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12:00 GENEVA TIME ( 11:00  GMT) 14 APRIL 2015   
 
PRESS/739 
14 April 2015 
 
(15-1989) 
TRADE STATISTICS AND OUTLOOK 
Modest trade recovery to cont inue in 2015 an d 2016 following 
three years of weak expansion 
Growth in the volume of world merchandise trade 
will pick up only slightly over the next two years, 
rising from 2.8% in 2014 to 3.3% in 2015 and eventually to 4.0% in 2016, WTO economists 
announced today.   
 Trade expansion will therefore remain well below 
the annual average of 5.1% posted since 1990. 
 
The modest gains in 2014, marked the third 
consecutive year in which trade grew less than 3%. 
Trade growth averaged just 2.4% between 2012 
and 2014, the slowest rate on record for a three year period when trade was expanding (i.e. 
excluding years like 1975 and 2009 when world 
trade actually declined).   
 
Director-General Roberto Azevêdo said: 
 
"Trade growth has been disappointing in recent 
years, due largely to prolonged sluggish growth in GDP following the financial crisis. Looking forward 
we expect trade to continue its slow recovery but 
with economic growth still fragile and continued geopolitical tensions, this trend could easily be 
undermined.  
 "But we are not powerless in the face of this gloomy 
picture. Trade can be a powerful policy tool to 
leverage economic growth and development. By withdrawing protectionist measures, improving 
market access, avoiding policies which distort 
MAIN POINTS 
 World merchandise  trade is forecast 
to grow 3.3% in 2015 in volume terms 
as output picks up slightly in both 
developed  and developing  countries.  
 Trade growth should accelerate  to 
4.0% in 2016 , still below the average of 
5.1% since 1990, and well below the 
pre‐crisis average of 6.0%.   
 Trade volume growth has been very 
slow in recent years, measuring  2.8% 
in 2014 and averaging  2.4% over the 
last three years. 
 Exports of developing  countries  grew 
faster than those of developed  
countries  in 2014, 3.3% vs. 2.2%. 
 Meanwhile,  imports of developing  
countries  grew more slowly , 2.0% 
compared  with 3.2%. 
 The 50% drop in oil prices since July 
should boost incomes and imports in 
energy intensive economies  (including  
developed  countries  and China) while 
reducing them in fuel exporters.  
 Numerous  downside  risks to the 
forecast exist including geopolitical  
tensions, divergent  monetary  policies, 
exchange  rate fluctuations  and slower 
growth in emerging  economies.  PRESS/739 
Page 2 of 18 
 
 
  competition and striving to agree reforms to global trade rules, governments can boost trade and 
seize the opportunities that it offers for everyone."    
   In the short-term at least, trade expansion will no longer far outstrip overall economic growth as 
had been the general pattern for decades. The 2.8% rise in world trade in 2014 barely exceeded 
the increase in world GDP for the year, and fo recasts for trade growth in 2015 and 2016 only 
surpass expected output growth by a small margin (Chart 1).  
 
Chart 1: Growth in volume of world merchandise  trade and real GDP, 2007‐16P a
(Annual % change)
a  Figures for 2015 and 2016 are projections.   Trade refers to the av er age of exports and imports.
Source: WTO Secretariat  for trade and consensus  estimates  for real GDP at market exchange  ra tes .‐15‐10‐5051015
2007 2008 2009 2010 2011 2012 2013 2014 2015P 2016PWorld trade volume (avg.
exports and imports)
World real GDP at maket
exchange ratesAverage trade 
growth 1990-2014
Average GDP 
growth 1990-2014
 
 
Several factors contributed to the sluggishness of  trade and output in 2014 and at the start of 
2015, including slowing GDP growth in emerging economies, an uneven recovery in developed 
countries, and rising geopolitical tensions, amon g others. Strong exchange rate fluctuations, 
including a 14% appreciation of the US dollar against other currencies between July and March, 
have further complicated the trade situation and outlook. 
 Collapsing world oil prices in 2014 (down 47% between 15 July and 31 December) and weakness 
in other commodity classes hit export receipts and reduced import demand in exporting countries, 
but also boosted real incomes and imports in importing countries.  Prices have continued to fall since then, suggesting excess supply, insufficient demand, or both.  Whether this turns out to be a 
positive or a negative development on balance for world trade in 2015 remains to be seen. 
 The preliminary estimate of 2.8% for world trade growth in 2014 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 close to our most recent forecast of 3.1% from last September but below the 4.7% rise predicted at this time last year.  A number of 
factors contributed to our initial overestimate, most of which could not have been anticipated.   
 The sharp declines in commodity prices since last July were not foreseen and did not figure in last 
year's estimates.  The oil price drop was driven by surging production in North America, but falling 
demand in emerging markets also played a part, as it did with other commodities.        PRESS/739 
Page 3 of 18 
 
 
 
One year ago, economic forecasters were predicti ng above trend GDP growth in the United States 
and near trend growth in the euro area in 2014.  Both predictions promised to support stronger trade growth but neither materialized, as a mix of strong and weak quarterly results in the United 
States only produced average growth for the year, while activity in the euro area was consistently 
mediocre.    
Geopolitical tensions and natural phenomena also weighed on trade growth last year.  The crisis in 
the Ukraine persisted throughout the year, straining trade relations between Russia on the one hand and the United States and European Union on  the other.  Conflict in the Middle East also 
stoked regional instability, as did an outbreak of  Ebola haemorrhagic fever in West Africa. Finally, 
declines in first quarter trade and output in the United States were attributed to unusually harsh winter weather.  
 
