 ‐5
Mi ddl e East 128 9 5 10 6 240 12 15 5 3
United Arab Emirates   b 1 5 … 91 8 … 6 5 …3 51 3 …
Saudi Arabia, Ki ngdom  of 12 … 7 ‐51 1 5 0 … 8 ‐91
Asia 1212 11 13 7 6 1229 10 14 8 4
China 207 14 9 8 9 329 19 23 18 17
J a p a n 1 4 4 …301 1 6 1 …66 ‐8
I n d i a 1 5 3 1 4 1 955 1 2 7 1 393 ‐1
S i n g a p o r e 1 1 7 … 1 534 1 2 2 … 1 734
Korea , Republic  o f 1 1 2 1 19 1 71 1 0 6 8551
Hong Kong, C h i n a 1 3 5 1 0 1 467 5 9 7 1 041
Australia 52 7 11 3 0 62 10 20 4 ‐2
Memorandum  item
 Extra‐EU(28) t r a d e 8 8 0 …1 3 0 5 6 6 7 …1 0 ‐23
a  Includes  the Ca ri bbea n.   For composition  of groups see Cha pter IV Meta da ta  of WTO International  Trade Statistics,  2013.
b  Secretariat  estimates.
… indicates  unav ailable  or non‐comparable  figures.
Note:  While prov isional  full yea r data were av ailable  in mid Ma rch for some 50 countries  accounting  for more than two thirds of
world commercial  ser v ices trade, estimates  for most other countries  are based on data for the first three quarters.
Source:  WTO and UNCTAD Secretariats.World commercial  services trade by region and selected economies,  2013
Exports Imports
Annual % change Annual  % changePRESS/721 
Page 21 of 29 
 
 
  Appendix  Table 3
Merchandise  trade: leading exporters  and importers,  2013
$bn and %
Rank Exporters Value ShareAnnual % 
changeRank Importers Value ShareAnnual % 
change
1 China 2210 11.8 8 1 United  States 2331 12.4 0
2U n i t e d  States 1579 8.4 2 2 China 1950 10.3 7
3 Germany 1453 7.7 3 3 Germany 1187 6.3 24 Japan 715 3.8 ‐10 4 Japan 833 4.4 ‐6
5 Netherlands 664 3.5 1 5 France 681 3.6 16 France 580 3.1 2 6 United  Ki ngdom 654 3.5 ‐5
7K o r e a ,  Republic  of 560 3.0 2 7 Hong  Kong, Chi na 622 3.3 12
‐ reta ined  imports 141 0.7 4
8U n i t e d  Kingdom 541 2.9 15 8 Netherlands 590 3.1 0
9H o n g  Kong, China 536 2.9 9 9 Korea,  Republic  of 516 2.7 ‐1
‐ domestic  exports 20 0.1 ‐11
‐ re‐exports 516 2.7 10
10 Russ ian  Federation 523 2.8 ‐11 0 I t a l y 4 7 7 2 . 5 ‐2
11 Italy 518 2.8 3 11 Canada   a4 7 4 2 . 5 0
12 Belgium 469 2.5 5 12 India 466 2.5 ‐5
13 Canada 458 2.4 1 13 Belgium 450 2.4 314 Singapore 410 2.2 0 14 Mexico 391 2.1 3
‐ domestic  exports 219 1.2 ‐4
‐ re‐exports 191 1.0 6
15 Mexico 380 2.0 3 15 Singapore 373 2.0 ‐2
‐ reta ined  imports
  b1 8 2 1 . 0 ‐9
16 Saudi  Arabia, Kingdom  of  c 376 2.0 ‐31 6 R u s s i a n  Federation   a3 4 4 1 . 8 3
17 United  Arab Emirates   c 365 1.9 4 17 Spain 339 1.8 0
18 Spain 316 1.7 7 18 Chinese  Taipei 270 1.4 0
19 India 312 1.7 5 19 Turkey 252 1.3 6
20 Chines e  Taipei 305 1.6 1 20 Thailand 251 1.3 0
21 Australia 253 1.3 ‐12 1 B r a z i l 2 5 0 1 . 3 7
22 Brazil 242 1.3 0 22 United  Arab Emirates   c2 4 5 1 . 3 7
23 Switzerland 229 1.2 1 23 Australia 242 1.3 ‐7
24 Thailand 229 1.2 0 24 Malaysia 206 1.1 525 Malaysia 228 1.2 0 25 Poland 204 1.1 226 Poland 202 1.1 9 26 Switzerland 200 1.1 127 Indonesia 184 1.0 ‐3 27 Indonesia 187 1.0 ‐2
28 Austria 174 0.9 5 28 Austria 182 1.0 229 Sweden 167 0.9 ‐3 29 Saudi  Arabia, Ki ngdom  o
f 164 0.9 5
30 Czech  Republic 161 0.9 3 30 Sweden 158 0.8 ‐3
Total of abov e  d 15339 81.7 ‐ Total of abov e  d 15492 82.1 ‐
World  d 18784 100.0 2 World   d 18874 100.0 1
a. Imports are va l ued f.o.b.
b. Singapore’s  reta ined  imports ar e defined as imports less re‐exports.
c. Secretariat  estimates.
d. Includes  significant  re‐exports or imports for re‐export.
Note: Data for the Member  States of the European  Union are sourced from Eurostat,  compiled  in accordance  with the communit y
 concept and may differ from national  statistics.
Source: WTO Secretariat.PRESS/721 
Page 22 of 29 
 
