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1、Acknowledgements06A message from Director-General Ngozi Okonjo-Iweala07Introduction 4Chapter I5AcknowledgementsThis publication has been prepared under the direction of Robert Koopman,former Director of the Economic Research and Statistics Division,and the International Trade Statistics Section.The

2、coordination of the report was undertaken by Christophe Degain and Florian Eberth.Statistical research,data compilation and the preparation of estimates were conducted by Barbara dAndrea-Adrian,Shradha Bhatia,Lori Chang,Christophe Degain,Florian Eberth,Zineb Haj Nassar,Coleman Nee and Ying Yan.Contr

3、ibutions to this publication were also provided by the Research Group of the Economic Research and Statistics Division.The International Trade Statistics Section also wishes to thank colleagues from the Information and External Relations Division(IERD)and the Language and Documentation Services Divi

4、sion(LDSD)whose collaboration is vital in the production of this report.In particular,recognition is due to Anthony Martin,Serge Marin-Pache and Steve Cooper in IERD and to the French and Spanish translators in LDSD.Finally,we wish to thank the users of WTO statistics for their constructive suggesti

5、ons on how to improve our statistical output.This regular feedback allows us to constantly refine the data we provide.World Trade Statistical Review 2022 6A message from Director-General Ngozi Okonjo-IwealaNgozi Okonjo-Iweala Director-GeneralAfter rebounding strongly,if unevenly,from the slump cause

6、d by the onset of the COVID-19 pandemic in 2020,global trade in merchandise and services faces renewed headwinds,amid a slowing global economy,persistent inflation,monetary tightening,and the ongoing impacts of the pandemic and the war in Ukraine.In October,the WTO downgraded its forecast for mercha

7、ndise trade growth in 2023 to 1.0 per cent,in volume terms well below the 3.4 per cent growth projected as recently as April.The war,which started in February 2022,has weighed heavily on world trade,with sharp rises in commodity prices and disruptions in access to essential goods such as grain,gas,a

8、nd fertilizers.The Black Sea Grain Initiative,a deal brokered by the United Nations and Trkiye to get trapped Ukrainian grain,as well as Russian food and fertilizer,to international markets,has delivered critical supplies to people in developing and other countries,and put downward pressure on world

9、 market prices.But prices remain high by historical standards in many countries,particularly in local currency terms.The data in this report,which cover trade in 2021 and the first half of 2022,shed light on recent trends in world trade,providing insights into the repercussions of COVID-19 and the w

10、ar in Ukraine on the global economy,commodity prices,inflation,goods shortages,and supply chain congestion.Global merchandise trade grew by 26 per cent in value terms in 2021 with estimated average price increases of 15 per cent accounting for the difference with the 9.8 per cent increase in global

11、merchandise trade volumes.Particularly strong year-on-year growth was observed for major manufacturing inputs such as iron and steel(+60 per cent)and chemicals(+26 per cent).The value of world trade in pharmaceuticals and office and telecom equipment was as much as 1.3 times higher in 2021 than in 2

12、019,before the pandemic,mostly due to high demand for COVID-19 vaccines and an increase in remote working.World trade in commercial services was up 16 per cent year-on-year in 2021,boosted by the recovery in demand for transport services(+35 per cent)and the resilience of other services (+12 per cen

13、t),including financial and business services,fostered by digital technologies.Digitally delivered services which are critical for remote work,learning,and entertainment were estimated at US$3.71 trillion in 2021,30 per cent above 2019 levels.This continues the growth recorded in 2020.However,despite

14、 positive year-on year growth,travel-related expenditures remained 57 per cent below 2019 levels,as travel restrictions were only partially eased during the year.As a result,total services trade remained 5 per cent below pre-pandemic levels.Exports of goods from least-developed countries(LDCs)in 202

15、1 performed marginally better than the world average(+26.9 per cent versus+26.6 per cent),but LDC exports of commercial services lagged behind(+9 per cent versus +17 per cent).Given the relatively small share of services in the LDC export basket,LDCs share in world goods and services exports remaine

16、d at 0.93 per cent in 2020 and 2021.Improving the integration of LDCs into the world trading system remains a priority,with important roles for Aid for Trade and capacity-building initiatives regarding digital infrastructure and governance.Trade in intermediate goods recorded a 28 per cent year-on-y

17、ear increase in value terms in 2021,followed by estimated 10 per cent growth in Q1 2022.Despite difficulties in global supply chains such as port congestion,component and labour shortages,and rising operating costs,the share of intermediate goods in world exports(excluding fuels)remained at its long

18、-term trend level of just over 50 per cent,suggesting that supply chains did not see wide-scale retrenchment.We hope the statistics and insights in this report will be useful for WTO members,trade analysts and all policymakers seeking to respond to current challenges and lay the foundations for stro

19、ng,sustainable and inclusive future growth.It is also a reminder of the importance of accurate trade data for monitoring the pursuit of sustainability targets as well as the implementation and impact of agreements reached at the WTOs 12th Ministerial Conference in June 2022.I would like to thank the

20、 team who worked on this report.7Chapter I:IntroductionWorld trade overview10Merchandise trade12Commercial services15Leading traders18Least-developed countries(LDCs)19Highlights of world trade in 2021 8Chapter II9Year-on-year percentage changeQuarter1 234 1 234 1 234 1 234 1 234 1 234 1 234 1 234 1

21、234 1 234 1 234 1 234 1 234 1 23 4-60%-50%-40%-30%-20%-10%0%10%20%30%40%50%ServicesGoodsYear20082009200001920202021World trade overviewTrade in goods made a strong recovery in 2021,exceeding pre-pandemic levels,while services trade remained well below its 2019 value.

