PRESS/837  
 
2 April 2019 
(19-2039) Page: 1/14 
    
 
PRESS RELEASE  
E M B A R G O  
N O T  F O R  P U B L I C A T I O N ,  O R  D I S T R I B U T I O N  B Y  N E W S  A G E N C I E S  U N T I L  
12: 0 0 G E N E V A  T I M E  2  A P R I L  2 0 1 9  
 
TRADE STATISTICS AND  OUTLOOK  
Global trade growth  loses momentum as trade tensions persist  
World trade will continue to face strong headwinds in 2019 and 2020 after growing more slowly 
than exp ected in 2018 due to  rising trade tensions and increased economic uncertainty. WTO 
economists expect merchandise trade volume 
growth to fall to 2 .6% in 2019 — down from 3. 0% 
in 2018. Trade growth could then rebound to 3. 0% 
in 2020 ; however , this is depende nt on an easing 
of trade tensions . 
 
WTO Director -General Roberto Azevêdo said: "With 
trade tensions running high, no  one should be 
surprised by this outlook. Trade cannot play its full 
role in driving growth when we see such high levels 
of uncertainty. It is increasingly urgent that we 
resolve tensions and focus on charting a positive 
path forward for global trade which responds to the 
real challenges in today's economy – such as the 
technological revolution and the imperative of 
creating jobs and boosting development. WTO 
members are working to do this and are discussing 
ways to strengthen and safeguard the trading 
system. This is vital. If we forget the fundamental 
importance of the rules -based trading system we 
would risk weakening it, which would be an h istoric 
mistake with repercussions for jobs, growth and 
stability around the world."   
 
Trade growth  in 2018 was weighed down by several  
factors , including  new tariffs and retaliatory 
measures affecting  widely -trade d goods , weaker  
global economic growth , volatility in financial 
markets and tighter  monetary conditions in 
MAIN POINTS  
•World merchandise trade volume is 
forecast to grow 2.7% in 2019,  
accompanied by GDP growth of 2.6 %.   
•Trade growth should pick up to 3.2%  in 
2020 with GDP growth steady at 2.6%.  
•Trade -related indicators have turned 
negative , signalling continued trade 
weakness in the first half of 2019.  
•Trade tensions still pose the greatest 
risk to the forecast , but a relaxation 
could provide some upside potential.  
•Weak import demand in Europe and 
Asia dampened?  global trade volume 
growth in 2018  due to the large share 
of these regions in world trade.  
•The value of merchandise trade was 
up 9.8% to US$ 19.5 trillion in 2018,  
partly due to higher energ y prices.  
•The value of commercial services trade 
rose 8.0% to US$5.8 trillion in 2018 , 
driven by strong import growth in Asia.  
 
MAIN POINTS  
•World merchandise trade volume is 
forecast to grow 2. 6% in 2019,  
accompanied by GDP growth of 2.6 %.   
•Trade growt h should pick up to 3. 0% in 
2020 with GDP growth steady at 2.6%.  
•Trade growth in 2020 is expected to 
out-pace GDP growth due to faster 
GDP growth in developing economies.  
•Trade tensions still pose the greatest 
risk to the forecast , but a relaxation 
could provide some upside potential.  
•Weak import demand in Europe and 
Asia dampened  global trade volume 
growth in 2018  due to the large share 
of these regions in world trade.  
•The value of merchandise trade was 
up 10% to US$ 19. 48 trillion in 201 8, 
partly due to higher energy prices.  
•The value of commercial services trade 
rose 8% to $5.8 0 trillion in 2018 , driven 
by strong import growth in Asia.  
 PRESS/ 837 
 
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  developed  countries , among others . Consensus estimates have world GDP growth slowing from 
2.9% in 2018 to 2.6% in both 2019 and 2020.    
 
The a bove-average trade growth of 4. 6% in 2017 suggested that trade could  recover  some of its 
earlier  dynamism, but this  has not materialized . Trade only grew slightly faster than output  in 
2018, and this relative  weakness is expected to extend into at least 2019 (Chart 1).  This is partly 
explained by slower growth in the  European Union, which has a larger share in world trade than in 
world GDP.  
 