 
  Appendix  Table 4
Merchandise  trade: leading exporters  and importers  excluding  intra‐EU (28) trade, 2013
$bn and %
Rank Exporters Value ShareAnnual % 
changeRank Importers Value ShareAnnual % 
change
1E x t r a ‐EU(28) exports 2302 15.3 6 1 United  States 2331 15.4 0
2 China 2210 14.7 8 2 Extra ‐EU(28) imports 2235 14.8 ‐3
3U n i t e d  States 1579 10.5 2 3 China 1950 12.9 7
4 Japan 715 4.8 ‐10 4 Japan 833 5.5 ‐6
5K o r e a ,  Republic  of 560 3.7 2 5 Hong  Kong, China 622 4.1 12
‐ reta ined  imports 141 0.9 4
6H o n g  Kong, China 536 3.6 9 6 Korea,  Republic  of 516 3.4 ‐1
‐ domestic  exports 20 0.1 ‐11
‐ re‐exports 516 3.4 10
7 Russian  Federation 523 3.5 ‐17 C a n a d a   a 474 3.1 0
8 Canada 458 3.1 1 8 India 466 3.1 ‐5
9 Singapore 410 2.7 0 9 Mexico 391 2.6 3
‐ domestic  exports 219 1.5 ‐4
‐ re‐exports 191 1.3 6
10 Mexico 380 2.5 3 10 Singapore 373 2.5 ‐2
‐ reta ined  imports  b 182 1.2 ‐9
11 Saudi  Arabia, Kingdom  of  c 376 2.5 ‐31 1 R u s s i a n  Federation   a 344 2.3 3
12 United  Arab Emirates   c 365 2.4 4 12 Chinese  Taipei 270 1.8 0
13 India 312 2.1 5 13 Turkey 252 1.7 614 Chinese  Taipei 305 2.0 1 14 Thailand 251 1.7 0
15 Australia 253 1.7 ‐1 15 Brazil 250 1.7 7
16 Brazil 242 1.6 0 16 United  Arab Emirates   c 245 1.6 7
17 Switzerland 229 1.5 1 17 Aus tralia 242 1.6 ‐7
18 Thailand 229 1.5 0 18 Malaysia 206 1.4 519 Malays ia 228 1.5 0 19 Switzerland 200 1.3 1
20 Indonesia 184 1.2 ‐3 20 Indonesia 187 1.2 ‐2
21 Norway 153 1.0 ‐52 1 S a u d i  Arabia, Kingdom  of 164 1.1 5
22 Turkey 152 1.0 0 22 Viet  Nam 132 0.9 16
23 Qatar 137 0.9 3 23 South  Africa  c 126 0.8 ‐1
24 Viet  Nam 132 0.9 15 24 Norway 90 0.6 3
25 Kuwait   c 115 0.8 ‐32 5 C h i l e 8 0 0 . 5 0
26 Nigeria   c 100 0.7 ‐13 26 Ukraine 77 0.5 ‐9
27 South  Africa 96 0.6 ‐42 7 I s r a e l   c7 5 0 . 5 ‐1
28 Iraq   c9 0 0 . 6 ‐52 8 A r g e n t i n a 7 4 0 . 5 8
29 Venezuela,  Boliv arian
 Rep. of  87 0.6 ‐11 29 Philippines 65 0.4 ‐1
30 Argentina 83 0.6 3 30 Iraq   c6 1 0 . 4 8
Total of abov e  d 13540 90.2 ‐ Total of abov e  d 13583 89.9 ‐
World  d (excl. Intra‐EU(28)) 15018 100.0 2 World   d (excl. Intra‐EU(28)) 15109 100.0 1
a. Imports are va l ued f.o.b.
b. Singapore’s  retained  imports ar e defined as imports less re‐exports.
c. Secretariat  estimates.
d. Includes  significant  re‐exports or impor ts for re‐export.
Source: WTO Secretariat.
 PRESS/721 
Page 23 of 29 
 
