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12:00 GENEVA TIME  7 APRIL 2016  
 
PRESS/768 
7 April 2016 
 
(16-1942) 
TRADE STATISTICS AND OUTOOK 
Trade growth to remain subdued in 2016 as uncertainties weigh 
on global demand 
Growth in the volume of world trade is expected to 
remain sluggish in 2016 at 2.8%, unchanged from the 
2.8% increase registered in 2015.  Imports of developed countries should moderate th is year while demand for 
imported goods in developing Asian economies should 
pick up.  Global trade growth should rise to 3.6% in 2017, WTO economists reported 7 April. 
 
Risks to this forecast are mostly on the downside, including a sharper than expected slowing of the 
Chinese economy, worsening financial market volatility, 
and exposure of countries with large foreign debts to sharp exchange rate movements.  On the other hand, 
there is some upside potential if monetary support from 
the European Central Bank succeeds in generating faster growth in the euro area. 
 
"Trade is still registering positive growth, albeit at a disappointing rate," WTO Director-General Roberto 
Azevêdo said. "This will be the fifth consecutive year of 
trade growth below 3%. Moreover, while the volume of global trade is growing, its value has fallen because of 
shifting exchange rates and falls in commodity prices. 
This could undermine fragile economic growth in vulnerable developing countries.  There remains as well 
the threat of creeping protectionism as many 
governments continue to apply trade restrictions and the stock of these barriers continues to grow."  
 
MAIN POINTS 
 World merchandise  trade volume 
expected  to grow by 2.8% in 2016 , 
unchanged  from 2.8% in 2015, as 
GDP eases in developed  economies  
and picks up developing  ones. 
 Trade growth should accelerate  to 
3.6% in 2017, still below the average 
of 5.0% since 1990. Risks to the 
forecast are tilted to the downside,  
including further slowing in emerging  
economies  and financial volatility.  
 South America recorded  the 
weakest import growth of any 
region in 2015 as a severe recession  
in Brazil depressed  demand. 
 Exports of developed  economies  
lagged behind developing  countries  
in 2015, with 2.6% volume growth in 
the former and 3.3% in the latter.   
 Developed  economies  imports 
surged last year while developing  
countries  stagnated , with growth of 
4.5% in the former and 0.2% in the 
latter. 
 A sharp trade slowdown  affected all 
regions in 2015Q2 but was mostly 
reversed by the end of the year. PRESS/768 
Page 2 of 18 
 
 
  "However, we should keep these figures in pers pective. WTO Members can take a number steps to 
use trade to lift global economic growth – from rolling back trade restrictive measures, to 
implementing the WTO Trade Facilitation Agreement. This Agreement will dramatically cut trade costs around the world, thereby potentially boosti ng trade by up to $1 trillion a year," Azevêdo 
added. "More can also be done to address remaining tariff and non-tariff barriers on exports of 
agricultural and manufactured goods."  
On the basis of the forecast for 2016, world trade will have grown at roughly the same rate as 
world GDP for five years (at market exchange rates) , rather than twice as fast as was previously 
the case. Such a long, uninterrupted spell of slow  but positive trade growth is unprecedented, but 
its importance should not be exaggerated. Over all, trade growth was weaker between 1980 and 
1985, when five out of six years were below 3%, including two years of outright contraction. 
 
Alternative indicators of economic and trade ac tivity in the opening months of 2016 are mixed, 
with some pointing to a firming of trade and output growth while others suggest some slowing. On the positive side, container throughput at major ports has recovered much of the ground lost to 
the trade slowdown last year, while automobile sales — one of the best early signals of trade 
downturns — have continued to grow at a healthy pace in developed countries. On the other hand, composite leading indicators from the Organization for Economic Cooperation and Development 
point to an easing of growth in OECD countries, and financial market volatility has continued in 
2016.  Therefore trade growth may remain volatile in 2016.  
Details on trade developments in 2015 
 The 2015 result marks the fourth consecutive year in which growth in world merchandise trade 
stayed below 3.0% on an annual basis.  Trade was also unusually volatile over the course of the 
year, falling in the second quarter in both deve loped and developing countries before rebounding 
in the final half (Chart 1).   
 
Chart 1: Volume of merchandise  exports and imports by level of development,  2012Q1‐2015Q4 
 Exports Imports
9095100105110115
World Developed Developing  and emerging9095100105110115
World Developed Developing  and emerging
 
Source: WTO Secretariat  
 PRESS/768 
Page 3 of 18 
 
 
 The weak but still positive growth of merchandis e trade volume in 2015 contrasted with the sharp 
decline in the dollar value of trade, which fell 13%  to $16.5 trillion, down from $19 trillion in 2014. 
(See Appendix Tables 1 to 6 for details on trade in current dollar terms by country and region). This discrepancy was mostly attributable to strong fluctuations in commodity prices and exchange 
rates, which were in turn driven by slowing economic growth in China, resilient fuel production in 
the United States, and divergent monetary policies across leading economies. Volatility in financial markets also dented business and consumer confidence and may have contributed to reduced 
global demand for certain durable goods. 
 World trade in commercial services last year registered a smaller decline in current dollar terms 
(exports down 6.4% to $4.7 trillion) than merchand ise trade, with goods-related services such as 
transportation experiencing stronger declines (down 10.3% to $870 billion) than other categories.  The relative strength of services is not surprising, since this type of trade tends to be less sensitive 
to business cycles than trade in goods. 
 The preliminary figure of 2.8% for world tr ade growth in 2015 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 in line with our most recent forecast of 2.8% from last September, but that forecast did not predict some regional developments. 
 