Chart 1: World merchandise trade volume and real GDP growth, 2011 -2020  
Annual % change  
 
Note:  GDP is measured at market exchange rates. Data for 2019 and 2020 are projections.  
Source:  WTO and UNCTAD for trade, consensus estimates for GDP . 
The preliminary estimate of 3. 0% for world trade  growth  in 2018 is below the WTO’s  
most recent forecast of 3.9% issued  last September. The shortfall is mostly exp lained by a  
worse -than-expected result  in the fourth quarter , when  world  trade as measured by the average of 
exports and imports declined by 0.3%. Until then, third quarter  trade had been up 3.8%, in line 
with WTO projections .   
 
In recognition of the high  degree of uncertainty associated with trade forecast s under current 
conditions , Chart 2 uses shaded bands to illustrate a range of possible trade outcomes in 2019. 
Trade expansion in the current year is most likely to fall within a range from 1. 3% to 4. 0%.  It 
should be noted that  trade growth could be below this range if trade tensions continue to build , or 
above it  if they start to ease.  
 
PRESS/ 837 
 
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  Chart 2: Volume of world merchandise trade, 2015Q1 -2019Q4  
Seasonally -adjusted volume index, 2005=100  
 
Source:  WTO and UNCTAD, WTO Secretariat estimates . 
Nominal trade values  also rose in 2018 due to a combination of volume and price changes.  World 
merchandise exports totalled  US$ 19.48 trillion, up 10% from the previous year . The rise was 
driven  partly  by higher  oil prices, which  increased by roughly 20% between 2017 and 2018  
(Chart  3). The value of commercial services  trade rose nearly as much, with exports totalling US$ 
5.80 trillion  in 2018 , up 8% from the previous year.  Detailed breakdowns of  merchandise and 
commercial services trade by country and region are shown in Appendix Tables 1 through 4 and 
Appendix Chart 1. Trade statistics in value terms are highly sensitive to fluctuations in prices and 
exchange rates  and as a result should be interpreted with caution . 
 
Chart 3: Prices of primary commodities, Jan. 2014 – Feb. 2019  
Indices, January 2014= 100 
 
Source:  IMF Commodity Price Statistics . 
 
Chart 3: Prices of primary commodities, Jan. 2014 - Feb. 2019
Indices, January 2014=100
Source: IMF Commodity Price Statistics.20406080100120
2014M01
2014M04
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Energy Food Raw materials MetalsPRESS/ 837 
 
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  There were few changes in export and import rankings among major traders in terms of US dollar 
values.  The fastest merchandise export growth in nominal terms was recorded by oil producers, 
including the Kingdom of Saudi Arabia (3 4.8%) and the Russian Federation (2 5.6%). Merchandise 
import values increased most for Indonesia (20 .2%), Brazil ( 19.8%), Ch ina (1 5.8%) and Viet Nam 
(15.4%). Among commercial services traders, China registered strong increases in the value of its 
exports (17%) and imports (12%).   India also recorded double digit growth in commercial services 
trade on both the export side (11%) and the import side (14%).  
 
The current  trade  forecast reflects  downgraded GDP projections  for North America, Europe and 
Asia, mostly due to macroeconomic considerations  including  the diminish ing effect of expansionary 
fiscal policy  in the United States , the phase -out of monetary stimulus  in the euro area and the 
ongoing  economic rebalancing of the  Chinese economy  away from manufacturing and investment 
and toward services and consumption . Monetary authorities have put further rate hi kes on hold in 
response to soft economic data but change s in monetary policy take some time to be felt. Trade 
measures  announced in the past year  are also reflected in underlying GDP assumptions  but any 
additional  ratcheting up of trade tensions is not factored in .   
 
The impact of  trade tensions on actual trade flows is difficult to quantify since it depend s on the 
nature of any proposed measures and whether they are implemented or only threatened.   
Threatened me asures can still have real effects by increasing  uncertainty and discouraging  
investment.  
 
WTO economists have attempted to quantify the medium -run economic impact of a wider trade 
conflict in which international cooperation on tariffs breaks down complete ly and all countries set 
tariffs unilaterally  (Bekkers and Teh, forthcoming ). Under this study, such a "worst case" scenario 
would lead to a reduction in world GDP in 2022 of about 2% and a reduction in global trade of 
about 17% compared to baseline projec tions. For comparison, global GDP fell about 2% and global 
trade dropped about 12% in 2009 following the financial crisis.  
 