 
   
Rank Exporter Value ShareAnnual % 
changeRank Importer Value ShareAnnual % 
change
1U n i t e d  States 662 14.3 5 1 United  States 427 9.8 3
2U n i t e d  Kingdom 290 6.3 1 2 China 329 7.6 17
3 Germany 287 6.2 8 3 Germany 315 7.2 74 France 233 5.0 8 4 France 188 4.3 85 China 207 4.5 9 5 United  Kingdom 173 4.0 ‐1
6 India 153 3.3 5 6 Japan 161 3.7 ‐8
7 Spain 144 3.1 5 7 India 127 2.9 ‐1
8 Japan 144 3.1 1 8 Russian  Federation 123 2.8 19
9 Netherlands 142 3.1 8 9 Singapore 122 2.8 4
10 Hong  Kong, China 135 2.9 7 10 Netherlands 121 2.8 1
11 Ireland 124 2.7 7 11 Ireland 117 2.7 512 Singapore 117 2.5 4 12 Italy 107 2.5 313 Korea,  Republic  of 112 2.4 1 13 Korea,  Republic  of 106 2.4 1
14 Italy 110 2.4 6 14 Canada 105 2.4 015 Belgium 101 2.2 2 15 Belgium 96 2.2 516 Switzerland 94 2.0 5 16 Spain 91 2.1 117 Luxembourg 79 1.7 10 17 Brazil 84 1.9 718 Canada 78 1.7 0 18 United  Arab Emirates 65 1.5 …
19 Sweden 75 1.6 6 19 Aus tralia 62 1.4 ‐2
20 Denmark 69 1.5 6 20 Denmark 60 1.4 321 Russian  Federation 66 1.4 13 21 Hong  Kong, Chi na 59 1.4 1
22 Austria 65 1.4 9 22 Sweden 57 1.3 623 Thailand 59 1.3 19 23 Thailand 55 1.3 424 Macao,  China 53 1.1 16 24 Switzerland 52 1.2 12
25 Australia 52 1.1 0 25 Saudi  Arabia, Kingdom  of 50 1.2 1
26 Chines e  Taipei 51 1.1 5 26 Luxembourg 48 1.1 14
27 Turkey 44 0.9 8 27 Aus tria 44 1.0 528 Poland 40 0.9 6 28 Malaysia 44 1.0 529 Malays ia 39 0.8 4 29 Norway 43 1.0 430 Norway 38 0.8 ‐2 30 Chinese  Taipei 42 1.0 ‐1
Total of above 3862 83.5 ‐ Total of above 3474 80.0 ‐
World 4625 100.0 6 World 4340 100.0 4
a  Secretariat  estimate.
… indicates  unavailable  or non‐comparable  figures.
‐ indicates  non‐applicable.
Source:  WTO and UNCTAD Secretariats.Appendix  Table 5
Commercial  services trade: leading exporters  and importers,  2013
Note:  Figures for a number of countries  and territories  have been estimated  by the Secretariat.  Annual percentage  changes and rankings are affected 
by continuity  breaks in the series for a large number of economies,  and by limitations  in cross‐country comparability.$bn and %PRESS/721 
Page 24 of 29 
 
 
   
 
  