The WTO's trade forecasts depend on GDP projections from other organizations, but these have been consistently overstated since the financial crisis of 2008-09, biasing our trade forecasts 
upward.   
 Recent surveys of business sentiment and activity point to a firming of the economic recovery in 
the European Union, moderating growth in the United States, and subdued activity in some 
emerging economies, particularly Brazil and Russia.  These indicators are consistent with the current trade forecast, but WTO economists cautioned that the presence of several risk factors 
added to the uncertainty of their estimates.   
 The most prominent risk is the divergence of mone tary policies in the United States and the euro 
zone, as the Federal Reserve contemplates raising interest rates later this year while the European 
Central Bank has just started its own programme of quantitative easing.  Others include a re-
flaring of the debt crisis in the euro area, an d a stronger-than-expected slowdown in emerging 
markets (particularly in resource exporting regions such as Africa, the Middle East, the 
Commonwealth of Independent States (CIS) and South America).   
Finally, the rough two-to-one relationship that prevailed for many years between world trade 
growth and world GDP growth appears to have brok en down, as illustrated by the fact that trade 
and output have grown at around the same rate for the last three years. This changing relationship 
has made trade forecasting particularly difficult in recent years and will continue to cloud the 
outlook for 2015 and 2016. 
TRADE DEVELOPMENTS IN 2014 
 Annual data on merchandise and commercial services trade in current US dollar terms are presented in Appendix Tables 1 to 6.  The dollar value of world merchandise trade stagnated in 
2014, as exports rose just 0.7% to $18.95 trillion.  This growth rate is lower than the one for 
merchandise trade in volume terms mentioned above (2.8% for the average of exports and 
imports), reflecting falling export and import prices from one year to the next, particularly for 
primary commodities.   
 By comparison, growth in the dollar value of world commercial services exports was stronger, 
increasing by 4% in 2014 to $4.85 trillion.  It should be noted that the commercial services values 
are compiled using a new services classification in the balance of payments. Thus, figures are not directly comparable to those from earlier year s.  Comprehensive annual, quarterly and monthly 
data on merchandise and commercial services trade can be downloaded from the WTO's website at 
http://www.wto.org/statistics . PRESS/739 
Page 4 of 18 
 
 
   
One striking feature of the merchandise trade values in 2014 is the weakness of trade flows in 
natural resource exporting regions.  The dollar value of exports from South America, the CIS, 
Africa and the Middle East fell 6%, 5.9%, 7.6% and 3.9%, respectively, as lower commodity prices 
cut in to export revenues.  A sharp drop  in imports of South America (-4.2%) reflected 
recessionary conditions in leading regional economies, while an even steeper decline in CIS imports (-11.2%) stemmed from a combination of factors, including falling oil prices and regional 
conflict. 
 For broad country aggregates and regions that do not export natural resources predominantly, 
trade statistics in volume terms may provide a clearer picture of trade developments. 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 by level of development. 
 
Chart 2: Volume of merchandise  exports and imports by level of development,  2010Q1‐2014Q4
(Seasonally  adjusted volume indices, 2010Q1=100)
Source: WTO  and UNCTAD Secretariats.90100110120130140
2010Q1
2010Q22010Q32010Q4
2011Q1
2011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q4Exports
World Developed Developing/emerging90100110120130140
2010Q1
2010Q22010Q32010Q42011Q12011Q22011Q3
2011Q4
2012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q4Imports
World Developed Developing/emerging
 
 
World exports in volume terms only increased by 1.9% in the first half of 2014 compared to the 
same period in 2013, but year-on-year growth in  the second half rose to 3.7%.  Exports of 
developed and developing/emerging economies were both slow in the first half (1.8% and 2.1%, 
respectively) but shipments from developing/emerg ing countries grew faster in the second half 
(2.5% for developed, 5.1% for developing).   
 Weak import demand in the European Union has weighed heavily on world trade in recent years 
due to the large share of the EU in world im ports (32% in 2014 including trade between EU 
member countries, 15% excluding it).  Quarterl y EU trade volume developments are shown in 
Chart 3.   
 PRESS/739 
Page 5 of 18 
 
 
Extra-EU exports in volume terms were flat for 
most of 2014 as demand in trading partners 
faltered.  Meanwhile, EU imports staged a partial recovery as total imports (i.e. intra plus 
extra) rose 1.9% over the previous year. 
However, imports stalled toward the end of the year, dropping 0.4% in the 4
th quarter.  A 
stronger economic recovery in Europe may be 
necessary before the world can expect to see higher rates of trade growth. 
 