22、Chart 2.1World trade in goods and commercial services,2008-2021,quarterly(Year-on-year percentage change)Note:Trade as average of exports and imports.Source:WTO-UNCTAD-ITC.+27%Trade in goods has recovered faster than services trade due to strong consumer demand for products,especially in advanced ec

23、onomies,sustained by governments fiscal stimulus measures.In 2021,trade in goods rose by 27 per cent year-on-year,and by 17 per cent in comparison with 2019.+16%By contrast,unequal distribution of vaccines,the emergence of new COVID-19 variants and border restrictions continued to weigh on the recov

24、ery of tourism and passenger transport in the services sector.Trade in commercial services expanded by 16 per cent in 2021.However,it remained 5 per cent below pre-pandemic levels.World Trade Statistical Review 2022 10 04005006002002020265586US$billion+US$170 billion

25、68%32%Manufactured goodsOther goods02004006008001,0001,2002002020219441,0361,0418561,1581,1151,2461,2371,0251,374ExportsImportsUS$billion0572002117.319.018.517.021.65.45.96.15.05.8GoodsCommercial servicesUS$trillion%share in world merchandise exports817201

26、8202.812.713.114.715.18.78.58.68.17.88.28.07.87.87.3ChinaUnited StatesGermany Trade in goods and servicesWorld trade in goods and services amounted to US$27.3 trillion in 2021,a 24 per cent increase compared with 2020.Note:Average of exports and imports.Source:WTO-UNCTAD estimates.Leading

27、 merchandise tradersChina,the United States and Germany were the top three merchandise exporters in 2021,representing 15 per cent(China),8 per cent(United States)and 7 per cent(Germany)of world exports.Source:WTO-UNCTAD estimates.Manufactured goodsTrade in manufactured goods represented 68 per cent

28、of world merchandise exports in 2021,with a value of US$14.8 trillion.Source:WTO estimates.Transport servicesTrade in transport services rose by 35 per cent in 2021,fuelled by a surge in freight shipping rates.The total value exceeds pre-pandemic levels.Source:WTO-UNCTAD estimates.Iron and steelWorl

29、d exports of iron and steel grew the most among manufactured goods in 2021.Since 2017,they have increased by US$170 billion.Source:WTO estimates.Chapter II:Highlights of world trade in 2021 11Chapter II:Highlights of world trade in 2021 WorldSouth&CentralAmericaAsiaNorth AmericaEuropeAfri

30、caMiddleEastCommonwealthof IndependentStates(CIS),includingassociate andformer memberstates26.137.728.723.222.531.531.234.29.715.612.39.58.26.44.94.8Merchandise trade in valueMerchandise trade in volumeUS$billion05,00010,00015,00020,000200202021*17,20918,99318,49517,13521,6781,7251,8041,7

31、801,8032,1402,6153,2703,0882,3263,65812,00613,01012,75012,13114,823TotalAgricultureFuels and miningManufactured goodsMerchandise tradeAll regions recorded growth in merchandise trade in 2021.Trade in US dollar terms rose more sharply than trade in terms of volume.The strength of recovery of merchand

32、ise trade differed markedly across regions.Merchandise exportsWorld exports of fuels and mining products contributed more than any other product group to the 26 per cent growth in world merchandise exports in 2021.Chart 2.2World merchandise trade by regions,2021(Annual percentage change)+37.7%South

33、and Central America registered 37.7 per cent growth in the value of merchandise trade in 2021,the strongest among all regions.This was due to the rising prices of primary commodities,such as fuel,grains and base metal,which the region mostly imports from the Commonwealth of Independent States,Africa

34、 and the Middle East.*Estimate for product break-down.Data include trade within the European Union and exclude re-exports of Hong Kong,China.Source:WTO estimates.Chart 2.3Merchandise exports by major product group,2017-21(US$billion)Source:WTO estimates.+57%Fuels and mining products rose by 57 per c

35、ent in 2021,due to a hike in energy prices and a rebound in demand.+22%Exports of manufactured goods grew by 22 per cent in 2021,after a decline of 5 per cent in 2020.+19%Exports of agricultural products increased the least in 2021,rising by 19 per cent.The lower growth is because agricultural expor

36、ts remained resilient in 2020 despite the pandemic.World Trade Statistical Review 2022 12 12Annual percentage change20000202021-60-40-200204060364-3-7-41-173030-7-3364351-3-7-44-172729-8-2973Fuel exportsFuel prices0070Manufactured goods(total)Iron and stee

37、lChemicalsOffice andtelecomequipmentClothingAutomotiveproductsTextiles22.260.325.620.519.615.27.3Annual percentage changeWorld exports of manufactured goodsWorld exports of manufactured goods exceeded their pre-pandemic levels in 2021,increasing by 22 per cent with exports of iron and steel growing