Other risks to the trade outlook are more difficult to quantify. For example, the effects of Brexit 
will depend on the nature of an y agreement that might be reached between the United Kingdom 
and the European Union, with impacts mostly confined to these economies. Lower investment in 
the U.K. is likely in most foreseeable Brexit scenarios, which would tend to reduce productive 
capacit y over time (Appendix Chart 2). 
Details  on trade developments in 2018  
The slowdown in merchandise trade volume  growth in 2018  was broad -based, reflecting weaker 
import demand in both developed and developing countries, although some regions were more 
strongly affected than others.  
 
Chart 4 shows  seasonally -adjusted quarterly merchandise export s and import s by level of 
development. Weakness  was most evident  in the fourth  quarter of 2018 , when export volumes 
declined  by 0.1% and import volume s dropped 0.5%. On the export side, the slowdown  was 
mostly due to reduced shipments from  developed countries , which  contracted year -on-year in 
three out of the four quarters  of 2018. On the import side , developed countries  recorded slow  
growth throughout the year , particularly in the first half . Meanwhile, developing economies saw 
imports fall sharply ( -2.1%) in the final quarter  despite strong er growth earlier in  the year.  
 PRESS/ 837 
 
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  Chart 4: World merchandise exports and imports by level of development, 2012Q1 -
2018Q4  
Volume index, 2012Q1=100  
 
Source:  WTO and UNCTAD . 
Chart 5 shows  merchandise export and import  volume s by region . The deceleration  of trade in 
2018 was driven primarily by Europe and Asia due to their  large share in world imports (37% and 
35%, respectively) . After recording strong increases  in 2017, Asia saw its trade  growth moderate 
in 2018. Meanwhile, Europe's exports stagnated throughout the year while its imports declined  
gradually .  
 
Chart 5: Merchandise exports and imports by region, 2012Q1 -2018Q4  
Volume index, 2012Q1=100  
 
1  Refers to South and Central America and the Caribbean  
2  Other regions comprise Africa, Middle East and the Commonwealth of Independent States, including 
associate and former member States.  
Source:  WTO and UNCTAD.  
 
Chart 4: World merchandise exports and imports by level of development, 2012Q1-2018Q4
Volume index, 2012Q1=100
Source: WTO and UNCTAD.9095100105110115120125130
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3
2018Q1
2018Q3Exports
World Developed Developing9095100105110115120125130
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3
2018Q1
2018Q3Imports
World Developed Developing
PRESS/ 837 
 
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  A major exception to the trend  was North America, where a buoyant US economy contributed to  
strong import growth of 5.0% in 2018  (Table 1) . "Other regions", encompassing Africa, the Middle  
East and Commonwealth of Independent States  saw export grow th accelerate to 2.7%. South 
America's trade flows have continue d to recover gradually  but have been buffeted by weaker 
external demand  and domestic  economic  shocks .  
 
Heightened t rade tensions cannot explain all of the trade slowdown in 2018  but they undoubtedly 
played  a significant role as consumers and firms anticipated new trade measures  taking effect . 
Trade and output were also  influenced by temporary  shocks , including the federal g overnment 
shutdown in the United States and production problems  in the automotive sector in Germany 
toward the end of the year . These shocks are more likely to have transitory effects, causing 
consumers and businesses to postpone purchases and production decisions rather than cancel ling 
them outright . 
 
World commercia l services trade recorded strong growth in 201 8 for the second consecutive year. 
This is illustrated by Chart  6, which shows growth in the dollar value of services exports by major 
categor ies. Goods  related services registered the strongest expansion, with  an 10.6% increase in 
current dollar terms . The weakest  growth was in transport , which  rose by 7.1%.  Commercial  
services overall grew 7.7% in 2018 . 
 