Regional trade developments in volume terms are shown in Chart 4.  Asia and North America 
had the fastest export growth in 2014.  
Shipments from South America and Other regions (i.e. Africa, Middle East and CIS) were 
mostly flat, but this is to be expected since 
traded quantities of oil and other natural resources tend to be insensitive to price 
changes.  European exports grew more slowly, 
held back by weak import demand in the region.  
North American imports in volume terms grew steadily in 2014, as did Asian imports following a 
setback in the second quarter. Imports of Other re gions (i.e. Africa, Middle East, CIS) also grew in 
the second half of the year despite falling commodity prices, but South America's imports 
continued to trend downward after peaking in the second quarter of 2013.  Finally, European 
imports remained depressed, having only recently regained their level of 2011Q3.  
Chart 4: Volume of merchandise  exports and imports by region, 2010Q1‐2014Q4
(Seasonally  adjusted volume indices, 2010Q1=100)
Source: WTO and UNCTAD Secretariats.90100110120130140
2010Q1
2010Q22010Q32010Q42011Q12011Q22011Q32011Q4
2012Q1
2012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q4Exports
North America South America Europe
Asia Others90100110120130140
2010Q1
2010Q22010Q32010Q4
2011Q1
2011Q22011Q32011Q42012Q12012Q22012Q32012Q42013Q12013Q22013Q32013Q42014Q12014Q22014Q32014Q4Imports
North America South America Europe
Asia Other regions
  Chart 3: Volume of merchandise  exports and imports of
the European  Union, 2010Q1‐2014Q4
(Seasonally  adjusted volume indices, 2010Q1=100)
Source: WTO and UNCTAD Secretariats.90100110120130140
2010Q1
2010Q2
2010Q3
2010Q4
2011Q1
2011Q2
2011Q32011Q4
2012Q1
2012Q2
2012Q3
2012Q4
2013Q1
2013Q2
2013Q3
2013Q42014Q1
2014Q2
2014Q3
2014Q4
EU‐extra exports EU‐extra imports Intra‐EUPRESS/739 
Page 6 of 18 
 
 
  Monthly merchandise trade statistics in current dollar terms are more timely than quarterly 
statistics in volume terms, and are available for a larger number of countries.  These are shown in 
Appendix Chart 1 through January or February, depending on availability.    
Trade flows in dollar terms appear to have turned  down sharply in many countries in the opening 
months of 2015.  For example, extra-EU exports in dollar terms were down around 17% year-on-year in January, hitting their lowest level since April 2010, while imports were down by a similar 
amount.  However, the extent of this decline may be exaggerated by dollar appreciation, which 
undervalues trade denominated in other currencies, and by the fall in oil prices, which reduces the dollar value of a given quantity of oil imports.  By comparison, if trade values are expressed in 
euros, extra-EU exports were only down 2.5% in  January.  Exchange rates and oil prices may not 
explain all of the recent downturn, in which case trade may have indeed entered a soft patch in the first quarter of 2015.  However, they do hi ghlight the need to interpret dollar-denominated 
trade values very carefully in lig ht of recent price changes.   
 Chart 5 shows estimated year-on-year growth in the dollar value of world trade in selected 
categories of manufactured goods.  By the four th quarter of 2014, trade in Iron and Steel had 
risen 2.4% compared with the same quarter in 2013 while shipments of Office and Telecom 
Equipment were up 3%.   Howeve r, year-on-year growth in the dollar value of trade in other 
manufactured goods turned negative in Q4, with declines of between 1% and 3%.  Since the 
financial crisis of 2008-09, trade in automotive pr oducts has tended to be a leading indicator of 
world trade while Iron and steel trade has been a lagging indicator. With demand for automobiles 
turning down, steel exporters like China may face reduced demand for the products overseas.  
Like the appendix charts in value terms, this chart should be interpreted with caution since the data are equally sensitive to fluctuations in prices and exchange rates.   
 
Chart 5: Quarterly  world exports of manufactured  goods by product, 2012Q1‐2014Q4
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.‐15.0‐10.0‐5.00.05.010.015.0
2012Q1
2012Q2
2012Q32012Q4
2013Q1
2013Q22013Q3
2013Q4
2014Q12014Q2
2014Q3
2014Q4Iron and steel Chemicals
Office and telecom equipment Automotive  products
Industrial  machinery Textiles and clothing
 PRESS/739 
Page 7 of 18 
 
 
Finally, Chart 6 below provides a breakdown of co mmercial services exports by WTO geographic 
region.  All regions saw modest increases in services exports of between 1% and 6% in 2014 
except  the Commonwealth of Independent States (C IS), which registered a strong decline of 8% 
that included drops in Transport Services (-3%), Travel (-12%) and Other Commercial Services   
(-5%).  Imports are not shown in Chart 6, but the story is similar, with all regions recording 
modest increases except the CIS, which declined by 4%.  
At the global level, the weakest component of services trade in 2014 was Manufacturing services 
on physical inputs owned by others
1, which was down 3% as measured by exports.  Meanwhile, 
exports of Other commercial services, which includes Financial services and accounts for more 
than half (52%) of world commercial services trade, rose 5% last year. 
Chart 6: Growth in the value of commercial  services exports by region, 2011‐14
Annual % change
Note: Data are compiled  according  to 6th editi on of the IMF Balance of Payments  Manual (BPM6) and are not 
comparable  to figures from earli er years.
a  Includes the Caribbean.
Source: WTO and UNCTAD Secretariats.12
1118
1217
1513
356
09
7
48
55
279
‐4234
345
‐836
5
‐10‐505101520
World North
AmericaSouth and
Central
America  aEurope CIS Africa Middle  East Asia2011 2012 2013 2014
 