Rank Exporters Value ShareAnnual % 
changeRank Importers Value ShareAnnual % 
change
1E x t r a ‐EU(28) exports 880 25.0 5 1 Extra ‐EU(28) imports 667 19.9 3
2U n i t e d  States 662 18.8 5 2 United  States 427 12.7 3
3 China 207 5.9 9 3 China 329 9.8 174 India 153 4.3 5 4 Japa n 161 4.8 ‐8
5 Japan 144 4.1 1 5 India 127 3.8 ‐1
6H o n g  Kong, Chi na 135 3.8 7 6 Rus s i a n  Federation 123 3.7 19
7 Singapore 117 3.3 4 7 Singapore 122 3.6 48K o r e a ,  Republic  of 112 3.2 1 8 Korea,  Republic  of 106 3.2 1
9 Switzerland 94 2.7 5 9 C anada 105 3.1 0
10 Canada 78 2.2 0 10 Brazil 84 2.5 711 Russian  Federation 66 1.9 13 11 United  Arab Emirates   a6 5 1 . 9 …
12 Thailand 59 1.7 19 12 Australia 62 1.9 ‐2
13 Macao,  China 53 1.5 16 13 Hong  Kong, Chi na 59 1.8 1
14 Australia 52 1.5 0 14 Thailand 55 1.6 415 Chinese  Ta ipei 51 1.5 5 15 Switzerland 52 1.6 12
16 Turkey 44 1.2 8 16 Saudi  Arabia, Kingdom  of 50 1.5 1
17 M alay sia 39 1.1 4 17 M alay sia 44 1.3 518 Norway 38 1.1 ‐21 8 N o r w a y 4 3 1 . 3 4
19 Brazil 37 1.1 ‐2 19 Chinese  Taipei 42 1.2 ‐1
20 Israel 33 0.9 7 20 Indonesia 34 1.0 221 Lebanese  Republic   a 2 30 . 7 … 2 1M e x i c o 2 80 . 8 4
22 Philippines 22 0.6 21 22 Qatar 25 0.8 1423 Indonesia 22 0.6 ‐32 3 T u r k e y 2 2 0 . 7 1 5
24 Mexico 20 0.6 21 24 Angola   a2 2 0 . 7 …
25 Ukraine 19 0.5 4 25 Niger ia 21 0.6 ‐
5
26 Egypt 19 0.5 ‐10 26 Is rael 20 0.6 ‐4
27 United  Arab Emirates   a1 5 0 . 4 …2 7 K u w a i t   a1 9 0 . 6 …
28 Argentina 14 0.4 ‐82 8 A r g e n t i n a 1 9 0 . 6 3
29 South  Africa 14 0.4 ‐72 9 V e n e z u e l a ,  Boliv arian  Rep 17 0.5 0
30 Morocco 13 0.4 1 30 South  Africa 16 0.5 ‐5
Total of above 3233 91.9 ‐ Total of a bove 2966 88.4 ‐
World (excl. intra‐EU(28)) 3520 100.0 5 World  (excl. intra‐EU(28)) 3355 100.0 4
a  Secretariat  estimates.
… indicates  unavailable  or non‐comparable  figures.
‐ indicates  non‐applicable.
Source:  WTO and UNCTAD Secretariats.Appendix  Table 6
Commercial  services trade: leading exporters  and importers  excluding  intra‐EU(28) trade, 2013
Note:  Figures for a number of countries  and territories  have been estimated  by the Secretariat.  Annual percentage  changes and rankings are affected by 
continuity  breaks in the series for a large number of economies,  and by limitations  in cross‐country comparability.$bn and %PRESS/721 
Page 25 of 29 
 
 
  Appendix Chart 1
Merchandise exports and imports of selected economies, April 2012-January 2014
(Year-on-year percentage change in current dollar values)
Sources: IMF International Financial Statistics, Global Trade Information Services GTA database, national statistics.China Rep. KoreaUnited States Japan
European Union (extra trade) France
Germany United Kingdom‐10‐8‐6‐4‐20246810
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐20‐15‐10‐505101520
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐15‐10‐5051015
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐15‐10‐5051015
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐15‐10‐5051015
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐40‐30‐20‐10010203040
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐30‐20‐100102030
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐20‐15‐10‐505101520
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
 PRESS/721 
Page 26 of 29 
 