38、the most.Fuel prices and world fuel exportsWorld fuel exports bounced back in 2021 after the COVID-19-related collapse in demand in 2020.Fuel prices saw a sharp rise in 2021 due to the increased demand.+60%World exports of iron and steel increased the most in 2021,rising by 60 per cent driven by inc

39、reased demand and high prices for raw materials.+7%Exports of textiles grew the least,rising by 7 per cent in 2021.This lower growth is because textiles maintained high values in 2020 despite the pandemic.+64%In 2021,world fuel exports reached a new peak in value terms,rising by 64 per cent and clim

40、bing to US$2,573billion.+73%Fuel prices jumped by 73 per cent in 2021,due to increased demand and limited production.Chart 2.4World exports of manufactured goods,2021(Annual percentage change)Chart 2.5World exports of fuels and fuel prices,2011-21(Annual percentage change)Note:Data include trade wit

41、hin the European Union and exclude re-exports of Hong Kong,China.Source:WTO estimates.Source:WTO Secretariat(export values)/IMF(fuel prices).Chapter II:Highlights of world trade in 2021 13Chapter II:Highlights of world trade in 2021 50607033281T

42、otal intermediate goods(IG)IG food&beveragesIG parts&accessories(excl.transport equipment)IG parts&accessories(transport equipment)IG ores;precious stones;rare earthsIG other industrial suppliesAnnual percentage changeQuarterUS$billion2023412341234QuarterYear20040060080010001200AsiaEurope

43、North AmericaSouth and Central AmericaAfrica43%and 35%Asia and Europe were the main providers of inputs for supply chains in 2021,representing 43 per cent and 35 per cent respectively of world exports of intermediate goods.67%Almost 67 per cent of Asian exports of industrial inputs were shipped with

44、in Asian supply chains,especially high-tech components such as processors.Exports of intermediate goods within Asia reached US$2.9 trillion in 2021.Chart 2.6 World exports of intermediate goods,total and by main category,2021Q1-Q4Source:WTO estimates.Source:Trade Data Monitor(110 reporting economies

45、,including estimates for Africa).Regional breakdown of world exports of intermediate goodsAsia and Europe represented close to 80 per cent of world exports of intermediate goods in 2021.+46%and-12%The fluctuation in exports of ores and precious stones reflects the rise in prices of iron ores during

46、the first half of 2021(46 per cent)and decline in the second half(-12 per cent).+68%Q2 of 2021 saw a recovery(68 per cent)in automotive supply chains,from a low base,following the strong decline recorded by the automotive industry in terms of supply and demand during the peak of the pandemic.World e

47、xports of intermediate goodsWorld exports of intermediate goods used in supply chains grew by 28 per cent in 2021.Sustained growth of“other industrial supplies”,representing nearly half of world exports and covering a wide range of manufacturing inputs from metal structures to electronic components

48、and pharma products reflects increased activity in manufacturing production chains in 2021.Chart 2.7World exports of intermediate goods,by region,2019Q1-2021Q4World Trade Statistical Review 2022 14Year-on-year percentage changeQuarter-80%-60%-40%-20%0%20%40%60%-100%80%TransportTravelOther commercial

49、 servicesYear20211 2 3 420201 2 3 420191 2 3 420181 2 3 420171 2 3 420161 2 3 420151 2 3 420141 2 3 420131 2 3 420121 2 3 420111 2 3 420101 2 3 420091 2 3 420081 2 3 4Note:Trade as average of exports and imports.Source:WTO-UNCTAD-ITC estimates.Commercial servicesChart 2.8World trade in commercial se

50、rvices by sectors,quarterly,2008-21(Year-on-year percentage change)A surge in consumer demand for goods along with pandemic-related restrictions resulted in port bottlenecks,a misallocation of containers”instead of shortage of containers worldwide and shipping delays,leading to a large increase in s

51、hipping rates in 2021 and strong growth in the value of sea transport services.However,by the end of 2021,travel-related expenditure was still 57 per cent below its value in 2019.+45%Following a 28 per cent plunge in Q2 of 2020,global transport services rebounded strongly in 2021,rising by 45 per ce

52、nt on average in Q2 to Q4 of 2021.Chapter II:Highlights of world trade in 2021 202141.849.849.935.323.224.521.324.723.51.72.32.2Sea transportAir transportOther transport servicesPostal and courier servicesPercentage changeNote:Trade as average of exports and imports.Source:WTO-

53、UNCTAD estimates.Annual percentage change0%10%20%30%-10%40%ComputerservicesAudio-visual andrelated servicesCharges for theuse of intellectual property,n.i.e.Insurance andpension servicesFinancial servicesOther businessservicesConstruction2113422 vs.2019Chart 2.9Other comme

54、rcial services by selected subsector,2021(Annual percentage change)Other commercial servicesExports of other commercial services ranging from computer services to construction were up 14 per cent globally in 2021.However,recovery was uneven across sectors.Supply chain disruptions boosted growth in i