 
OUTLOOK FOR TRADE IN 2015 and 2016 
 
The WTO's forecasts of 3.3% growth in the volume of world merchandise trade for 2015 and 4.0% 
growth for 2016 are premised on consensus estimates of world real GDP at market exchange rates 
from other agencies (Table 1). These figures im ply multiples of trade growth over GDP growth 
slightly greater than 1 in 2015 and 2016, higher than the rough  1-to-1 ratios for 2012-14 but still 
well below the 2-to-1 ratios that  were common not so long ago. 
 Exports of developing/emerging economies are forecast to grow 3.6% in 2015, while their imports 
are expected to increase by 3.7%.  Meanwhile, a 3.2% rise is anticipated for developed economies 
on both the export and import sides.  
                                               
1 This was recorded under "Goods for Processing" in the BPM5 balance of payments classification . PRESS/739 
Page 8 of 18 
 
 
  Asia should have the strongest export performance of any region this year (5.0%), followed closely 
by North America (4.5%).  Europe's exports will also improve, with shipments rising 3.0% in 2015, 
up from 1.9 % last year.  The weakest export growth in 2015 will be in South America (0.2%) and Other regions (-0.6%, comprising Africa, Middle Ea st and CIS), although small changes in export 
volumes from year to year are normal for resource-rich regions. 
 North America and Asia should both see imports increase by around 5% in 2015, while Europe 
records import growth of less than 3%.  In contrast to this improvement, South America and Other 
regions are expected to record declines of 0.5% and 2.4%, respectively. 
Table 1: Merchandise  trade volume growth, 2011‐2016 a
Annual % change
2011 2012 2013 2014 2015P 2016P
Volume of world merchandise  trade 5.4 2.2 2.4 2.8 3.3 4.0
Exports
Developed  economies 5.2 1.1 1.6 2.2 3.2 4.4
Developing  and emerging  economies 5.8 3.7 3.9 3.3 3.6 4.1
North America 6.6 4.5 2.8 4.3 4.5 4.9
South and Central America 6.6 0.8 1.5 ‐2.5 0.2 1.6
Europe 5.6 0.8 1.6 1.9 3.0 3.7Asia 6.4 2.7 5.0 4.9 5.0 5.4Other regions  
b2.0 4.0 0.7 0.1 ‐0.6 0.3
Imports
Developed  economies 3.4 ‐0.1‐0.2 3.2 3.2 3.5
Developing  and emerging  economies 7.8 4.9 5.3 2.0 3.7 5.0
North America 4.4 3.2 1.1 4.4 4.9 5.1
South and Central America 12.6 2.3 3.2 ‐3.0‐0.5 3.1
Europe 3.2 ‐1.8‐0.3 2.8 2.7 3.1
Asia 6.5 3.6 4.8 3.6 5.1 5.1Other regions  
b7.9 9.9 3.9 0.0 ‐2.4 1.0
a Figures for 2015 and 2016 are projections.
b Other regions comprise  the Africa, Commonwealth  of Independent  States and Middle East.
Source: WTO Secretariat. 
 
Risks to the trade forecasts are mostly on the downside.  One such risk is the unbalanced nature of the global economic recovery. After an unexpected drop in its output in the 1st quarter of 2014, 
the United States saw its GDP accelerate and its unemployment rate fall in the remainder of the 
year, which in turn lifted US imports.  Continue d strength in the US economy would buttress global 
demand and reinforce the trade recovery.  Conver sely, any shortfall in the US performance would 
leave few alternative sources of rising import de mand.  US GDP growth could disappoint if tighter 
monetary conditions and lower oil prices choke off investment, including in the energy sector.  PRESS/739 
Page 9 of 18 
 
 
Economic conditions in the European Union are improving, but EU-wide unemployment remains 
high (9.8% in February) and contentious bailout negotiations between Greece and the rest of the 
euro area threaten to revive financial instability.    
The outlook for China is also less certain than before, as activity in the world's largest economy 
(measured at purchasing power parity) has eased.  The 7.4% increase in Chinese GDP in 2014 was the smallest such rise in 24 years, and Chines e officials have downgraded their output targets 
going forward. China's growth is still likely to ex ceed that of other major economies this year and 
next, but it may do so by a smaller margin than in the past.  This suggests steady rather than accelerating import demand in China. 
 
Chart 7: Prices of primary commodities,  January 2012 ‐ February  2015
Indices, January 2012 = 100
Source: IMF Pri ma ry Commodi ty  Prices.405060708090100110120
2012M1
2012M4
2012M7
2012M10
2013M12013M42013M7
2013M10
2014M12014M42014M7
2014M10
2015M1
Food and beverages Agricultural  raw materials
Metals Fuel
 
 
Lower prices for oil and other primary commodities provide some upside potential to the forecast if 
their positive impact on net importers of these products outweighs their negative impact on net exporters.   The extent of the recent slide in co mmodity prices is illustrated by Chart 7.  World 
trade could also grow faster than expected if a stronger economic recovery takes hold in the euro 
zone as a result of the European Central Bank 's recently announced programme of monetary 
easing.  Any recovery in demand in the European  Union would have a disproportionate impact on 
world trade statistics due to the fact that trade between EU members is counted in global totals. 
 