Chart 6: Growth in the value of commercial services exports by category, 2014 -18 
% change in US$ values  
 
Source:  WTO, UNCTAD and ITC.  
Outlook for trade in 2019 and 2020  
Forward -looking trade indicators have turned negative in recent months, including the WTO's 
World Trade Outlook Indicator (WTOI). In February the WTOI index fell to 96.3 , below its baseline 
value of 100, signalling slowing trade growth  into the first quarter of 2019 . Air freight shipments 
also started the year on a soft note, with international freight tonne kilometres (FTKs) down 3.0% 
year-on-year in January , according to statistics from the International Air Transport Association 
(IATA). A measure of global export orders derived from purchasing managers' indices has also 
PRESS/ 837 
 
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  fallen to 49.1 in February, below the threshold value of 50 separating expansion from contraction 
(Char t 7). Taken together, these  data point to continued  trade weakness in the first half of 2019.   
 
Chart 7: Global PMI new export orders index, Jan. 2010 – Feb. 2019  
Index, base=50  
 
Note:  Values greater than 50 indicate expansion while values less than 50 denote contraction . 
Source:  IHS Markit.  
An index of economic policy uncertainty based on the frequency of phrases related to uncertainty  
in press accounts  is shown in Chart 8. The index has risen consistently over time, peaking at 341 
in December 2018 , coinciding with the US government shutdown and US trade negotiations with 
China .  To the extent that economic uncertainty deters investment , it can have a negative impact 
on trade since capital goods tend to have high import content.  Conversely, a lowering o f trade 
tensions would be expected to  stimulate  both investment and trade.   
 
Chart 8: Global economic policy uncertainty, Jan. 2005 – Feb. 2019  
(index, average 1997 -2015=100)  
 
Source:  PolicyUncertainty.com . 
Chart 7: Global PMI new export orders index, Jan. 2010 - Feb. 2019
Index, base=50
Note: Values greater than 50 indicate expansion while values less than 50 denote contraction.
Source: IHS Markit.54.0
49.1
405060
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Mar-14
Aug-14
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Jun-15
Nov-15
Apr-16
Sep-16
Feb-17
Jul-17
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Oct-18
Chart 8: Global economic policy uncertainty, Jan. 2005 - Feb. 2019
(index, average 1997-2015=100)
Source: PolicyUncertainty.com198.2212.3305.7341.1
050100150200250300350400
2005M01
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  If current GDP forecasts are realised , the WTO expects the volume of world merchandise trade to 
grow by 2. 6% in 201 9, with stronger expansion in developing economies  (3.4% for exports, 3. 6% 
for imports)  than in developed ones (2.1% for exports, 1.9% for imports). World trade growth 
should pic k up slightly in 2020 to 3.0%, with growth in developing economies (3. 7% for exports, 
3.9% for imports) again outpacing developed countries ( 2.5% for exports, 1.9% for imports)  
(Table 1).  Most risks remain firmly on the downside, with upside potential  hinging on a relaxation 
of trade tensions.  
 
Table 1: Merchandise trade volume and real GDP, 2015 – 2020 1 
Annual % change  
  2015  2016  2017  2018  2019P  2020P  
       
Volume of world merchandise trade  ²  2.3 1.6 4.6 3.0 2.6 3.0 
Exports        
Developed economies  2.4 1.0 3.6 2.1 2.1 2.5 
Developing economies  ³  1.7 2.3 5.6 3.5 3.4 3.7 
North America  1.1 0.3 4.2 4.3 2.7 3.7 
South and Central America  ⁴ -0.4 0.7 3.0 0.6 0.7 1.0 
Europe  2.9 1.2 3.7 1.6 1.8 2.0 
Asia 1.4 2.3 6.8 3.8 3.7 4.1 
Other regions   5 3.2 2.9 1.6 2.7 3.4 3.1 
Imports        
Developed economies  4.2 2.0 3.3 2.5 1.9 1.9 
Developing economies  ³  0.6 1.3 6.8 4.1 3.6 3.9 
North America  5.4 0.1 4.0 5.0 3.6 2.5 
South and Central America  ⁴ -8.4 -8.8 4.6 5.2 2.6 5.8 
Europe  3.5 3.1 2.9 1.1 1.0 2.1 
Asia 3.9 3.6 8.3 5.0 4.6 3.7 
Other regions   5 -4.3 -1.9 2.5 0.5 0.5 1.9 
       