Exports from North America came in below expectations, while shipments from oil exporting regions (Africa, Middle East and the Commonwealt h of Independent States) were stronger than 
anticipated.  Meanwhile, European imports were stronger than predicted while those of oil 
producing regions were weaker. The relative streng th of Europe's trade can be explained by the 
recovery of intra-European Union trade, while the softness of oil producers' imports is explained by 
low oil prices, which deprive these countries of the export revenues that they need to pay for 
imports.    
Negative import growth in South and Central America in 2015 was mostly due to the severe and 
ongoing recession in Brazil, although other distre ssed countries in the region contributed to the 
negative result as well.  Meanwhile, the decline in imports of oil producing regions is mostly 
explained by the slide in world oil prices, which slashed these countries' export revenues.   
 
Trade developments in 2015 by regi on, product and services category 
 
The volume of world merchandise trade has grown at a slow, steady pace in recent years, but this consistency belies changes in the contributions of WTO geographic regions to trade volume growth 
over time (Chart 3).  
 Asia contributed more than any other region to the recovery of world trade after the financial crisis 
of 2008-09.  However, the region's impact on world import volume growth declined last year  as 
the Chinese and other Asian economies cooled.  Asia contributed 1.6 percentage points to the 2.3% rise in the volume of world merchandise imports in 2013, or 73% of world import growth, 
but in 2015 the region contributed just 0.6 percentage points to the global increase of 2.6%, or 
23% of world import growth.   
In contrast, Europe has mostly weighed down world trade since the financial crisis, actually 
reducing global import demand growth in 2012 (-0.7%) and 2013 (-0.1%).  However, in 2015 Europe was again making a large positive contribution, accounting for 1.5 percentage points of the 
2.6% increase in world import volume, or 59% of global trade growth.  The gradual recovery of PRESS/768 
Page 4 of 18 
 
 
  intra-EU trade in 2014 and 2015 was responsible for much of the rebound in Europe, as the drag 
exerted by the European sovereign debt crisis faded.  
 North America made a positive contribution to world import growth last year (1.1%), while 
negative contributions were recorded in 2015 for South and Central America (-0.2%) and Other 
regions, which covers Africa, the Middle East and CIS countries (-0.4%).  
Chart 2: Contributions  to world trade volume growth by region, 2011‐2015 
Annual % change 
Exports Imports
‐10123456
2011 2012 2013 2014 2015North America South and Central America
Europe Asia
Other regions World‐10123456
2011 2012 2013 2014 2015North America South and Central America
Europe Asia
Other regions World
 
Source: WTO Secretariat  
 
Asia also did more than any other region to li ft merchandise export volume growth between 2011 
and 2014, but its contribution fell below that of Europe in 2015.  In the latest year, Asia was responsible for 1 percentage point of the 3.0% rise in world merchandise exports, or 35% of 
export growth, whereas Europe's 1.3 percentage po int contribution accounted for 44% of the rise.  
 North America's contribution to exports growth in volume terms was close to zero in 2015 as 
demand for US goods slowed in Canada, Asia and South and Central America. Meanwhile, South 
and Central America and other regions made small positive contributions to export volume growth.  The combination of increased export volumes in oil producing regions and falling imports in Asia 
likely contributed to falling energy prices in  2015, as oil supply outstripped energy demand, 
causing prices to plunge.  
Chart 3 shows quarterly merchandise export and import volumes for the four years ending in 
2015Q4.  It highlights the fact that all geographic regions were affected to varying degrees by the trade slowdown in the first half of 2015, although the impact was strongest in the second quarter.  
Imports of resource dependent economies (mostly in South and Central America and Other 
regions) were squeezed by falling export revenues and did not see their imports recover in the second half of 2015, whereas imports of the more industrialized regions (Europe, North America, 
Asia) staged a partial recovery in the second half. 
 PRESS/768 
Page 5 of 18 
 
 
 Chart 3: Volume of merchandise  exports and imports by region, 2012Q1‐2015Q4 
(Seasonally  adjusted volume indices, 2012Q1=100)  
Exports Imports
9095100105110115120125
North Amer ica Eu rope Asia South America Other9095100105110115120125
North Amer ica Eu rope Asia South America Other
 
Source: WTO Secretariat  
 
The WTO does not have a product breakdown of wo rld trade growth in volume terms, but such a 
breakdown can be estimated for year-on-year grow th in the dollar value of merchandise trade.  
This is shown for broad product groups in Chart 4,  which illustrates that fuels and mining products 
were responsible for more than half of the drop in trade values in 2015, but that slowing trade in 
manufactures and agricultural products also contributed significantly to the overall decline. Among manufactured goods, the products where trade values notably declined in 2015 were office and 
telecom equipment, chemicals and other machinery (which includes investment goods and 
durables other than automobiles), while clothing and textiles only made a small contribution to 
growth. 
 
The dollar value of intra-Asia imports of manufactured goods is estimated to have fallen around 5% in 2015, roughly in line with the decline of Asian imports of manufactured goods  worldwide.  
This would seem to indicate a broad-based decline in trade values, perhaps more closely related to 
price fluctuations than to changes in production and consumption patterns. However, Asian imports of other machinery (a category that includes capital goods) registered a stronger decline 
of around 8%, suggesting a downturn in investment in the region.  In particular, China's imports 
of other machinery from Europe and North America were down 15% and 8%, respectively, in 2015 based on Secretariat estimates.  This falloff in investment may be temporary, driven by financial 
volatility, exchange rate uncertainty and unsettled monetary policy in 2015.  
 
  
 PRESS/768 
Page 6 of 18 
 
 
  Chart 4: Contributions  to year‐on‐year growth in world merchandise  trade by product, 2014Q1‐2015Q4 
Year‐on‐year % change in current dollar values  
‐20.0‐15.0‐10.0‐5.00.05.010.0
2014Q1
2014Q22014Q32014Q42015Q1
2015Q2
2015Q32015Q4 Agricultural  products Fuels and mining products
Manufactures nes
Total merchandise
 
Source: Secretariat  estimates  based on mirror data for available reporters  in the Global Trade Atlas database.  
 