Much attention has been paid to the fact that the rough two-to-one relationship that prevailed for 
many years between world trade growth and world GDP growth appears to have broken down, as 
illustrated by the fact that trade and output have grown at around the same rate for the last three 
years (Chart 1).  A number of explanations have  been offered for the slower rate of increase 
recently, including adverse macroeconomic conditions, the maturation of global supply chains, and 
the accumulation of post-crisis protectionist measures, among others. 
 No definitive explanation has emerged, but some stylized facts can at least be discerned.  First, 
the ratio of world trade growth to world GDP growth  (referred to as the "income elasticity of world 
trade" by economists) peaked sometime in the 1990s, long before the financial crisis, but has PRESS/739 
Page 10 of 18 
 
 
  fallen since then (Chart 8).  Second, it is normal  for world trade to grow slowly for a time after a 
global economic shock before faster growth resumes (e.g. the oil crises of the 1970s and early 
1980s).  Finally, a smaller global trade elasticity does not imply a lower world trade/GDP ratio, which remains at or near record levels.   
 
These facts suggest a combination of cyclical and structural factors at work behind the trade slowdown.  So while the WTO foresees continued slow trade growth in 2015 and 2016, it does not 
rule out a return to faster trade growth at a later date.  
 
Chart 8: Elasticity  of world merchandise  trade volume with respect
to world GDP at market exchange  rates, 1980‐2014
Note: Elasticities  calculated  by regressing  log of world merchandise  trade volume on log of 
world GDP at market exchange  rates over 10 years.
Sources: WTO International  Trade Statistics  for trade, IMF World Economic  Outlook database  
for GDP at market exchange  rates.1.01.21.41.61.82.02.22.4
1980‐1990 1985 ‐1995 1990 ‐2000 1995 ‐2005 2000 ‐2010 2004 ‐2014PRESS/739 
Page 11 of 18 
 
 
 
 
APPENDIX TABLES AND CHARTSPRESS/739 
Page 12 of 18 
 
 
  Appendix  Table 1
World merchandise  trade by region and selected economies,  2014
$bn and %
Value Value
2014 2005 ‐14 2012 2013 2014 2014 2005 ‐14 2012 2013 2014
W o r l d 1 8 4 2 7 70211 8 5 7 4 6011
North A m e r i c a 2 4 9 5 6423 3 2 9 7 4303
United S t a t e s 1 6 2 3 7423 2 4 0 9 4303
Canada  a 4 7 4 3113 4 7 5 4200
M e x i c o 3 9 8 7635 4 1 2 7535
South and Ce ntra l America  b6 9 5 7 ‐1‐2‐67 4 21 0 3 3 ‐4
Brazil 225 7 ‐50 ‐72 3 91 3 ‐27 ‐5
Other South and Ce ntra l America  b4 7 0 7 1 ‐3‐55 0 3 9 5 0 ‐4
Europe 6736 5 ‐4 4 1 6717 4 ‐612
European  Union (28) 6161 5 ‐5 5 1 6129 4 ‐612
Germany 1511 5 ‐5 3 4 1217 5 ‐722
France 583 3 ‐520 6 7 9 3 ‐610
Netherlands 672 6 ‐220 5 8 7 5 ‐200
United Kingdom 507 3 ‐71 4 ‐66 8 3 3 2 ‐54
Italy 529 4 ‐432 4 7 2 2 ‐13‐2‐2
Commonwealth  of Independent  States (CIS) 735 9 2 ‐2‐65 0 61 0 6 0 ‐12
Russian Federation   a4 9 7 8 1 ‐1‐53 0 81 0 4 2 ‐10
Africa 557 7 5 ‐6‐86 4 71 1 9 3 2
South Africa 91 7 ‐8‐4‐51 2 2 8 2 ‐1‐3
Africa less South Africa 466 7 8 ‐6‐8 525 12 11 4 3
Oil exporters   c2 8 6 5 1 2 ‐11‐13 206 13 10 10 3
Non oil e x p o r t e r s 1 8 0 9131 3 2 0 1 1 1 104
Mi ddl e East 1293 10 6 0 ‐47 9 01 0 8 6 1
A s i a 5 9 1 6 9222 5 8 7 4 9410
C h i n a 2 3 4 3 1 3886 1 9 6 0 1 3471
Japan 684 2 ‐3‐10‐48 2 2 5 4 ‐6‐1
India 317 14 ‐261 4 6 0 1 45 ‐5‐1
Newly industrialized  economies  (4)  d 1312 7 ‐111 1 3 1 6 7001
Memorandum
MERCOSUR   e3 1 6 7 ‐51 ‐83 2 81 2 ‐37 ‐6
ASEAN  f 1 2 9 9 8112 1 2 3 6 862 ‐1
EU (28) extra‐trade 2266 6 0 7 ‐22 2 3 3 5 ‐4‐30
Least developed  countries  ( L D C s ) 2 1 1 1 115 ‐2 271 13 11 8 8
a. Imports are valued f.o.b.
b. Includes the Caribbean.   For composition  of groups see the Technical  Notes of WTO, International  Trade Statistics,  2014.
c. Algeria, Angola, Cameroon,  Chad, Congo, Equatorial  Guinea, Gabon, Libya, Nigeria, Sudan.
d. Hong Kong, China; Republic of Korea; Singapore  and Chinese Taipei.
e. Southern  Common  Market: Argentina,  Brazil, Paraguay,  Uruguay.
f. Association  of Southeast  Asian Nations: Brunei, Cambodia,  Indonesia,  Laos, Malaysia,  Myanmar,  Philippines,  Singapore,  Thailand,  Viet Nam.
Source: WTO Secretariat.Exports Imports
Annual % change Annual  % change
 
