PRESS/ 820/Corr.1  
16 April 2018 
(18-2283) Page: 1/7 
    
 
PRESS RELEASE  
TRADE STATISTICS AND  OUTLOOK  
Strong trade growth in 2018 rests on policy choices  
The attributions of data sources for Charts 1, 2, 3, 4, 5 and 7 and Table 1 have been revised while 
footnotes on Appendix Tables 5 and 6 have been modified to appear as the following.  
  PRESS/ 820/Corr.1  
 
- 2 - 
 
  Chart 1: Volume of world merchandise trade, 2015Q1 -2018Q4  
Seasonally adjusted volume index, 2005=100  
 
Source:  WTO and UNCTAD, WTO Secretariat estimates.  
 
Chart 2: Ratio of world merchandise trade volume growth to world real GDP  growth, 
1981 -2018  
% change and ratio  
 
Sources: WTO and UNCTAD for trade, consensus estimates for GDP.  
 
  
PRESS/ 820/Corr.1  
 
- 3 - 
 
  Chart 3 : World merchandise exports and imports by level of development, 2012Q1 -
2017Q4  
(Volume index, 2012Q1=100)  
 
Source: WTO and UNCTAD . 
 
Chart 4: Merchandise exports and imports by region, 2012Q1 -2017Q4  
Volume index, 2012Q1=100  
 
 
 
a  Refers to South and Central America and the Caribbean  
b  Other regions comprise Africa, Middle East and the Commonwealth of Independent States, 
including associate and  former member States.  
Source: WTO and UNCTAD.  
  
9095100105110115120125130
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3Exports
World Developed Developing9095100105110115120125130
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3Imports
World Developed Developing
9095100105110115120125130
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3Exports
North America South America  a Europe
Asia Other regions  b9095100105110115120125130
2012Q1
2012Q3
2013Q1
2013Q3
2014Q1
2014Q3
2015Q1
2015Q3
2016Q1
2016Q3
2017Q1
2017Q3Imports
North America South America  a Europe
Asia Other regions  bPRESS/ 820/Corr.1  
 
- 4 - 
 
  Chart 5: Contributions to world trade volume growth by region, 2011 -2017  
Annual % change  
 
 
a  Other regions comprise Africa, Middle East and the Commonwealth of Independent States, 
including associate and f ormer member States.  
b  Refers to South and Central America and the Caribbean  
Source: WTO and UNCTAD, WTO Secretariat calculations . 
 
Chart 7: Growth in the value of commercial services exports by category, 2014 -17 
% change in US$ values  
 
Source: WTO, UNCT AD and ITC.  
  
Exports Imports
-10123456
2011 2012 2013 2014 2015 2016 2017
North America South America  b Europe
Asia Other regions  a World-10123456
2011 2012 2013 2014 2015 2016 2017
North America South America  b Europe
Asia Other regions  a World
PRESS/ 820/Corr.1  
 
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  Table 1: Merchandise trade volume and real GDP, 2014 -2019  a  
Annual % change  
 
 
 
a  Figures for 2018 and 2019 are projections.  
b  Average of exports and imports.  
c  Includes the Commonwealth of Independent States (CIS), including associate and former 
member States.  
d  Other regions comprise Africa, Middle East and Commonwealth of Independent States (CIS).  
Sources: WTO and UNCTAD for trade, consensus estimates for GDP.  
  