 
Chart 5 illustrates growth in the dollar valu e of world commercial services exports since 2013 
broken down by major services categories.  Commercial services trade recorded a 6.5% year-on-
year decline in 2015, although transport services registered a larger drop of nearly 10% as prices for sea shipment of dry bulk cargo fell to record lows la st year.  Other types of services exports, 
such as travel and other commercial services (a category that include financial services) saw 
smaller declines of around 5.5%.   
 
 
  
 
  
 PRESS/768 
Page 7 of 18 
 
 
 Chart 5: Growth in the value of commercial  services exports by category,  2013‐15 
% change in US$ values 
6.25.6
‐6.42.63.6
‐9.97.4
4.6
‐5.46.5
4.6
‐5.97.1 6.8
‐5.5
‐12.0‐8.0‐4.00.04.08.012.0
2013 2014 2015
Commercial  services Transport Travel Goods related services Other commercial  services
Source: WTO Secretariat  
 
The drop in world commercial services exports was less than the 13.5% slide in the dollar value of 
merchandise exports, which was strongly influenced by fluctuations in primary commodity prices 
(See Appendix Tables 1 to 6 and Appendix Chart 1 for detailed breakdowns of merchandise and commercial services trade by region and leading traders).   According to statistics from the 
International Monetary Fund, primary commodity pr ices have fallen by more than 50% on average 
since January 2014, with drops of around 20% fo r food and beverages, 30% for metals, and 65% 
for energy (fuels).  
 
There is no volume indicator for services trade akin to the WTO's merchandise trade volume indices, but physical measures of services trade such as passenger arrivals and container port 
throughput (Chart 6) point to a resumption of growth after a slowdown in the middle of 2015.   
 PRESS/768 
Page 8 of 18 
 
 
  Chart 6: Container  shipping trend throughput  index, January 2007 – January 2016 
Seasonally  adjusted trend index, 2010=100  
708090100110120130
Jan‐07
Jul‐07
Jan‐08
Jul‐08
Jan‐09
Jul‐09
Jan‐10
Jul‐10
Jan‐11
Jul‐11
Jan‐12
Jul‐12
Jan‐13
Jul‐13
Jan‐14
Jul‐14
Jan‐15
Jul‐15
Jan‐16
 
Source: Institute for Shipping Economic  and Logistics 
 
 
Outlook for 2016 and 2017  
 
The WTO's forecast of 2.8% growth in the volu me of world merchandise trade for 2016 and 3.6% 
trade growth for 2017 are based on consensus estimates of real GDP at market exchange rates 
from economic forecasters (Table 1).  According to these estimates, world GDP should grow 2.4% in this year and 2.7% next year, with growth slowing slightly in developed countries in 2016 and 
picking up modestly in developing ones. 
 Exports of developed and developing countries should grow at around the same rate in 2016, 2.9% in the former and 2.8% in the latter.  Meanwhile, imports of developed economies are 
expected to outpace those of developing countries in 2016, with a 3.8% rise in the former 
compared to a 1.8% increase in the latter.  
Asia is expected to record the fastest export growth  of any region this year at 3.4%, followed by  
North America and Europe, each at 3.1%.  South and Central America and Other regions will lag behind at 1.9% and 0.4%, respectively.  North America should see its imports increase by 4.1% 
this year, while Asian and European imports should both register growth of 3.2%. Finally, imports 
of South and Central America and Other regions are set to contract again this year as oil and other commodity prices remain low, but the degree of contraction should be less.   
Risks to the trade forecasts remain tilted to the downside. Business and consumer confidence has 
slipped recently in developed countries.  As a result, forecasters now expect slower GDP growth in the European Union and the United States in 2016, followed by a rebound in 2017. Financial 
instability in Asia has mostly abated but could return if economic data come in above or below 
market expectations.  On the other hand, more accommodative monetary policy from the European Central Bank could spur growth in the euro area and boost demand for goods and 
services, including imports. 
 
Annual, quarterly and monthly trade data can be found at 
https://www.wto.org/english/ res_e/statis_e/statis_e.htm  PRESS/768 
Page 9 of 18 
 
 
  
Table 1: Merchandise  trade volume and real GDP, 2011‐2017 a 
Annual % change  
2012 2013 2014 2015 2016P 2017P
Volume of world merchandise  trade 2.2 2.4 2.8 2.8 2.8 3.6
Exports
Developed  economies 1.1 1.7 2.4 2.6 2.9 3.8
Developing  and emerging  economies 3.8 3.8 3.1 3.3 2.8 3.3
North America 4.5 2.8 4.1 0.8 3.1 4.0
South and Central Ameri ca 0.9 1.2 ‐1.8 1.3 1.9 1.9
Europe 0.8 1.7 2.0 3.7 3.1 4.1Asia 2.7 5.0 4.8 3.1 3.4 4.0Other regions  
b3.9 0.7 0.0 3.9 0.4 0.4
Imports
Developed  economies ‐0.1‐0.2 3.5 4.5 3.3 4.1
Developing  and emerging  economies 4.9 5.0 2.1 0.2 1.8 3.1
North America 3.2 1.2 4.7 6.5 4.1 5.3
South and Central Ameri ca 0.7 3.6 ‐2.2‐5.8‐4.5 5.1
Europe ‐1.8‐0.3 3.2 4.3 3.2 3.7
Asia 3.7 4.8 3.3 1.8 3.2 3.3Other regions  
b9.9 3.7 ‐0.5‐3.7‐1.0 1.0
Real GDP at market exchange  rates (2005) 2.2 2.2 2.5 2.4 2.4 2.7
Developed  economies 1.1 1.0 1.7 1.9 1.8 2.0
Developing  and emerging  economies 4.7 4.5 4.2 3.4 3.5 4.2
North America 2.3 1.5 2.4 2.3 2.3 2.5
South and Central America 2.8 3.3 1.0 ‐1.0‐1.7 1.1
Europe ‐0.2 0.4 1.5 1.9 1.8 2.0
Asia 4.4 4.4 4.0 4.0 4.0 3.9Other regions  
b3.8 2.6 2.5 0.9 1.7 2.9
 
 
a Figures for 2016 and 2017 are projections.  
b Other regions comprise  the Africa, Commonwealth  of Independent  States and Middle East. 
 Sources: WTO Secretariat  for trade, consensus  estimates  for GDP. 
 