 PRESS/739 
Page 13 of 18 
 
 
 PRESS/739 
Page 14 of 18 
 
 
   
Appendix  Table 3
Leading merchandise  exporters  and importers,  2014
$bn and %
Rank Exporters Value ShareAnnual 
% 
changeRank Importers Value ShareAnnual 
% 
change
1 China 2343 12.4 6 1 United  States 2409 12.7 3
2U n i t e d  States 1623 8.6 3 2 China 1960 10.3 1
3 Germany 1511 8.0 4 3 Germany 1217 6.4 2
4 Japan 684 3.6 ‐4 4 Japan 822 4.3 ‐1
5 Netherlands 672 3.6 0 5 United  Kingdom 683 3.6 4
6 France 583 3.1 0 6 France 679 3.6 0
7K o r e a ,  Republic  of 573 3.0 2 7 Hong  Kong, China 601 3.2 ‐3
‐ reta ined  imports 151 0.8 6
8 Italy 529 2.8 2 8 Netherlands 587 3.1 0
9H o n g  Kong, China 524 2.8 ‐29 K o r e a ,  Republic  of 526 2.8 2
‐ domestic  exports 16 0.1 ‐20
‐ re‐exports 508 2.7 ‐1
10 United  Kingdom 507 2.7 ‐6 10 C anada   a 475 2.5 0
11 Russian  Federation 497 2.6 ‐51 1 I t a l y 4 7 2 2 . 5 ‐2
12 Canada 474 2.5 3 12 India 460 2.4 ‐1
13 Belgium 469 2.5 0 13 Belgium 451 2.4 0
14 Singapore 410 2.2 0 14 Mexico 412 2.2 5
‐ domestic  exports 216 1.1 ‐1
‐ re‐exports 194 1.0 1
15 Mexico 398 2.1 5 15 Singapore 366 1.9 ‐2
‐ reta ined  imports  b 173 0.9 ‐5
16 United  Arab Emirates   c 359 1.9 ‐51 6 S p a i n 3 5 6 1 . 9 5
17 Saudi  Arabia, Kingdom  of  c 354 1.9 ‐61 7 R u s s i a n  Federation   a 308 1.6 ‐10
18 Spain 323 1.7 2 18 Chinese  Taipei 274 1.4 2
19 India 317 1.7 1 19 United  Arab Emirates   c 262 1.4 4
20 Chinese  Taipei 314 1.7 3 20 Turkey 242 1.3 ‐4
21 Australia 240 1.3 ‐5 21 Brazil 239 1.3 ‐5
22 Switzerland 239 1.3 4 22 Australia   c 238 1.2 ‐2
23 M alay sia 234 1.2 3 23 Thailand 228 1.2 ‐9
24 Thailand 228 1.2 0 24 Poland 218 1.1 5
25 Brazil 225 1.2 ‐7 25 Malaysia 209 1.1 1
26 Poland 217 1.1 6 26 Switzerland 203 1.1 1
27 Austria 177 0.9 1 27 Austria 182 1.0 ‐1
28 Indonesia 176 0.9 ‐32 8 I n d o n e s i a 1 7 8 0 . 9 ‐5
29 Czech  Republic 174 0.9 7 29 Saudi  Arabia, Kingdom  of  c 163 0.9 ‐3
30 Sweden 165 0.9 ‐2 30 Sweden 161 0.8 1
Total of above  d 15537 82.1 ‐ Total of above  d 15581 81.9 ‐
World  d 18935 100.0 1 World   d 19024 100.0 1
a. Imports are valued f.o.b.
b. Singapore’s  retained imports are defined as imports less re‐exports.
c. Secretariat  estimates.
d. Includes significant  re‐exports or imports for re‐exports.
Source: WTO Secretariat. PRESS/739 
Page 15 of 18 
 