Real GDP at market exchange rates  2.8 2.4 3.0 2.9 2.6 2.6 
Developed economies  2.3 1.7 2.3 2.2 1.8 1.7 
Developing economies  ³  3.7 3.7 4.3 4.1 4.0 4.3 
North America  2.8 1.6 2.3 2.8 2.5 2.2 
South and Central America  ⁴ -0.8 -2.1 0.8 0.6 1.8 2.7 
Europe  2.4 2.0 2.7 2.0 1.1 1.5 
Asia 4.3 4.1 4.5 4.3 4.2 4.0 
Other regions  5 1.2 2.2 1.9 2.2 2.4 2.6 
              
 
1 Figures for 201 9 and 20 20 are projections.  
2 Average of exports and imports.  
3 Includes the Commonwealth of Independent States (CIS), including associate and former member 
States.  
4 Refers to South and Central America and the Caribbean . 
5 Other regions comprise Africa, Middle East and Commonwealth of Independent States (CIS).  
Source:  WTO and UNCTAD  for trade, consensus  estimates for GDP.   PRESS/ 837 
 
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  Appendix Tables and Charts  
Appendix Table 1: Leading merchandise exporters and importers, 2018  
$bn and %  
 
Rank  Exporters  Value  Share  Annual 
% 
change   Rank  Importers  Value  Share  Annual 
% 
change  
1 China  2487  12.8  10  1 United States of America  2614  13.2  9 
2 United States of America  1664  8.5 8  2 China  2136  10.8  16 
3 Germany  1561  8.0 8  3 Germany  1286  6.5 11 
4 Japan  738 3.8 6  4 Japan  749 3.8 11 
5 Netherlands  723 3.7 11  5 United Kingdom  674 3.4 5 
6 Korea, Republic of  605 3.1 5  6 France  673 3.4 9 
7 France  582 3.0 9  7 Netherlands  646 3.3 12 
8 Hong Kong, China  569 2.9 3  8 Hong Kong, China  628 3.2 6 
      Domestic exports  13 0.1 -30        Retained imports ¹ 155 0.8 12 
      Re-exports  556 2.9 5        
9 Italy  547 2.8 8  9 Korea, Republic of  535 2.7 12 
10 United Kingdom  486 2.5 10  10 India  511 2.6 14 
11 Belgium  467 2.4 8  11 Italy  501 2.5 11 
12 Mexico  451 2.3 10  12 Mexico  477 2.4 10 
13 Canada  450 2.3 7  13 Canada ¹ 469 2.4 6 
14 Russian Federation  444 2.3 26  14 Belgium  450 2.3 10 
15 Singapore  413 2.1 11  15 Spain  388 2.0 10 
      Domestic exports  209 1.1 11        
      Re-exports  203 1.0 10        
16 United Arab Emirates ¹ 346 1.8 10  16 Singapore  371 1.9 13 
             Retained imports ¹ 167 0.8 17 
17 Spain  345 1.8 8  17 Chinese Taipei  286 1.4 10 
18 Chinese Taipei  336 1.7 6  18 Switzerland  279 1.4 4 
19 India  326 1.7 9  19 Poland  267 1.3 14 
20 Switzerland  311 1.6 4  20 United Arab Emirates ¹ 253 1.3 -6 
21 Saudi Arabia, Kingdom of ¹ 299 1.5 35  21 Thailand  250 1.3 13 
22 Poland  261 1.3 11  22 Russian Federation ² 249 1.3 5 
23 Australia  257 1.3 11  23 Viet Nam ¹ 244 1.2 15 
24 Thailand  252 1.3 7  24 Australia ¹ 236 1.2 3 
25 Malaysia  247 1.3 14  25 Turkey  223 1.1 -5 
26 Viet Nam ¹ 246 1.3 15  26 Malaysia  217 1.1 12 
27 Brazil  240 1.2 10  27 Austria  193 1.0 10 
28 Czech Republic  202 1.0 11  28 Brazil ¹ 189 0.9 20 
29 Austria  185 0.9 10  29 Indonesia  189 0.9 20 
30 Indonesia  180 0.9 7  30 Czech Republic  184 0.9 13 
 Total of above ³ 16217  83.3  -   Total of above ³ 16364  82.4  - 
  World ³ 19475  100.0  10     World ³ 19867  100.0  10 
 