  
 
  
 
 PRESS/768 
Page 10 of 18 
 
 
  Appendix Tables and Charts 
            
 
  PRESS/768 
Page 11 of 18 
 
 
 Appendix  Table 1:  World merchandise  trade by region and selected economies,  2015 
$bn and % 
Value Value
2015 2010 ‐2015 2013 2014 2015 2015 2010 ‐2015 2013 2014 2015
World 15985 5.5 2.3 0.3 ‐13.5 16340 1.5 1.3 0.7 ‐12.4
North America 2294 6.1 1.9 3.1 ‐8.0 3151 3.3 0.1 3.4 ‐4.7
United States 1505 6.1 2.2 2.6 ‐7.1 2308 3.2 ‐0.3 3.6 ‐4.3
Canada  a 408 5.2 0.6 3.6 ‐14.0 436 1.6 ‐0.1 0.9 ‐9.1
Mexico 381 7.4 2.5 4.5 ‐4.1 405 5.5 2.8 5.3 ‐1.5
South and Central America  b5 4 0 3 . 7 ‐2.6‐6.5‐21.2 622 1.2 3.2 ‐4.0‐15.9
Brazil 191 2.8 ‐0.2‐7.0‐15.1 179 ‐1.4 7.4 ‐4.6‐25.2
Other South and Central America  b3 4 9 4 . 2 ‐3.8‐6.2‐24.2 443 2.4 1.3 ‐3.7‐11.4
Europe 5958 4.8 4.8 0.4 ‐12.4 5899 0.0 1.5 1.2 ‐13.2
European  Union (28) 5387 4.4 4.6 1.3 ‐12.5 5316 ‐0.4 0.9 2.2 ‐13.4
Germany 1329 4.4 3.1 3.4 ‐11.0 1050 ‐0.1 2.3 2.2 ‐13.0
United Kingdom 460 5.0 14.3 ‐6.6‐8.9 626 1.1 ‐5.1 4.6 ‐9.4
France 506 2.6 2.2 ‐0.1‐12.8 573 ‐1.3 1.0 ‐0.7‐15.4
Netherlands 567 4.0 2.5 0.2 ‐15.7 506 ‐0.4 0.5 0.0 ‐14.2
Italy 459 4.3 3.4 2.2 ‐13.4 409 ‐3.4‐1.9‐1.1‐13.8
Commonwealth  of Independent  States (CIS) 500 5.7 ‐2.4‐5.7‐32.0 345 ‐3.7‐0.1‐11.4‐31.9
Russian Federation   a3 4 0 5 . 6 ‐1.1‐4.9‐31.6 194 ‐4.8 1.8 ‐9.8‐37.0
Africa 388 1.4 ‐6.1‐8.2‐29.6 559 3.1 3.2 2.1 ‐13.8
South Africa 82 ‐0.1‐3.7‐5.1‐10.3 105 1.6 ‐0.6‐3.5‐14.2
Africa less South Africa 307 1.7 ‐6.6‐8.8‐33.4 454 3.5 4.2 3.5 ‐13.7
Oil exporters   c1 5 7 ‐0.6‐11.4‐13.7‐44.2 167 2.3 9.9 1.4 ‐17.7
Non oil exporters 150 5.9 3.8 0.1 ‐16.5 288 4.3 0.9 4.8 ‐11.2
Middle East 841 9.1 ‐0.1‐4.4‐34.7 747 5.1 4.4 1.7 ‐4.5
Asia 5464 6.0 2.3 2.6 ‐7.9 5018 2.1 1.1 0.1 ‐14.6
China 2275 10.4 7.8 6.0 ‐2.9 1682 3.8 7.2 0.5 ‐14.2
Japan 625 ‐2.7‐10.5 ‐3.5‐9.5 648 ‐1.3‐5.9‐2.5‐20.2
India 267 9.3 6.1 2.5 ‐17.2 392 2.3 ‐5.0‐0.5‐15.3
Newly industrialized  economies  (4)  d1 1 7 6 4 . 4 1 . 3 1 . 3 ‐10.8 1105 0.1 ‐0.3 1.1 ‐16.5
Memorandum
MERCOSUR   e3 0 1 2 . 6 ‐2.4‐9.0‐22.3 291 ‐1.0 5.8 ‐6.6‐21.5
ASEAN  f1 1 6 3 5 . 4 1 . 5 1 . 8 ‐10.2 1091 2.7 1.8 ‐0.8‐11.7
EU (28) extra‐trade 1985 6.0 6.6 ‐1.9‐12.2 1914 ‐1.2‐3.0 0.3 ‐14.7
Least developed  countries  (LDCs) 154 6.1 3.7 ‐3.3‐25.0 242 7.4 8.6 6.5 ‐9.2Exports Imports
Annual % change Annual  % change
 
 
a  Imports are valued f.o.b.
b  Includes the Caribbean   For composition  of groups see the Technical  Notes of WTO, International  Trade Statistics,  2015 
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 and Venezuela,  Bolivarian  Rep. of
f  Association  of Southeast  Asian Nations: Brunei, Cambodia,  Indonesia,  Laos, Malaysia,  Myanmar,  Philippines,  Singapore,  Thailand,  Viet Nam.
Source: WTO Secretariat.  
 PRESS/768 
Page 12 of 18 
 