55、nsurance services but hindered recovery in construction,with exports 8 per cent below 2019 levels.This was due to shortages of essential building materials,such as steel,and high prices.As in 2020,computer services recorded the strongest growth.+14%Insurance services rose 14 per cent in 2021,up 30 p

56、er cent compared with 2019,as insurance premiums on freight transport soared.+21%Computer services continued to rise,increasing by 21 per cent in 2021,34 per cent above pre-pandemic levels.Source:WTO-UNCTAD estimates.Trade in transport servicesChart 2.10Breakdown of trade in transport services 2019-

57、21(Percentage share)24.5%The value of air transport services,covering largely passenger transport,fell sharply in 2021 due to travel restrictions worldwide relating to the COVID-19 pandemic.As a result,the share of air transport in transport services overall contracted from 35.3 per cent in 2019 to

58、24.5 per cent in 2021.49.9%Boosted by high consumer demand for goods and surging shipping rates,sea transport services accounted for half(49.9 per cent)of trade in transport services in 2021.World Trade Statistical Review 2022 16Index 2005=02002503003504002005200620072008200920

59、0001920202021Digitally-delivered services exports(mode 1)Goods exportsNote:In the chart,digitally delivered services cover cross-border supply(mode 1 of the General Agreement on Trade in Services)of insurance and pension services,financial services,charges for the use of intell

60、ectual property n.i.e.,telecommunications,computer and information services,other business services,and personal,cultural and recreational services.Sources:For services,WTO estimates in the Trade in Services by Mode of Supply revised dataset(TiSMoS).For goods exports on balance-of-payment basis,WTO-

61、UNCTAD estimates.Chart 2.11Global exports of digitally delivered services,2005-21(Index 2005=100)Global exports of digitally delivered services+7.3%Global exports of digitally delivered services have almost tripled since 2005,rising by 7.3 per cent on average per year from 2005 to 2019,outpacing goo

62、ds exports(+4.7 per cent on a balance-of-payments basis).+14%While goods trade fell in 2020,exports of digitally delivered services rose by 14 per cent,boosted by an increase in remote working,distance learning and home entertainment due to COVID-19.3.71 trillionIn 2021,world exports of digitally de

63、livered services reached an estimated value of US$3.71 trillion.Chapter II:Highlights of world trade in 2021 17Chart 2.12Changes in rankings for merchandise traders in the worlds top 100,2020-21(Rank)Chart 2.13Changes in rankings for commercial services traders among the worlds top 100,2020-21(Rank)

64、Source:WTO-UNCTAD estimates.Source:WTO-UNCTAD estimates.NorwaySloveniaPakistanNew ZealandLibyaAngolaDemocraticRepublic ofthe CongoMyanmarGhanaMacao,ChinaBruneiDarussalamNepalTanzaniaNicaraguaGuinea3835495367772908373878990BahamasLithuaniaEl SalvadorMacao,C

65、hinaChileSaudi Arabia,Kingdom ofTrkiyeBangladeshAustraliaArgentinaUgandaKazakhstanQatarSri LankaNigeria0093625659543732322874702529535893996774344Nepal jumped 13 places in its world ranking among merchandise traders,moving up to 103rd position in 2021.While China remained the l

66、eading merchandise trader in 2021,Macao(China)and Brunei Darussalam entered the top 100 merchandise traders in the world for the first time in over 15 years.This was prompted by strong imports of consumer goods for Macao(China)and strong exports and imports of mineral fuels for Brunei Darussalam.Eco

67、nomies such as Bangladesh and El Salvador that witnessed a boost in exports of other commercial services like computer services jumped up in rankings in 2021.70Bangladesh climbed four places among the leading traders of commercial services to 70th position in 2021.Leading tradersWorld Trade Statisti

68、cal Review 2022 18Source:WTO-UNCTAD estimates.US$billion050020022940432729GoodsCommercial services+27%+9%+27%LDCs goods exports rose by 27 per cent in 2021,in line with the rest of the world.Exports of goods from least-developed countries(LDCs)amounted to US$229 bill

69、ion in 2021,a 27 per cent increase,while LDC exports of commercial services totalled US$29 billion,expanding by 9 per cent.Compared with pre-pandemic levels,goods exports were up 17 per cent while services exports remain 32 per cent below the value for 2019.This is because travel receipts continued

70、to be affected by the pandemic and mobility restrictions.+9%The value of LDCs exports of commercial services expanded by 9 per cent in 2021,compared with 17 per cent for the rest of the world.Least-developed countries(LDCs)Chart 2.14Exports of least-developed countries,2018-21(US$billion)Chapter II:

71、Highlights of world trade in 2021 19Trade and GDP growth in 2021 and first half of 202222Merchandise trade volume23Commodity prices25Exchange rates26Merchandise and commercial services trade values27Other trade-related indicators32World trade and economic growth,2021-22 20Chapter IIIWorld merchandis

72、e trade volume and real GDP rebounded strongly in 2021 after slumping in 2020 following the onset of the COVID-19 pandemic.Merchandise trade volume rose 9.7 per cent in 2021 while GDP at market exchange rates increased by 5.9 per cent.However,weaker trade growth was recorded in the first half of 202