1  Secretariat estimates . 
2  Imports are valued f.o.b.  
3  Includes significant re -exports or imports for re -export.  
Source:  WTO and UNCTAD  
 
  PRESS/ 837 
 
- 10 - 
 
  Appendix Table 2: Leading merchandise exporters and importers excluding intra -EU 
(28), 2018  
$bn and %  
Rank  Exporters  Value  Share  Annual 
% 
change   Rank  Importers  Value  Share  Annual 
% 
change  
1 China  2487  16.2  10  1 United States of America  2614  16.6  9 
2 Extra -EU (28) Exports  2309  15.1  9  2 Extra -EU (28) Imports  2337  14.9  11 
3 United States of America  1664  10.9  8  3 China  2136  13.6  16 
4 Japan  738 4.8 6  4 Japan  749 4.8 11 
5 Korea, Republic of  605 3.9 5  5 Hong Kong, China  628 4.0 6 
             Retained imports 1 155 1.0 12 
6 Hong Kong, China  569 3.7 3  6 Korea, Republic of  535 3.4 12 
      Domestic exports  13 0.1 -30        
      Re-exports  556 3.6 5        
7 Mexico  451 2.9 10  7 India  511 3.3 14 
8 Canada  450 2.9 7  8 Mexico  477 3.0 10 
9 Russian Federation  444 2.9 26  9 Canada 1 469 3.0 6 
10 Singapore  413 2.7 11  10 Singapore  371 2.4 13 
      Domestic exports  209 1.4 11        Retained imports 1 167 1.1 17 
      Re-exports  203 1.3 10        
11 United Arab Emirates 1 346 2.3 10  11 Chinese Taipei  286 1.8 10 
12 Chinese Taipei  336 2.2 6  12 Switzerland  279 1.8 4 
13 India  326 2.1 9  13 United Arab Emirates 1 253 1.6 -6 
14 Switzerland  311 2.0 4  14 Thailand  250 1.6 13 
15 Saudi Arabia, Kingdom of 1 299 2.0 35  15 Russian Federation 2 249 1.6 5 
16 Australia  257 1.7 11  16 Viet Nam 1 244 1.6 15 
17 Thailand  252 1.6 7  17 Australia 1 236 1.5 3 
18 Malaysia  247 1.6 14  18 Turkey  223 1.4 -5 
19 Viet Nam  1 246 1.6 15  19 Malaysia  217 1.4 12 
20 Brazil  240 1.6 10  20 Brazil 1 189 1.2 20 
21 Indonesia  180 1.2 7  21 Indonesia  189 1.2 20 
22 Turkey  168 1.1 7  22 Saudi Arabia, Kingdom of 1 135 0.9 0 
23 Norway  123 0.8 18  23 Philippines  115 0.7 13 
24 Iran 1 108 0.7 16  24 South Africa 1 114 0.7 12 
25 South Africa  94 0.6 6  25 Israel 1 88 0.6 22 
26 Iraq 1 89 0.6 41  26 Norway  88 0.6 6 
27 Qatar  1 86 0.6 28  27 Chile  74 0.5 14 
28 Chile  75 0.5 9  28 Egypt  72 0.5 17 
29 Kuwait, the State of 1 72 0.5 30  29 Argentina  65 0.4 -2 
30 Philippines  67 0.4 -2  30 Bangladesh (1)  62 0.4 16 
 Total of above 3 14051  91.7  -   Total of above 3 14253  90.7  - 
  World (excl. intra -EU (28)) 3 15319  100.0  10     World (excl. intra -EU (28)) 3 15710  100.0  10 
 
1  Secretariat estimates . 
2  Imports are valued f.o.b.  
3  Includes significant re -exports or imports for re -export.  
Source:  WTO and UNCTAD . 
  PRESS/ 837 
 