 
Appendix  Table 4
Leading merchandise  exporters  and importers  excluding  intra‐EU (28) trade, 2014
$bn and %
Rank Exporters Value ShareAnnual 
% 
changeRank Importers Value ShareAnnual 
% 
change
1 China 2343 15.6 6 1 United  States 2409 15.9 3
2E x t r a ‐EU(28) exports 2266 15.1 ‐22 E x t r a ‐EU(28) imports 2233 14.8 0
3U n i t e d  States 1623 10.8 3 3 China 1960 13.0 1
4J a p a n 6 8 4 4 . 5 ‐4 4 Japan 822 5.4 ‐1
5K o r e a ,  Republic  of 573 3.8 2 5 Hong  Kong, China 601 4.0 ‐3
‐ reta ined  imports 151 1.0 6
6H o n g  Kong, Chi na 524 3.5 ‐26 K o r e a ,  Republic  of 526 3.5 2
‐ domestic  exports 16 0.1 ‐20
‐ re‐exports 508 3.4 ‐1
7R u s s i a n  Federation 497 3.3 ‐5 7 Canada   a 475 3.1 0
8 Canada 474 3.2 3 8 India 460 3.0 ‐1
9 Singapore 410 2.7 0 9 Mexico 412 2.7 5
‐ domestic  exports 216 1.4 ‐1
‐ re‐exports 194 1.3 1
10 Mexico 398 2.6 5 10 Singapore 366 2.4 ‐2
‐ reta ined  imports  b 173 1.1 ‐5
11 United  Arab Emirates   c3 5 9 2 . 4 ‐5 11 Russian  Federation   a 308 2.0 ‐10
12 Saudi  Arabia, Kingdom  of  c3 5 4 2 . 4 ‐6 12 Chinese  Taipei 274 1.8 2
13 India 317 2.1 1 13 United  Arab Emirates   c 262 1.7 4
14 Chinese  Taipei 314 2.1 3 14 Turkey 242 1.6 ‐4
15 Aus tralia 240 1.6 ‐5 15 Brazil 239 1.6 ‐5
16 Switzerland 239 1.6 4 16 Australia   c 238 1.6 ‐2
17 Malaysia 234 1.6 3 17 Thailand 228 1.5 ‐9
18 Thailand 228 1.5 0 18 Malaysia 209 1.4 119 Brazil 225 1.5 ‐7 19 Switzerland 203 1.3 1
20 Indonesia 176 1.2 ‐3 20 Indones ia 178 1.2 ‐5
21 Turkey 158 1.0 4 21 Saudi  Arabia, Kingdom  of  c 163 1.1 ‐3
22 Viet  Nam 150 1.0 14 22 Viet  Nam 149 1.0 13
23 Norway 143 0.9 ‐72 3 S o u t h  Africa  c 122 0.8 ‐3
24 Qatar   c1 3 4 0 . 9 ‐22 4 N o r w a y 8 9 0 . 6 ‐1
25 Kuwait   c1 0 9 0 . 7 ‐52 5 I s r a e l 7 5 0 . 5 1
26 Nigeria   c9 8 0 . 7 ‐5 26 Chile 72 0.5 ‐9
27 South  Africa 91 0.6 ‐52 7 E g y p t   c6 7 0 . 4 1 6
28 Iraq   c8 9 0 . 6 ‐1 28 Philippines 67 0.4 3
29 Iran   c 89 0.6 8 29 Argentina 65 0.4 ‐11
30 Venezuela,  Boliv arian  Rep. of  80 0.5 ‐10 30 Colombia 64 0.4 8
Total of above  d 13617 90.5 ‐ Total of above  d 13580 89.8 ‐
World  d (excl. Intra‐EU(28)) 15039 100.0 0 World   d (excl. Intra‐EU(28)) 15128 100.0 0
a. Imports are valued f.o.b.
b. Singapore’s  retained imports are defined as imports less re‐exports.
c. Secretariat  estimates.
d. Includes significant  re‐exports or imports for re‐exports.
Source: WTO Secretariat. PRESS/739 
Page 16 of 18 
 
 
  Rank Exporters Value ShareAnnual 
% 
changeRank Importers Value ShareAnnual 
% 
change
1U n i t e d  States 686 14.1 3 1 United  States 454 9.6 4
2U n i t e d  Kingdom 329 6.8 4 2 China 382 8.1 16
3 Germany 267 5.5 5 3 Germany 327 6.9 14 France 263 5.4 4 4 France 244 5.1 65 China 222 4.6 8 5 Japan 190 4.0 126 Japan 158 3.3 19 6 United  Kingdom 189 4.0 ‐1
7 Netherlands 156 3.2 11 7 Netherlands 165 3.5 88 India 154 3.2 4 8 Ireland 142 3.0 169 Spain 135 2.8 5 9 Singapore 130 2.7 0
10 Ireland 133 2.7 9 10 India 124 2.6 ‐1
11 Singapore 133 2.7 2 11 Russian  Federation 119 2.5 ‐5
12 Belgium 117 2.4 4 12 Korea,  Republic of 114 2.4 4
13 Switzerland 114 2.3 2 13 Italy 112 2.4 414 Italy 114 2.3 2 14 Belgium 108 2.3 415 Hong  Kong, China 107 2.2 2 15 Canada 106 2.2 ‐5
16 Korea,  Republic of 106 2.2 3 16 Switzerland 93 2.0 2
17 Luxembourg 98 2.0 11 17 Brazil 87 1.8 518 Canada 85 1.7 ‐41 8 H o n g  Kong, China 78 1.6 2
19 Sweden 75 1.5 3 19 United  Arab Emirates  a, b7 2 1 . 5 …
20 Denmark 72 1.5 2 20 Spain 72 1.5 1121 Russian  Federation 66 1.4 ‐5 21 Luxembourg 67 1.4 13
2 2 A u s t r i a 6 51 . 3 2 2 2 S w e d e n 6 51 . 4 823 Chinese  Taipei  a 57 1.2 12 23 Denmark 64 1.3 1
24 Thailand 55 1.1 ‐6 24 Australia 62 1.3 ‐7
25 Macao,  China 53 1.1 ‐1 25 Saudi  Arabia, Kingdom of 60 1.3 17
2 6 A u s t r a l i a 5 21 . 1 0 2 6 T h a i l a n d 5 31 . 1 ‐4
27 Turkey 50 1.0 9 27 Norway 53 1.1 ‐5
28 Norway 49 1.0 1 28 Austria 51 1.1 329 Poland 46 0.9 2 29 Chinese  
Taipei  a4 6 1 . 0 8
30 Greece 42 0.9 14 30 Malaysia 44 0.9 ‐2
Total of above 4058 83.5 ‐ Total of above 3871 81.7 ‐
World 4860 100.0 4 World 4740 100.0 5
a  Data according to BPM 5 methodology.
b  Secretariat estimates.… indicates unavailable or non-comparable figures.
- indicates non-applicable.
Source :  WTO and UNCTAD Secretariats.Note:   Figures for a number of countries and territories have been estimated by the Secretariat. Annual percentage changes and ranki ngs are 
affected by continuity breaks in the seri es for a large number of economies, and by  limitations in cross-country comparability.Appendix  Table 5
Leading exporters  and importers  of commercial  services, 2014
$bn and %
 PRESS/739 
Page 17 of 18 
 