 
  Appendix  Table 2: World commercial  services trade by region and selected economies,  2015 
$bn and % 
Value Value
2015 2010 ‐2015 2013 2014 2015 2015 2010 ‐2015 2013 2014 2015
World 4675 3.8 6.2 5.6 ‐6.4 4570 4.1 6.2 5.5 ‐5.4
North America 790 4.5 4.9 2.9 ‐0.9 595 3.6 3.1 2.1 0.6
United States 690 4.9 5.0 3.8 0.0 469 4.4 3.4 3.4 3.5
South and Central America  a 140 3.8 2.1 1.9 ‐4.3 170 3.6 6.7 0.9 ‐12.9
Brazil 33 2.4 ‐2.4 7.0 ‐15.5 69 3.6 6.9 6.0 ‐19.8
Europe 2205 3.1 8.3 6.2 ‐9.8 1880 2.6 7.6 6.4 ‐8.7
European  Union (28) 1958 3.1 8.5 6.4 ‐9.8 1707 2.7 7.6 7.2 ‐8.6
United Kingdom 341 5.1 7.7 7.8 ‐4.7 205 2.8 6.2 3.4 ‐1.8
Germany 246 2.0 8.0 4.2 ‐9.8 292 2.2 11.3 1.4 ‐11.5
France 239 3.5 9.4 7.6 ‐13.1 224 4.4 12.0 11.3 ‐11.0
Netherlands 176 2.4 9.4 6.9 ‐9.5 166 2.6 5.6 5.5 ‐4.1
Ireland 128 7.3 12.0 9.7 ‐4.1 151 6.7 3.3 17.2 4.5
Asia 1220 5.1 4.7 7.8 ‐3.4 1380 6.6 5.0 7.1 0.3
China 229 4.1 2.6 12.2 ‐0.7 437 17.4 17.5 15.7 14.7
Japan 158 3.7 ‐0.8 19.4 ‐0.2 174 1.3 ‐7.5 12.6 ‐8.8
India  b 158 6.3 2.2 5.4 1.2 126 1.9 ‐3.1 1.2 ‐1.1
Singapore 140 6.7 9.7 7.5 ‐7.3 144 7.2 12.9 6.2 ‐7.6
Korea, Republic of 97 3.3 0.2 8.2 ‐12.7 112 3.1 1.3 5.1 ‐2.1
Hong Kong, China 104 5.3 6.3 1.8 ‐2.3 74 1.0 ‐1.9‐1.7 0.2
Thailand 60 12.1 18.1 ‐5.6 9.6 50 2.4 3.5 ‐3.1‐4.6
Other regions 320 2.5 3.3 0.9 ‐5.9 550 4.4 7.3 4.3 ‐10.9
Russian Federation 49 0.1 12.4 ‐6.2‐24.5 85 3.1 17.8 ‐5.4‐28.3
Egypt 19 ‐3.9‐16.2 13.3 ‐4.6 18 6.3 ‐4.8 13.5 5.7
South Africa 15 ‐1.2‐4.7 0.3 ‐10.5 15 ‐4.6‐4.5‐5.5‐8.7
Morocco 13 ‐1.4‐6.8 11.1 ‐13.6 7 3.9 ‐2.4 20.2 ‐11.0
United Arab Emirates   c 19 … 13.5 14.0 … 68 … 6.6 5.8 …
Saudi Arabia, Kingdom of 14 6.5 6.9 5.8 18.4 58 2.8 3.7 21.1 ‐6.7
Memorandum
 Extra‐EU(28) trade 890 4.1 9.3 6.1 ‐8.6 728 3.2 7.4 7.9 ‐6.3
Least developed  countries  (LDCs) 36 11.9 11.0 11.3 3.1 78 7.9 6.1 5.2 ‐2.7Exports Imports
Annual % change Annual  % change
 
 
a Includes the Caribbean.  For composition  of groups see Chapter IV Metadata  of WTO International  Trade Statistics,  2015. 
b Imports adjusted to f.o.b. valuation.  
c Secretariat  estimates.  Quarterly  data not available.  
… indicates unavailable  or non‐comparable  figures. 
Note: Preliminary  estimates  based on quarterly statistics.  While  provisional  data for Q1‐Q4 2015 data were available in mid March for 
some 80 countries  (accounting  for at least 80% of world commercial  services trade), estimates  for most other countries  are based in data 
for the first three quarters. More data available at https://www.wto.org/english/res_e/ statis_e/short_tterm_stats_e.htm  
Source: WTO and UNCTAD Secretariats  
 