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  Appendix Table 3 : Leading exporters and importers of commercial services, 2018  
$bn and %  
Rank  Exporters  Value  Share  Annual 
% 
change    Rank  Importers  Value  Share  Annual 
% 
change  
1 United States of America  808 13.9  4  1 United States of America  536 9.7 3 
2 United Kingdom  381 6.6 7  2 China  521 9.4 12 
3 Germany  337 5.8 7  3 Germany  364 6.6 6 
4 France  287 5.0 5  4 France  255 4.6 4 
5 China  265 4.6 17  5 Netherlands  230 4.2 11 
6 Netherlands  241 4.2 11  6 United Kingdom  228 4.1 10 
7 Ireland  206 3.6 14  7 Ireland  219 4.0 9 
8 India  206 3.5 11  8 Japan  198 3.6 4 
9 Japan  187 3.2 3  9 Singapore  187 3.4 3 
10 Singapore  184 3.2 7  10 India  1 175 3.2 14 
11 Spain  149 2.6 8  11 Korea, Republic of  127 2.3 2 
12 Switzerland  122 2.1 1  12 Belgium  127 2.3 10 
13 Belgium  121 2.1 3  13 Italy  121 2.2 6 
14 Italy  120 2.1 8  14 Canada  112 2.0 5 
15 Hong Kong, China  114 2.0 9  15 Switzerland  103 1.9 0 
16 Luxembourg  113 1.9 10  16 Russian Federation  94 1.7 7 
17 Korea, Republic of  98 1.7 10  17 Spain  88 1.6 16 
18 Canada  92 1.6 6  18 Luxembourg  86 1.6 10 
19 Thailand  84 1.4 11  19 Hong Kong, China  81 1.5 5 
20 Austria  75 1.3 14  20 Australia  72 1.3 6 
21 Sweden  73 1.3 -1  21 United Arab Emirates 2 71 1.3 1 
22 United Arab Emirates 2 71 1.2 2  22 Denmark  68 1.2 10 
23 Denmark  70 1.2 4  23 Sweden  68 1.2 1 
24 Australia  69 1.2 7  24 Brazil  66 1.2 -1 
25 Poland  69 1.2 17  25 Austria  62 1.1 13 
26 Russian Federation  64 1.1 12  26 Chinese Taipei  57 1.0 6 
27 Chinese Taipei  50 0.9 12  27 Thailand  55 1.0 19 
28 Israel  50 0.9 12  28 Norway  52 0.9 5 
29 Turkey  47 0.8 9  29 Saudi Arabia, Kingdom of  51 0.9 -6 
30 Macao, China 3 44 0.8 12  30 Malaysia  44 0.8 5 
 Total of above  4797  83.0  -   Total of above  4518  81.8  - 
  World  5800  100.0  8     World  5510  100.0  7 
 
1 Imports adjusted to f.o.b . valuation.  
2 Preliminary annual estimates. Quarterly data not available.  
3 Follows BPM5 services classification.  
-   Indicates non -applicable.  
Note:  Preliminary estimates based on quarterly statistics. Figures for a number of countries and territories 
have been estimated by the Secretariat.  More data available at  http://data.wto.org/ . 
Source:  WTO, UNCTAD and ITC.   PRESS/ 837 
 