2014 2015 2016 2017 2018P 2019P
Volume of world merchandise trade  b 2.7 2.5 1.8 4.7 4.4 4.0
Exports
Developed economies 2.1 2.3 1.1 3.5 3.8 3.1
Developing economies  c 2.7 2.4 2.3 5.7 5.4 5.1
North America 4.6 0.8 0.6 4.2 4.5 4.5
South and Central America and the Caribbean -2.1 1.8 1.9 2.9 2.8 2.6
Europe 1.6 2.9 1.1 3.5 3.6 2.9
Asia 4.5 1.5 2.3 6.7 5.7 5.0
Other regions  d -1.0 5.5 2.6 2.3 4.7 4.4
Imports
Developed economies 3.4 4.3 2.0 3.1 4.1 3.3
Developing economies  c 2.4 0.6 1.9 7.2 4.8 4.4
North America 4.3 5.4 0.1 4.0 5.7 5.0
South and Central America and the Caribbean -2.7 -6.4 -6.8 4.0 3.9 5.7
Europe 3.0 3.7 3.1 2.5 3.5 2.8
Asia 3.7 4.0 3.5 9.6 5.9 4.7
Other regions  d 0.5 -5.6 0.2 0.9 0.4 1.8
Real GDP at market exchange rates 2.7 2.7 2.3 3.0 3.2 3.1
Developed economies 2.0 2.3 1.6 2.3 2.4 2.2
Developing economies  c 4.3 3.7 3.6 4.3 4.6 4.6
North America 2.6 2.7 1.5 2.4 2.8 2.7
South and Central America and the Caribbean 0.9 -0.9 -2.1 1.0 2.3 2.8
Europe 2.0 2.3 1.9 2.6 2.4 2.1
Asia 4.1 4.2 4.1 4.5 4.5 4.4
Other regions  d 2.5 1.1 2.2 2.0 2.8 2.9PRESS/ 820/Corr.1  
 
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  Appendix Table 5: Leading exporters and importers of commercial services, 2017  
$bn and %  
 
 
  
Rank Exporters Value ShareAnnual 
% 
changeRank Importers Value ShareAnnual 
% 
change
1 United States of America 762 14.5 3.8 1 United States of America 516 10.2 6.8
2 United Kingdom 354 6.7 4.9 2 China  a 464 9.2 3.3
3 Germany 296 5.6 7.0 3 Germany 319 6.3 5.2
4 France 249 4.7 5.5 4 France 244 4.8 3.4
5 China  a 226 4.3 8.7 5 United Kingdom 218 4.3 4.2
6 Netherlands 216 4.1 15.6 6 Netherlands 211 4.2 14.7
7 Ireland 182 3.5 19.6 7 Ireland 196 3.9 -3.4
8 Japan 180 3.4 6.7 8 Japan 189 3.7 3.5
9 India 179 3.4 11.0 9 Singapore 171 3.4 5.2
10 Singapore 165 3.1 4.3 10 India  b 150 3.0 13.1
11 Spain 137 2.6 8.0 11 Korea, Republic of 120 2.4 8.1
12 Switzerland 122 2.3 4.0 12 Belgium 116 2.3 7.3
13 Belgium 113 2.2 1.8 13 Italy 111 2.2 8.8
14 Italy 110 2.1 10.4 14 Canada 105 2.1 6.5
15 Hong Kong, China 104 2.0 5.3 15 Switzerland 104 2.1 4.9
16 Luxembourg 102 1.9 6.5 16 Russian Federation 87 1.7 18.8
17 Korea, Republic of 86 1.6 -8.0 17 United Arab Emirates  c 84 1.7 1.9
18 Canada 86 1.6 5.8 18 Hong Kong, China 77 1.5 3.7
19 Thailand 75 1.4 11.7 19 Luxembourg 75 1.5 4.5
20 Sweden 73 1.4 2.4 20 Spain 74 1.5 6.2
21 United Arab Emirates  c 70 1.3 7.5 21 Sweden 68 1.3 11.5
22 Australia 65 1.2 13.5 22 Australia 66 1.3 8.5
23 Denmark 64 1.2 7.0 23 Brazil 66 1.3 7.9
24 Austria 64 1.2 5.0 24 Denmark 62 1.2 6.0
25 Russian Federation 58 1.1 15.9 25 Austria 53 1.1 9.3
26 Poland 57 1.1 14.8 26 Saudi Arabia, Kingdom of 53 1.0 5.6
27 Chinese Taipei 45 0.9 9.0 27 Chinese Taipei 53 1.0 3.4
28 Israel 44 0.8 11.1 28 Norway 49 1.0 1.7
29 Turkey 44 0.8 17.4 29 Thailand 46 0.9 5.5
30 Macao, China  d 38 0.7 16.2 30 Malaysia 42 0.8 5.2
Total of above 4365 83.1 - Total of above 4189 82.6 -
World 5252 100.0 7.4 World 5072 100.0 6.5
b  Imports adjusted to f.o.b valuation.
c  Preliminary annual estimates. Quarterly data not available.
d  Follows BPM5 services classification.
- indicates non-applicable.
Source:  WTO, UNCTAD and ITC.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 https://www.wto.org/english/res_e/statis_e/short_term_stats_e.htm.… indicates unavailable or non-comparable figures.a  China revised its methodology to compile travel transactions.  As a result, its trade in services statistics were revised downward 
starting in 2014 on both the credit and the debit side.PRESS/ 820/Corr.1  
 