73、2.Merchandise trade made a strong recovery in 2021,as demand for imported goods continued to rebound from the pandemic-induced slump of 2020.However,disruptions to supply chains increasingly weighed on growth over the course of the year.Both merchandise and commercial services trade grew at double-d

74、igit rates in the first half of 2022 when measured in nominal US dollar terms.These increases were driven by higher food and energy prices as well as increased spending on travel and transport services.Merchandise exports were up 17 per cent year-on-year in value terms in the second quarter while co

75、mmercial services exports were up 18 per cent in the first quarter.Merchandise trade slowed in the first half of 2022 as the global economy struggled under the influence of several related factors,including the war in Ukraine,high inflation and lingering effects from the COVID-19 pandemic.Merchandis

76、e trade growth fell to 4.4 per cent year-on-year in the second quarter of 2022,with slower growth expected in the second half of the year.21-6-4-62002020212.21.44.93.20.5-5.29.73.02.73.33.22.6-3.45.8TradeGDPAverage trade growth 2010-2019Average GDP growth 2010-2019Annual

77、percentage changeTrade and GDP growth in 2021 and first half of 2022World trade and GDP rebounded in 2021 after falling sharply in 2020 during the COVID-19 pandemic but weaker growth is expected in 2022 and 2023 as the global economy slows.Chart 3.1 World merchandise trade volume and real GDP growth

78、,2015-21(Annual percentage change)Sources:WTO for trade,consensus estimates for GDP.Note:GDP growth is weighted at market exchange rates.The volume of world merchandise trade grew 9.7 per cent in 2021.Growth was up sharply from 2020,when merchandise trade fell 5.2 per cent during the first year of t

79、he COVID-19 pandemic.Trade growth in 2021 was well above the 2.7 per cent average rate for 2010-19,the period between the global financial crisis and the onset of the pandemic.Merchandise trade registered an even larger increase in US dollar terms in 2021,rising 26 per cent to US$22.46 billion after

80、 having fallen 7 per cent to US$17.76 billion in 2020.Stronger growth in value terms than in volume terms implies rising export and import prices.These were up 15.4 per cent on average in 2021.Growth in merchandise trade in 2021 was accompanied by a 5.8 per cent increase in world GDP at market excha

81、nge rates,well above the 3.0 per cent average rate for 2010-19.World trade grew around 1.7 times faster than world GDP in 2021.Supply chain disruptions increasingly weighed on trade over the course of 2021 and in the first half of 2022.Economic forecasts have pointed to further weakening of trade an

82、d GDP in the second half of 2022 and in 2023.World Trade Statistical Review 2022 22-20-15-10-505101520253.01.51.31.4-0.32.11.91.74.25.15.65.64.93.63.81.61.30.6-0.2-0.8-3.8-15.4-5.01.06.122.17.86.14.84.4Year-on-year%change90955120125Volume index,2015=100Volume index,2015=100Year-on-year%ch

83、angeQuarter44123412Year2000212022Merchandise trade volumeMerchandise trade growth slowed in the first half of 2022 and was expected to diminish further in the second half of the year due to the Ukraine crisis,high inflation and lingering effects from the g

84、lobal pandemic.Chart 3.2 World merchandise trade volume,2015Q1-2022Q2(Volume index 2015=100 and year-on-year percentage change)Source:WTO and UNCTAD.Year-on-year growth in the seasonally adjusted volume of world merchandise trade peaked at 22.1 per cent in the second quarter of 2021,one year after t

85、he low point of the 2020 recession triggered by the COVID-19 pandemic.Merchandise trade slowed in the first half of 2022 as the global economy struggled under several related factors,including the conflict in Ukraine,high inflation and lingering effects from the pandemic.Merchandise trade growth fel

86、l to 4.4 per cent year-on-year in the second quarter of 2022,with slower growth expected in the second half of the year.Despite the slowdown,global merchandise trade volume remained at an all-time high in 2022Q2,up 7.4 per cent from its pre-pandemic peak in the third quarter of 2019.Chapter III:Worl

87、d trade and economic growth,2021-22 23607080900North AmericaSouth AmericaaEuropeCISbAfricaMiddle EastAsiaQuarter 234Year20022Volume index,2019=100Volume index,2019=0North AmericaSouth AmericaaEuropeCISbAfricaMiddle EastAsiaQuarter 234

88、Year20022Merchandise trade growth has varied strongly across regions since the start of the Ukraine crisis in the first quarter of 2022.Chart 3.3 Merchandise export and import volume by region,2019Q1-2022Q2(Volume index,2019=100)a Refers to South and Central America and the Caribbean.b Re

89、fers to Commonwealth of Independent States,including certain associate and former member states.Sources:WTO and UNCTAD.ExportsImports The Commonwealth of Independent States(CIS),including certain associate and former member states,recorded a sharp 10.4 per cent quarter-on-quarter decline in the volu

90、me of its merchandise exports in the second quarter of 2022,partly as a result of reduced shipments of energy to European trading partners.Meanwhile,the volume of CIS imports plunged 21.7 per cent as sanctions against the Russian Federation took effect.Quarter-on-quarter export growth in Q2 of 2022