 PRESS/768 
Page 13 of 18 
 
 
 Appendix  Table 3: Leading exporters  and importers  of merchandise  trade, 2015 
$bn and % 
Rank Exporters Value ShareAnnual 
% 
chan geRank Importers Value ShareAnnual 
% 
chan ge
1 China 2275 13.8 ‐2.9 1 United  States 2308 13.8 ‐4.3
2U n i t e d  States 1505 9.1 ‐7.1 2 China 1682 10.0 ‐14.2
3 Germany 1329 8.1 ‐11.0 3 Germany 1050 6.3 ‐13.0
4 Japan 625 3.8 ‐9.5 4 Japan 648 3.9 ‐20.2
5 Netherlands 567 3.4 ‐15.7 5 United  Kingdom 626 3.7 ‐9.4
6K o r e a ,  Republic of 527 3.2 ‐8.0 6 France 573 3.4 ‐15.4
7H o n g  Kong, China 511 3.1 ‐2.6 7 Hong  Kong, China 559 3.3 ‐6.9
‐ domestic  exports 13 0.1 ‐16.2 ‐ retained imports 134 0.8 ‐10.7
‐ re‐exports 498 3.0 ‐2.2
8 France 506 3.1 ‐12.8 8 Netherlands 506 3.0 ‐14.2
9U n i t e d  Kingdom 460 2.8 ‐8.9 9 Korea,  Republic of 436 2.6 ‐16.9
10 Italy 459 2.8 ‐13.4 10 Canada   a 436 2.6 ‐9.1
11 Canada 408 2.5 ‐14.0 11 Italy 409 2.4 ‐13.8
12 Belgium 398 2.4 ‐15.7 12 Mexico 405 2.4 ‐1.5
13 Mexico 381 2.3 ‐4.1 13 India 392 2.3 ‐15.3
14 Singapore 351 2.1 ‐14.5 14 Belgium 375 2.2 ‐17.5
‐ domestic  exports 174 1.1 ‐19.6
‐ re‐exports 177 1.1 ‐8.7
15 Russian  Federation 340 2.1 ‐31.6 15 Spain 309 1.8 ‐13.8
16 Switzerland   b 290 1.8 ‐6.9 16 Singapore 297 1.8 ‐19.0
‐ retained imports  c 120 0.7 ‐30.5
17 Chinese  Taipei 285 1.7 ‐10.8 17 Switzerland   b 252 1.5 ‐8.7
18 Spain 282 1.7 ‐13.2 18 Chinese  Taipei 238 1.4 ‐15.7
19 India 267 1.6 ‐17.2 19 United  Arab Emirates   d 230 1.4 ‐8.0
20 United  Arab Emirates   d 265 1.6 ‐29.3 20 Australia 208 1.2 ‐12.0
21 Thailand 214 1.3 ‐5.8 21 Turkey 207 1.2 ‐14.4
22 Saudi  Arabia, Kingdom of202 1.2 ‐41.1 22 Thailand 203 1.2 ‐11.0
23 Malaysia 200 1.2 ‐14.6 23 Russian  Federation   a 194 1.2 ‐37.0
24 Poland 198 1.2 ‐10.0 24 Poland 193 1.1 ‐13.9
25 Brazil 191 1.2 ‐15.1 25 Brazil 179 1.1 ‐25.2
26 Australia 188 1.1 ‐21.9 26 Malaysia 176 1.0 ‐15.7
27 Viet  Nam 162 1.0 7.9 27 Saudi  Arabia, Kingdom of  d 172 1.0 ‐0.9
28 Czech  Republic 158 1.0 ‐9.7 28 Viet  Nam 166 1.0 12.3
29 Austria 152 0.9 ‐14.5 29 Austria 155 0.9 ‐14.7
30 Indonesia 150 0.9 ‐14.8 30 Indonesia 143 0.9 ‐19.9
Total of above  e 13848 84.0 ‐ Total of above  e 13126 78.3 ‐
World  e 16482 100.0 ‐13.2 World   e 16766 100.0 ‐12.2 
a Importers  are valued f.o.b. 
b Included gold. 
c Singapore's  retained imports are defined as imports less re‐exports. 
d Secretariat  estimates.  
e Includes significant  re‐exports or imports for re‐export. 
Source: WTO Secretariat  
 
 PRESS/768 
Page 14 of 18 
 
 
  Appendix  Table 4: Leading exporters  and importers  of merchandise  trade exluding intra‐EU (28) trade, 2015 
$bn and % 
Rank Exporters Value ShareAnnual 
% 
chan geRank Importers Value ShareAnnual 
% 
chan ge
1 China 2275 17.4 ‐31 U n i t e d  States 2308 17.3 ‐4
2E x t r a ‐EU(28) exports 1985 15.2 ‐12 2 Extra ‐EU(28) imports 1914 14.3 ‐15
3U n i t e d  States 1505 11.5 ‐7 3 China 1682 12.6 ‐14
4 Japan 625 4.8 ‐9 4 Japan 648 4.9 ‐20
5K o r e a ,  Republic of 527 4.0 ‐85 H o n g  Kong, China 559 4.2 ‐7
‐ retained imports 134 1.0 ‐11
6H o n g  Kong, China 511 3.9 ‐36 K o r e a ,  Republic of 436 3.3 ‐17
‐ domestic  exports 13 0.1 ‐16
‐ re‐exports 498 3.8 ‐2
7 Canada 408 3.1 ‐14 7 Canada   a 436 3.3 ‐9
8 Mexico 381 2.9 ‐4 8 Mexico 405 3.0 ‐2
9 Singapore 351 2.7 ‐14 9 India 392 2.9 ‐15
‐ domestic  exports 174 1.3 ‐20
‐ re‐exports 177 1.4 ‐9
10 Russian  Federation 340 2.6 ‐32 10 Singapore 297 2.2 ‐19
‐ retained imports  b 120 0.9 ‐30
11 Switzerland   c 290 2.2 ‐71 1 S w i t z e r l a n d   c 252 1.9 ‐9
12 Chinese  Taipei 285 2.2 ‐11 12 Chinese  Taipei 238 1.8 ‐16
13 India 267 2.0 ‐17 13 United  Arab Emirates   d 230 1.7 ‐8
14 United  Arab Emirates   d 265 2.0 ‐29 14 Australia 208 1.6 ‐12
15 Thailand 214 1.6 ‐6 15 Turkey 207 1.6 ‐14
16 Saudi  Arabia, Kingdom of  d202 1.5 ‐41 16 Thailand 203 1.5 ‐11
17 Malaysia 200 1.5 ‐15 17 Russian  Federation   a 194 1.5 ‐37
18 Brazil 191 1.5 ‐15 18 Brazil 179 1.3 ‐25
19 Australia 188 1.4 ‐22 19 Malaysia 176 1.3 ‐16
20 Viet  Nam 162 1.2 8 20 Saudi  Arabia, Kingdom of  d 172 1.3 ‐1
21 Indonesia 150 1.1 ‐15 21 Viet  Nam 166 1.2 12
22 Turkey 144 1.1 ‐9 22 Indonesia 143 1.1 ‐20
23 Norway 105 0.8 ‐27 23 South  Africa  d 105 0.8 ‐14
24 South  Africa 82 0.6 ‐10 24 Norway 76 0.6 ‐15
25 Qatar 77 0.6 ‐39 25 Philippines   d7 0 0 . 5 3
26 Israel   d6 4 0 . 5 ‐72 6 E g y p t   d6 5 0 . 5 ‐9
27 Chile 63 0.5 ‐16 27 Israel   d6 5 0 . 5 ‐14
28 Iran   d6 3 0 . 5 ‐29 28 Chile 63 0.5 ‐13
29 Philippines 59 0.4 ‐6 29 Argentina 60 0.4 ‐8
30 Argentina 57 0.4 ‐17 30 Colombia 54 0.4 ‐16
Total of above  e 12036 92.0 ‐ Total of above  e 11401 85.3 ‐
World (excl. Intra‐EU(28)) e 13080 100.0 ‐13 World  (excl. Intra‐EU(28))  e 13363 100.0 ‐12
a  Imports are valued f.o.b.
b  Singapore’s  retained imports are defined as imports less re‐exports.
c  Includes gold. 
d  Secretariat  estimates.
e  Includes significant  re‐exports or imports for re‐export. 
Source: WTO Secretariat  
 