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  Appendix Table 6: Leading exporters and importers of commercial services excluding 
intra -EU(28) trade, 2017  
$bn and %  
 
 
END 
 
Rank Exporters Value ShareAnnual 
% 
changeRank Importers Value ShareAnnual 
% 
change
1 Extra-EU(28) exports 979 24.4 7.9 1 Extra-EU(28) imports 793 20.1 3.3
2 United States of America 762 19.0 3.8 2 United States of America 516 13.1 6.8
3 China  a 226 5.7 8.7 3 China  a 464 11.7 3.3
4 Japan 180 4.5 6.7 4 Japan 189 4.8 3.5
5 India 179 4.5 11.0 5 Singapore 171 4.3 5.2
6 Singapore 165 4.1 4.3 6 India  b 150 3.8 13.1
7 Switzerland 122 3.0 4.0 7 Korea, Republic of 120 3.0 8.1
8 Hong Kong, China 104 2.6 5.3 8 Canada 105 2.7 6.5
9 Korea, Republic of 86 2.2 -8.0 9 Switzerland 104 2.6 4.9
10 Canada 86 2.1 5.8 10 Russian Federation 87 2.2 18.8
11 Thailand 75 1.9 11.7 11 United Arab Emirates  c 84 2.1 1.9
12 United Arab Emirates  c 70 1.7 7.5 12 Hong Kong, China 77 2.0 3.7
13 Australia 65 1.6 13.5 13 Australia 66 1.7 8.5
14 Russian Federation 58 1.4 15.9 14 Brazil 66 1.7 7.9
15 Chinese Taipei 45 1.1 9.0 15 Saudi Arabia, Kingdom of 53 1.3 5.6
16 Israel 44 1.1 11.1 16 Chinese Taipei 53 1.3 3.4
17 Turkey 44 1.1 17.4 17 Norway 49 1.2 1.7
18 Macao, China  d 38 1.0 16.2 18 Thailand 46 1.2 5.5
19 Norway 38 0.9 0.6 19 Malaysia 42 1.1 5.2
20 Malaysia 37 0.9 4.1 20 Mexico 37 0.9 9.9
21 Philippines 36 0.9 14.2 21 Indonesia 32 0.8 6.8
22 Brazil 34 0.8 3.4 22 Qatar 30 0.8 0.4
23 Mexico 27 0.7 10.1 23 Israel 29 0.7 11.9
24 Indonesia 24 0.6 5.7 24 Kuwait, the State of 28 0.7 8.0
25 Egypt 19 0.5 38.2 25 Philippines 26 0.7 9.1
26 Qatar 17 0.4 19.9 26 Argentina 24 0.6 14.4
27 Saudi Arabia, Kingdom of 17 0.4 4.0 27 Turkey 23 0.6 9.5
28 New Zealand 16 0.4 8.5 28 Viet Nam 17 0.4 -3.3
29 Morocco 15 0.4 5.4 29 Nigeria 17 0.4 45.6
30 South Africa 15 0.4 9.3 30 Egypt 16 0.4 1.3
Total of above 3622 90.4 - Total of above 3512 88.9 -
World (excl. intra-EU(28)) 4005 100.0 7.0 World (excl. intra-EU(28)) 3950 100.0 6.4
b  Imports adjusted to f.o.b valuation.
c  Preliminary annual estimates. Quarterly data not available.
d  Follows BPM5 services classification.
… indicates unavailable or non-comparable figures.
- indicates non-applicable.a  China revised its methodology to compile travel transactions.  As a result, its trade in services statistics were revised downward 
starting in 2014 on both the credit and the debit side.
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 https://www.wto.org/english/res_e/statis_e/short_term_stats_e.htm.Source:  WTO, UNCTAD and ITC.