91、was 6.5 per cent in the Middle East,2.5 per cent in Africa and 1.3 per cent in South America.Increased shipments from other petroleum-exporting regions partly made up for reduced supplies from the CIS.Import volumes were up 6.1 per cent quarter-on-quarter in Africa,5.5 per cent in the Middle East an

92、d 1.6 per cent in South America,as surging export revenues allowed countries in these regions to import more.Merchandise export and import volumes were up in North America and Europe in Q2 of 2022 compared to Q1 but trade in Asia declined,falling 0.5 per cent on the export side and 0.3 per cent on t

93、he import side.The trade slowdown in Asia is partly attributable to impacts of the pandemic on supply chains,which interrupted production and disrupted shipments of goods in China.World Trade Statistical Review 2022 24Index,2019=0800EnergyCrude oilNatural gasFoodGrainsFertilize

94、rsMonthYear789 10 11 12 89 10 11 22789 10 11 12US$/MMBtu020406080Natural gas,USNatural gas,EuropeNatural gas,Japan1234562019MonthYear78910 11 12 11 12 11 12 020212022Prices of primary commodities,such as energy(coal,natural gas,spot

95、 crude and propane)and food,rose steeply in 2022,led by sharply higher European natural gas prices in the wake of the Ukraine crisis.Chart 3.4 Monthly average prices for primary commodities,January 2019-September 2022(Index 2019=100 and US$per million Btu)Btu=British thermal unit.Source:World Bank.P

96、rices for energy and food products increased sharply following the outbreak of the war in Ukraine.Energy prices in September 2022 were up 47 per cent year-on-year and 125 per cent compared to January 2021.Food prices also rose 12 per cent year-on-year in September and 19 per cent since January 2021.

97、The rise in energy prices was driven by natural gas,which jumped 118 per cent year-on-year in September 2022 and 433 per cent since January 2021.Crude oil prices moderated between June and September but remained high,up 64 per cent compared to January 2021 Global grain prices were up 21 per cent yea

98、r-on-year in September 2022,including a 24 per cent rise in the price of wheat.Particularly worrying for food security was the price of fertilizers,which were up 75 per cent year-on-year in September.High fertilizer prices could cause farmers in poor countries to use less or do without,with negative

99、 consequences for crop yields.Natural gas prices have varied strongly across regions since the start of 2021.In September 2022,European gas prices were more than eight times higher than in January 2021.Prices in the United States nearly tripled over the same period but remained low compared to Europ

100、e,US$7.76 per million Btu compared to US$59.10.Commodity pricesChapter III:World trade and economic growth,2021-22 258590955ChinaEuro areaJapanUnited KingdomUnited StatesIndex,January 2014=1001 246357 8 9 00221 246357 8 9 101112 1 246357 8 9 101112 1 246357 8 9 10111

101、2 1 246357MonthYearExchange ratesExchange rates fluctuated strongly in 2021 and 2022,with safe haven currencies appreciating and those of energy importers depreciating.Chart 3.5 Exchange rate indices for selected economies,January 2018 August 2022a(Index,January 2014=100)a Real effective exchange ra

102、tes against a broad basket of currencies.Source:Bank for International Settlements(BIS).The real effective exchange rate of the US dollar rose steadily in 2021 and increased more sharply in 2022,reflecting both the expected tightening of US monetary policy and the dollars status as a safe haven in t

103、imes of uncertainty.The dollar appreciated 3.9 per cent against a broad basket of currencies between January and December 2021 and a further 6.8 per cent between January and August 2022.Dollar appreciation also contributed to food insecurity by making many countries imports more expensive in nationa

104、l currency terms.The Chinese yuan gained 7.0 per cent in value against other currencies over the course of 2021 but only rose 0.3 per cent in the first eight months of 2022.In contrast,the euro fell 2.5 per cent between January and December 2021 before losing another 3.5 per cent between January and

105、 August 2022.The British pound appreciated by 3.5 per cent over the course of 2021 before falling 3.6 per cent in the first eight months of 2022.The value of the Japanese yen has declined steadily,dropping 6.8 per cent against currencies of Japans trading partners between January and December 2021 a

106、nd another 9.8 per cent between January and August 2022.The depreciation of the yen partly reflects Japans status as a net importer of energy during a period of high oil and gas prices.World Trade Statistical Review 2022 26Year-on-year percentage change in US$values020406080Total merchandiseAgricult

107、ural productsFuels and mining productsManufactured goods22923569262021Q42022Q12022Q2First half 2022/2019Higher prices for fuels and agricultural products boosted trade values in 2021 and the first half of 2022,contributing to double-digit growth in merchandise trade values.Merc

108、handise and commercial services trade valuesChart 3.6 World merchandise exports by sector,2021Q4-2022Q2(Year-on-year percentage change in US$values)Sources:WTO estimates.Total merchandise trade in nominal US dollar terms was up 17 per cent year-on-year in the second quarter of 2022,mostly due to ris

109、ing export and import prices.The US dollar value of trade in agricultural products was up 13 per cent year-on-year in the second quarter of 2022 while trade in fuels and mining products rose 60 per cent.Meanwhile,trade in manufactured goods only increased 10 per cent in Q2.The value of merchandise t