 
 PRESS/768 
Page 15 of 18 
 
 
  
Appendix  Table 5:  Leading exporters  and importers  of commercial  services, 2015 
$bn and % 
Rank Exporters Value ShareAnnua l 
% 
changeRank Importers Value ShareAnnua l 
% 
change
1U n i t e d  States 690 14.8 0.0 1 United  States 469 10.3 3.5
2U n i t e d  Kingdom 341 7.3 ‐4.7 2 China 437 9.6 14.7
3 Germany 246 5.3 ‐9.8 3 Germany 292 6.4 ‐11.5
4 France 239 5.1 ‐13.1 4 France 224 4.9 ‐11.0
5 China 229 4.9 ‐0.7 5 United  Kingdom 205 4.5 ‐1.8
6 Netherlands 176 3.8 ‐9.5 6 Japan 174 3.8 ‐8.8
7 Japan 158 3.4 ‐0.2 7 Netherlands 166 3.6 ‐4.1
8 India 158 3.4 1.2 8 Ireland 151 3.3 4.59 Singapore 140 3.0 ‐7.3 9 Singapore 144 3.1 ‐7.6
10 Ireland 128 2.7 ‐4.1 10 India   a 126 2.7 ‐1.1
11 Spain 118 2.5 ‐10.9 11 Korea,  Republic of 112 2.5 ‐2.1
12 Switzerland 108 2.3 ‐7.6 12 Belgium 104 2.3 ‐11.2
13 Belgium 106 2.3 ‐12.7 13 Italy 98 2.1 ‐13.7
14 Hong  Kong, China 104 2.2 ‐2.3 14 Canada 95 2.1 ‐10.6
15 Italy 99 2.1 ‐12.7 15 Switzerland 93 2.0 ‐5.4
16 Korea,  Republic of 97 2.1 ‐12.7 16 Russian  Federation 85 1.9 ‐28.3
17 Luxembourg 94 2.0 ‐5.6 17 Hong  
Kong, China 74 1.6 0.2
18 Canada 76 1.6 ‐10.4 18 Luxembourg 72 1.6 ‐6.5
19 Sweden 70 1.5 ‐6.2 19 Brazil 69 1.5 ‐19.8
20 Denmark 61 1.3 ‐15.9 20 Spain 63 1.4 ‐7.1
21 Thailand 60 1.3 9.6 21 Sweden 58 1.3 ‐10.8
22 Austria 60 1.3 ‐10.2 22 Saudi  Arabia, Kingdom of 58 1.3 ‐6.7
23 Chinese  Taipei  b5 6 1 . 2 ‐0.1 23 Australia 54 1.2 ‐14.0
24 Russian  Federation 49 1.0 ‐24.5 24 Denmark 54 1.2 ‐13.7
25 Australia 48 1.0 ‐9.4 25 Thailand 50 1.1 ‐4.6
26 Turkey 46 1.0 ‐7.8 26 Austria 47 1.0 ‐11.2
27 Poland 43 0.9 ‐9.6 27 Norway 47 1.0 ‐16.1
28 Norway 41 0.9 ‐17.5 28 Chinese  Taipei  b4 7 1 . 0 3 . 8
29 Malaysia 35 0.7 ‐17.0 29 Malaysia 40 0.9 ‐11.8
30 Israel 34 0.7 ‐2.9 30 Poland 32 0.7 ‐11.5
Total of above 3910 83.6 ‐ Total of above 3741 81.9 ‐
World 4675 100.0 ‐6.4 World 4570 100.0 ‐5.4
a  Imports ajusted to f.o.b valuation.
b  Data converted  to BPM6 methodology.  Manufacturing  services on inputs owned by others are not covered.
… indicates  unavailable  or non‐comparable  figures.
‐ indicates  non‐applicable.
Note:  Preliminary estimates based on quarter ly statistics. Figures for a num ber of countr ies 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 and UNCTAD Secretariat  
 
 
  
 
 