 
Rank Exporters Value ShareAnnual 
% 
changeRank Importers Value ShareAnnual 
% 
change
1E x t r a ‐EU(28) exports 994 26.8 7 1 Extra ‐EU(28) imports 739 20.1 6
2U n i t e d  States 686 18.5 3 2 United  States 454 12.4 4
3 China 222 6.0 8 3 China 382 10.4 16
4 Japan 158 4.3 19 4 Japan 190 5.2 12
5 India 154 4.2 4 5 Singapore 130 3.5 0
6 Singapore 133 3.6 2 6 India 124 3.4 ‐1
7 Switzerland 114 3.1 2 7 Russian  Federation 119 3.2 ‐5
8H o n g  Kong, China 107 2.9 2 8 Korea,  Republic of 114 3.1 4
9K o r e a ,  Republic of 106 2.9 3 9 Canada 106 2.9 ‐5
10 Canada 85 2.3 ‐4 10 Switzerland 93 2.5 2
11 Russian  Federation 66 1.8 ‐5 1 1B r a z i l 8 72 . 4 5
12 Chinese  Taipei  a 57 1.5 12 12 Hong  Kong, China 78 2.1 2
13 Thailand 55 1.5 ‐61 3 U n i t e d  Arab Emirates   a, b7 2 2 . 0 …
14 Macao,  China 53 1.4 ‐1 14 Australia 62 1.7 ‐7
15 Australia 52 1.4 0 15 Saudi  Arabia, Kingdom of 60 1.6 17
16 Turkey 50 1.4 9 16 Thailand 53 1.4 ‐4
17 Norway 49 1.3 1 17 Norway 53 1.4 ‐5
18 Brazil 40 1.1 6 18 Chinese  Taipei  a4 6 1 . 2 8
19 Malaysia 38 1.0 ‐4 19 Malaysia 44 1.2 ‐2
20 Israel 34 0.9 1 20 Indonesia 33 0.9 ‐4
21 Philippines 24 0.7 7 21 Mexico 32 0.9 9
22 Indonesia 23 0.6 1 22 Qatar 31 0.8 24
23 Mexico 21 0.6 5 23 Turkey 23 0.6 3
24 Egypt 19 0.5 7 24 Nigeria 22 0.6 9
25 United  Arab Emirates   a, b1 7 0 . 5 … 2 5 A n g o l a   b2 2 0 . 6 …
26 Lebanese  Republic 15 0.4 6 26 Israel 22 0.6 9
27 Morocco 15 0.4 11 27 Kuwait   b2 1 0 . 6 …
28 Ukraine 14 0.4 ‐35 28 Philippines 20 0.5 23
29 Argentina 14 0.4 ‐3 29 Argentina 17 0.5 ‐8
30 South  Africa 14 0.4 0 30 Venezuela,  Bolivarian  Rep.  17 0.5 ‐13
Total of above 3429 92.6 ‐ Total of above 3266 89.0 ‐
World (excl. intra‐EU(28)) 3700 100.0 4 World  (excl. intra‐EU(28)) 3670 100.0 5
a  Data according to BPM5 methodology.
b  Secretariat estimates.… indicates unavailable or non-comparable figures.
- indicates non-applicable.
Source :  WTO and UNCTAD Secretariats.Note:   Figures for a number of countries and territories have been estimated by the Secretariat. Annual percentage changes and ranki ngs are 
affected by continuity br eaks in the series for a large number of economie s, and by limitations in cross-country comparability.Appendix  Table 6
Leading exporters  and importers  of commercial  services excl. intra‐EU(28) trade, 2014
$bn and %
 
 
 PRESS/739 
Page 18 of 18 
 
 
  Appendix Chart 1
Merchandise exports and imports of selected economies, January 2009-January 2014
(Billion dollars)
Sources: IMF International Financial Statistics, Global Trade Information Services GTA database, national statistics.China (Feb)
Russian FederationUnited States Japan
European Union (extra trade) European Union (intra trade)
Brazil (Feb)
India050100150200250
2010 2011 2012 2013 2014Exports
Imports
0102030405060708090
2010 2011 2012 2013 2014Exports
Imports
050100150200250
2010 2011 2012 2013 2014Exports
Imports
050100150200250
2010 2011 2012 2013 2014Exports
Imports050100150200250300350400
2010 2011 2012 2013 2014
051015202530
2010 2011 2012 2013 2014Exports
Imports
01020304050
2010 2011 2012 2013 2014Exports
Imports
0102030405060
2010 2011 2012 2013 2014Exports
Imports
 
END