110、rade in the first half of 2022 was up 32 per cent compared to the first half of 2019,before the pandemic.The value of trade in fuels and mining products increased 69 per cent over the same period while the value of agricultural products trade rose 34 per cent.Chapter III:World trade and economic gro

111、wth,2021-22 27Year-on-year percentage change in US$values020406080222232043578Q42022Q12022Q2First half 2022/2019WorldNorth AmericaSouth AmericaaEuropeCISbAfricaMiddle EastAsiaOil-producing regions recorded the strongest growth in export values b

112、ut exports from Asia were also up substantially compared to the pre-pandemic period.Chart 3.7 Merchandise exports by region,2021Q4-2022Q2(Year-on-year percentage change in US$values)a Refers to South and Central America and the Caribbean.b Refers to Commonwealth of Independent States,including certa

113、in associate and former member states.Sources:WTO and UNCTAD.In the second quarter of 2022,the highest year-on-year growth in the value of merchandise exports was recorded in the Middle East(78 per cent)and in Africa(35 per cent),well above the world average of 17 per cent.Growth was slightly above

114、average in the CIS region(24 per cent),North America(23 per cent)and South America(20 per cent).It was below average in Asia(14 per cent)and Europe(9 per cent).Exports from Asia in the first half of 2022 were up 39 per cent compared to the first half of 2019,reflecting the strong trade performance o

115、f the region during the COVID-19 pandemic.However,the regions exports are expected to grow more slowly from the second half of 2022 as external demand weakens.Export growth in value terms remained positive in the CIS region as higher prices masked a decline in volume terms.World Trade Statistical Re

116、view 2022 28Year-on-year percentage change in US$values-40-20020406024204620232522292118181Q42022Q12022Q2First half 2022/2019WorldNorth AmericaSouth AmericaaEuropeCISbAfricaMiddle EastAsiaMerchandise imports in value terms grew at double-digit rates in al

117、l regions except the Commonwealth of Independent States(CIS),where imports fell sharply in the second quarter of 2022.Chart 3.8 Merchandise imports by region,2021Q4-2022Q2(Year-on-year percentage change in US$values)a Refers to South and Central America and the Caribbean.b Refers to Commonwealth of

118、Independent States,including certain associate and former member states.Sources:WTO and UNCTAD.The highest year-on-year growth in the value of merchandise imports in the second quarter of 2022 was recorded by South America(34 per cent),well above the world average of 18 per cent.Growth was slightly

119、above the world average in Africa(23 per cent),the Middle East(23 per cent)and North America(22 per cent).It was in line with the global average in Europe(18 per cent)and slightly below average in Asia(15 per cent).Meanwhile,imports plunged by 28 per cent in the CIS region,mostly as a result of sanc

120、tions against the Russian Federation.Figures for the CIS should be interpreted with caution since economic data for the Russian Federation has become scarce.Chapter III:World trade and economic growth,2021-22 29Year-on-year percentage change in US$values-40-20020406080-60100Commercial servicesGoods-

121、related servicesTransport servicesTravelOther commercial services2678Q32021Q42022Q12022Q1/2019Q1Commercial services trade continued to recover in the second half of 2021 and the first quarter of 2022,with moderate growth in goods-related services and“other commer

122、cial services”balanced by strong recoveries in travel and transport services.Chart 3.9 Commercial services exports by category,2021Q3-2022Q1(Year-on-year percentage change in US$values)Sources:WTO and UNCTAD.Year-on-year growth in the US dollar value of world commercial services trade slowed from 26

123、 per cent in the third quarter of 2021 to 21 per cent in the fourth quarter,and then to 18 per cent in the first quarter of 2022.These growth rates are slightly lower than those for merchandise trade in the same period due to the fact that services trade declined less than merchandise trade during t

124、he pandemic.The category of“other commercial services”,which includes financial and other business services,was up 7 per cent year-on-year in the first quarter of 2022 while goods-related services registered a 9 per cent increase.In the same period,transport services were up 37 per cent while travel

125、 rose 89 per cent after a prolonged pandemic-related slump.World Trade Statistical Review 2022 30Year-on-year percentage change in US$valuesUnited StatesaEuropean UnionUnited KingdomChinaaIndiaCommercial servicesTransportTravelOtherCommercial servicesTransportTravelOtherCommercial servicesTransportT

126、ravelOtherCommercial servicesTransportTravelOtherCommercial servicesTransportTravelOther-5005039211481325Most large economies recorded strong growth in travel and transport services in the first half of 2022,which is likely to be sustained in the third quarter

127、before slowing in the fourth.Chart 3.10 Commercial services exports of selected economies,January-June 2022a(Year-on-year percentage change in US$values)aUnited States and China refer to January-July.Note:Other includes goods-related services.Source:WTO and national statistics.Data for the five larg

128、est services exporting economies in the first half of 2022 illustrate more recent developments in commercial services trade.Travel exports were up strongly in most cases(161 per cent in the European Union,134 per cent in the United Kingdom and 104 per cent in the United States)as pandemic-related re

129、strictions eased and pent-up demand for travel was released.China was the main exception,where spending on travel fell 22 per cent year-on-year due to extended restrictions following new outbreaks of COVID-19.Other services(including goods-related services)grew at a modest pace since they did not de