 
  Appendix Chart 1 (continued)
Merchandise exports and imports of selected economies, April 2012-January 2014
(Year-on-year percentage change in current dollar values)
Sources: IMF International Financial Statistics, Global Trade Information Services GTA database, national statistics.Brazil Russia
Singapore Chinese Taipei
Malaysia ThailandIndia South Africa‐30‐20‐100102030
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐15‐10‐5051015
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐20‐15‐10‐505101520
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐30‐20‐100102030
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐20‐15‐10‐505101520
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐30‐20‐100102030
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐20‐15‐10‐505101520
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13Exports
Imports
‐50‐40‐30‐20‐1001020304050
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13Exports
Imports
 PRESS/721 
Page 27 of 29 
 
 
  Appendix Chart 1 (continued)
Merchandise exports and imports of selected economies, April 2012-January 2014
(Year-on-year percentage change in current dollar values)
Sources: IMF International Financial Statistics, Global Trade Information Services GTA database, national statistics.Turkey IndonesiaItaly Spain
Greece
CanadaPortugal
Austraila‐25‐20‐15‐10‐50510152025
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐20‐15‐10‐505101520
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐40‐30‐20‐10010203040
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐30‐20‐100102030
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐25‐20‐15‐10‐50510152025
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐10‐8‐6‐4‐20246810
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Se p‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Fe b‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Se p‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐30‐20‐100102030
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports
‐25‐20‐15‐10‐50510152025
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12
Jan‐13
Feb‐13
Mar‐13
Apr‐13
May‐13
Jun‐13
Jul‐13
Aug‐13
Sep‐13
Oct‐13
Nov‐13
Dec‐13
Jan‐14Exports
Imports 
  PRESS/721 
Page 28 of 29 Map 1: Merchandise exports and imports in current US dollars by region, 2013 a 
 
a Values and shares include intra-EU trade. 
Source: WTO Secretariat. 
 
 
 
N AMERICA  
Exports 
 up 2% 
 $2.42 trillion 
 13% of world total 
Imports 
 up 1% 
 $3.20 trillion 
 17% of world total 
S‐C AMERICA  
Exports 
 down 2% 
 $737 billion 
 4% of world total 
Imports 
 up 2% 
 $773 billion 
 4% of world total 
EUROPE
Exports 
 up 4% 
 $6.64 trillion 
 36% of world total 
Imports 
 up 1% 
 $6.59 trillion 
 36% of world total 
COMMONWEALTH  OF 
INDEPENDENT  STATES 
Exports 
 down 3% 
 $778 billion 
 4% of world total 
Imports 
 up 1% 
 $575 billion 
 3% of world total 
AFRICA
Exports 
 down 6% 
 $599 billion 
 3% of world total 
Imports 
 up 2% 
 $628 billion 
 3% of world total 
MIDDLE EAST
Exports 
 down 1% 
 $1.33 trillion 
 7% of world total 
Imports 
 up 4% 
 $770 billion 
 4% of world total 
ASIA
Exports 
 up 2% 
 $5.77 trillion 
 32% of world total 
Imports 
 up 1% 
 $5.86 trillion 
 32% of world total  
 Map 2: Exports and imports of commercial serv ices in current US dollars by region, 2013 a 
 
 
a Values and shares include intra-EU trade. 
Source: WTO and UNCTAD Secretariat 
   
END PRESS/721
Page 29 of 29
N AMERICA
Exports 
 up 5% 
 $761 billion 
 16% of world total 
Imports 
 up 2% 
 $561 billion 
 13% of world total 
S‐C AMERICA
Exports 
 up 1% 
 $142 billion 
 3% of world total 
Imports 
 up 6% 
 $195 billion 
 4% of world total 
EUROPE
Exports 
 up 6% 
 $2.17 trillion 
 47% of world total 
Imports 
 up 5% 
 $1.78 trillion 
 41% of world total 
COMMONWEALTH  OF 
INDEPENDENT  STATES 
Exports 
 up 11% 
 $115 billion 
 2% of world total 
Imports 
 up 15% 
 $175 billion 
 4% of world total 
AFRICA
Exports 
 down 2% 
 $91 billion 
 2% of world total 
Imports 
 down 0% 
 $161 billion 
 4% of world total 
MIDDLE EAST
Exports 
 up 6% 
 $128 billion 
 3% of world total 
Imports 
 up 3% 
 $240 billion 
 6% of world total 
ASIA
Exports 
 up 6% 
 $1.21 trillion 
 26% of world total 
Imports 
 up 4% 
 $1.23 trillion 
 28% of world total