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  Appendix Table 4: Leading exporters and importers of commercial services excluding 
intra -EU(28) trade, 2018  
$bn and %  
Rank  Exporters  Value  Share  Annual 
% 
change    Rank  Importers  Value  Share  Annual 
% 
change  
1 Extra -EU (28) exports  1059  24.1  7  1 Extra -EU (28) imports  828 19.5  6 
2 United States of America  808 18.4  4  2 United States of America  536 12.6  3 
3 China  265 6.0 17  3 China  521 12.3  12 
4 India  206 4.7 11  4 Japan  198 4.7 4 
5 Japan  187 4.3 3  5 Singapore  187 4.4 3 
6 Singapore  184 4.2 7  6 India 1 175 4.1 14 
7 Switzerland  122 2.8 1  7 Korea, Republic of  127 3.0 2 
8 Hong Kong, China  114 2.6 9  8 Canada  112 2.6 5 
9 Korea, Republic of  98 2.2 10  9 Switzerland  103 2.4 0 
10 Canada  92 2.1 6  10 Russian Federation  94 2.2 7 
11 Thailand  84 1.9 11  11 Hong Kong, China  81 1.9 5 
12 United Arab Emirates 2 71 1.6 2  12 Australia  72 1.7 6 
13 Australia  69 1.6 7  13 United Arab Emirates 2 71 1.7 1 
14 Russian Federation  64 1.5 12  14 Brazil  66 1.6 -1 
15 Chinese Taipei  50 1.1 12  15 Chinese Taipei  57 1.3 6 
16 Israel  50 1.1 12  16 Thailand  55 1.3 19 
17 Turkey  47 1.1 9  17 Norway  52 1.2 5 
18 Macao, China 3 44 1.0 12  18 Saudi Arabia, Kingdom of  51 1.2 -6 
19 Norway  43 1.0 5  19 Malaysia  44 1.0 5 
20 Malaysia  40 0.9 7  20 Mexico  38 0.9 1 
21 Philippines  38 0.9 6  21 Indonesia  35 0.8 7 
22 Brazil  33 0.8 -1  22 Kuwait, the State of  33 0.8 23 
23 Mexico  29 0.7 6  23 Qatar  31 0.7 3 
24 Indonesia  27 0.6 10  24 Nigeria  30 0.7 70 
25 Egypt  23 0.5 26  25 Israel  30 0.7 6 
26 Morocco  18 0.4 10  26 Philippines  27 0.6 2 
27 Qatar  18 0.4 2  27 Argentina  25 0.6 1 
28 New Zealand  17 0.4 5  28 Turkey  22 0.5 -4 
29 Saudi Arabia, Kingdom of  17 0.4 -2  29 Iran 19 0.4     ... 
30 South Africa  16 0.4 1  30 Viet Nam  18 0.4 8 
 Total of above  3933  89.7  -   Total of above  3738  87.8  - 
  World (excl. intra -EU (28))  4385  100.0  8     World (excl. intra -EU (28))  4245  100.0  7 
 
1 Imports adjusted to f.o.b valuation.  
2 Preliminary annual estimates. Quarterly data not available.  
3 Follows  BPM5 services classification.  
…  indicates unavailable or non -comparable figures.  
-  indicates non -applicable.  
Note:   Preliminary estimates based on quarterly statistics. Figures for a number of countries and territories 
have been estimated by the Secretariat. More data available at http://data.wto.org/.  
Source:  WTO, UNCTAD and ITC.   PRESS/ 837 
 
- 13 - 
 
  Appendix Chart 1 : Merchandise exports and imports of selected economies, January 
2017 -February 2019  
Year-on-year % change in current dollar values  
  
 
 
1 January and February averaged to minimize distortions due to lunar new year.  
Source:  WTO Short -term trade statistics.   
India Russian FederationUnited States of America European Union (extra-trade)
Japan Republic of Korea
Brazil (April) China (April)  1-10-5051015202530
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19
-15-10-50510152025
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19-15-10-50510152025303540
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19
-20-100102030405060
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19-10-5051015202530
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19
-100102030405060
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19-20-100102030405060
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19
Exports Imports-202468101214
Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19PRESS/ 837 
 
- 14 - 
 
  Appendix Chart 2: Contributions to GDP growth of selected economies, 2012 -2018  
% changes and percentage points  
 
Source:  OECD Quarterly National Accounts for all countries except China, which was sourced from UN 
National Accounts Statistics through 2017 and the Economist Intelligence Unit for 2018.  
END 
Appendix Chart 2: Contributions to GDP growth of selected economies, 2012-18
% change and percentage points
Sources: OECD Quarterly National Accounts for all countries except China, which was sourced from UN National Accounts Statistics
through 2017 and the Economist Intelligence Unit for 2018.United KingdomUnited States of America Euro Area
China Japan
Republic of Korea-1.5-1.0-0.50.00.51.01.52.02.53.03.54.0
2012 2013 2014 2015 2016 2017 2018
-2.0-1.00.01.02.03.04.05.06.07.08.09.0
2012 2013 2014 2015 2016 2017 2018-1.0-0.50.00.51.01.52.02.53.0
2012 2013 2014 2015 2016 2017 2018
-3.0-2.0-1.00.01.02.03.04.05.06.0
2012 2013 2014 2015 2016 2017 2018
Private consumption Government expenditure
Gross investment External balance
Statistical difference GDP-1.0-0.50.00.51.01.52.02.53.03.5
2012 2013 2014 2015 2016 2017 2018
Private consumption Government expenditure
Gross investment External balance
Statistical difference GDP-3.0-2.0-1.00.01.02.03.0
2012 2013 2014 2015 2016 2017 2018