 PRESS/768 
Page 16 of 18 
 
 
  Appendix  Table 6: Leading exporters  and importers  of commercial  services excluding  intra EU(28) trade, 
2015 
$bn and % 
Rank Exporters Value ShareAnnua l 
% 
changeRank Importers Value ShareAnnua l 
% 
change
1E x t r a ‐EU(28) exports 890 24.7 ‐8.6 1 Extra ‐EU(28) imports 728 20.3 ‐6.3
2U n i t e d  States 690 19.1 0.0 2 United  States 469 13.1 3.5
3 China 229 6.4 ‐0.7 3 China 437 12.2 14.7
4 Japan 158 4.4 ‐0.2 4 Japan 174 4.8 ‐8.8
5 India 158 4.4 1.2 5 Singapore 144 4.0 ‐7.6
6 Singapore 140 3.9 ‐7.3 6 India   a 126 3.5 ‐1.1
7 Switzerland 108 3.0 ‐7.6 7 Korea,  Republic of 112 3.1 ‐2.1
8H o n g  Kong, China 104 2.9 ‐2.3 8 Canada 95 2.7 ‐10.6
9K o r e a ,  Republic of 97 2.7 ‐12.7 9 Switzerland 93 2.6 ‐5.4
10 Canada 76 2.1 ‐10.4 10 Russian  Federation 85 2.4 ‐28.3
11 Thailand 60 1.7 9.6 11 Hong  Kong, China 74 2.1 0.2
12 Chinese  Taipei  b5 6 1 . 6 ‐0.1 12 Brazil 69 1.9 ‐19.8
13 Russian  Federation 49 1.4 ‐24.5 13 United  Arab Emirates   d6 6 1 . 9 …
14 Australia 48 1.3 ‐9.4 14 Saudi  Arabia, Kingdom of 58 1.6 ‐6.7
15 Turkey 46 1.3 ‐7.8 15 Australia 54 1.5 ‐14.0
16 Norway 41 1.1 ‐17.5 16 Thailand 50 1.4 ‐4.6
17 Malaysia 35 1.0 ‐17.0 17 Norway 47 1.3 ‐16.1
18 Israel 34 1.0 ‐2.9 18 Chinese  Taipei  b4 7 1 . 3 3 . 8
19 Macao,  China  c3 4 0 . 9 ‐24.9 19 Malaysia 40 1.1 ‐11.8
20 Brazil 33 0.9 ‐15.5 20 Indonesia 31 0.9 ‐8.5
21 Philippines 28 0.8 11.2 21 Mexico 29 0.8 ‐3.8
22 Mexico 23 0.6 7.2 22 Qatar 28 0.8 ‐6.0
23 Egypt 19 0.5 ‐4.6 23 Philippines 24 0.7 10.1
24 United  Arab Emirates   d1 9 0 . 5 … 2 4K u w a i t ,  the State of 22 0.6 3.3
25 Indonesia 17 0.5 ‐2.5 25 Israel 22 0.6 ‐1.2
26 South  Africa 15 0.4 ‐10.5 26 Turkey 21 0.6 ‐10.1
27 Lebanese  Republic  e1 4 0 . 4 … 2 7 A n g o l a   d2 0 0 . 6 …
28 Saudi  Arabia, Kingdom of 14 0.4 18.4 28 Egypt 18 0.5 5.7
29 New  Zealand 14 0.4 ‐0.4 29 Nigeria   c1 8 0 . 5 ‐22.2
30 Qatar 14 0.4 7.9 30 Argentina   e1 7 0 . 5 …
Total of above 3264 90.5 ‐ Total of above 3218 89.6 ‐
World (excl. intra‐EU(28)) 3605 100.0 ‐4.9 World  (excl. intra‐EU(28)) 3590 100.0 ‐4.1
a  Imports ajusted to f.o.b valuation.
b  Data converted  to BPM6 methodology.  Manufacturing  services on inputs owned by others are not covered.
c  Follows BPM5 services classification.
d  Secretariat  estimates.  Quarterly  data not available.
e  Secretariat  estimates.  
… indicates  unavailable  or non‐comparable  figures.
‐ indicates  non‐applicable.
Note:  Preliminary estimates based on quarter ly statistics. Figures for a num ber of countr ies 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 and UNCTAD Secretariat  
 
 
 
  
 PRESS/768 
Page 17 of 18 
 
 
 Appendix  chart 1: Merchandise  exports and imports of selected economies,  July 2013‐February 2016 
(Year‐on‐year percentage  change in current dollar values) 
 
a  January and February averaged to minimize distortions due to lunar new  year.India South AfricaUnited States
JapanEuropean Union
China  a
Brazil Russian Fed.‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16
‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16
‐40‐30‐20‐1001020
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16‐50‐40‐30‐20‐10010
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16
‐40‐30‐20‐1001020
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16Exports
Imports
‐40‐30‐20‐1001020
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16 
Source: IMF International  Financial Statistics,  Global Trade Information  Services GTA database.  National statistics PRESS/768 
Page 18 of 18 
 
 
  Appendix  Chart 1 (continued):  Merchandise  exports and imports of selected economies,  July 2013‐February 
2016  
(Year‐on‐year percentage  change in current dollar values) 
a  January and February averaged to minimize distortions due to lunar new  year.Aus tralia CanadaTurkeyMalaysiaRep. Korea Singapore
Chines e Taipei a
Indonesia‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16
‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16
‐40‐30‐20‐1001020
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16Exports
Imports
‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16‐30‐20‐100102030
Jan‐14 Apr‐14 Jul‐14 Oct‐14 Jan‐15 Apr‐15 Jul‐15 Oct‐15 Jan‐16
 
Source: IMF International  Financial Statistics.  Global Trade Information  Services GTA database,  national statistics 
 
END