130、cline as much as travel and transport services during the pandemic.India was an exception,with strong growth of 25 per cent,linked to computer and IT services being in high demand since early in the pandemic.Chapter III:World trade and economic growth,2021-22 3505560Headline Global PMINew

131、 export ordersDiffusion index,base=50Diffusion index,base=502002120221 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 91 2 3 4 5 6 7 8 9101112MonthYear2002120221 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1 2 3 4 5 6 7 8 9 101112 1

132、 2 3 4 5 6 7 8 91 2 3 4 5 6 7 8 9101112MonthYear304050607080Input pricesOutput pricesStocks of finished goodsSupplier delivery timesOther trade-related indicatorsPurchasing managers indices(PMIs)for September 2022 showed global manufacturing activity and trade slowing,partly relieving earlier pressu

133、res on supply chains.Chart 3.11 Global Manufacturing Purchasing Managers Indices(PMIs),January 2018-September 2022(Diffusion index,base=50)Source:J.P.Morgan and S&P Global.Note:Values greater than 50 indicate expansion while values less than 50 denote contraction.The global purchasing managers index

134、(PMI)is a leading economic indicator based on surveys of businesses in more than 40 countries.Values greater than 50 indicate expansion while values less than 50 denote contraction.The manufacturing PMIs headline index fell to 49.8 in September 2022,marking the first contraction since June 2020.The

135、new export orders sub-index also fell to 45.9 in the same month.Together,these suggest that global manufacturing activity stalled by the end of the third quarter and that goods trade would continue to slow in the fourth quarter.Other sub-indices of the manufacturing PMI cast light on the state of gl

136、obal supply chains.An index representing input prices fell from 71.6 in April 2022 to 61.2 in September.Another showing final goods prices dropped from 63.8 to 56.6 over the same period.Delivery times also shortened in August and stocks of finished goods rose.These suggest that inflationary pressure

137、s and supply chain issues were easing in September,possibly due to weakening demand.World Trade Statistical Review 2022 32Index 2015=00125130135Original series(Index 2015=100)Seasonally and working day adjusted2468 10 1220152468 10 1220162468 10 1220172468 10 1220182468 10 1220

138、192468 10 1220202468 10 22MonthYearShipping indices showed global container throughput at an all-time high in September 2022 but not much higher than in 2021,suggesting weak trade growth in 2022.Chart 3.12 Global container throughput index,January 2015-August 2022(Index 2015=100)Source:Le

139、ibniz Institute for Economic Research and the Institute for Shipping Economics and Logistics.Note:The index is based on data gathered from 94 ports accounting for 64 per cent of global container traffic.The volume of world container shipping reached an all-time high in August 2022,although it has be

140、en mostly flat since October 2020.Throughput dipped in April 2022 due to pandemic-related lockdowns in China but traffic rebounded after restrictions were relaxed.The decline in China was partly made up for by increased container handling at US ports,which previously experienced severe congestion.Ne

141、w outbreaks of COVID-19 could again interrupt shipping and hamper trade in the remainder of 2022 and in 2023.Chapter III:World trade and economic growth,2021-22 33International commercial flights made a partial recovery in 2021 and grew steadily in 2022,reflecting stronger growth of travel and trans

142、port services.Chart 3.13 International commercial flights,January 2020-August 2022(Index,week of 1 January=100,7-day moving average)Source:OpenSky Network and WTO Secretariat Calculations.International commercial flights are classified as transport services and are closely associated with travel exp

143、enditure by international tourists.Both cargo and passenger flights also carry significant quantities of goods,so they are linked to both merchandise and commercial services trade.Daily commercial flights,including flights within the European Union,finally exceeded their level at the start of 2020 d

144、uring the summer of 2022.However,flights excluding those within the EU remained below their pre-pandemic level in August 2022.Rising fuel costs and increased economic uncertainty are expected to weigh on commercial flights in the remaining months of 2022 and in 2023.Index,week of 1 January=100,7-day

145、 moving average020406080100120International flightsInternational flights excl.Intra-EU01-01-202029-01-202026-02-202025-03-202022-04-202020-05-202017-06-202015-07-202012-08-202009-09-202007-10-202004-1 1-202002-12-202030-12-202027-01-202124-02-202125-03-202122-04-202120-05-202118-06-202116-07-202113-

146、08-20211 1-09-202110-10-202107-1 1-202106-12-202103-01-202231-01-202201-03-202230-03-202227-04-202225-05-202223-06-202221-07-202019-08-2022World Trade Statistical Review 2022 34Index,January 2020=100 0500Value in US$VolumeMonthYear6357892463572022The volum

147、e of world wheat trade declined slightly after the start of the Ukraine conflict but prices rose substantially,increasing the cost of imported food for consumers and undermining global food security.Chart 3.14 Estimated value and volume of world wheat exports,January 2020-July 2022(Index,January 202

148、0=100)Source:WTO estimates based on partner statistics.The estimated volume of world trade in wheat fell nearly 20 per cent between March and July 2022 following the start of the Russia-Ukraine conflict but it was only down 4 per cent compared to July 2021.The decline in wheat trade in quantity term

149、s was not as severe as it might have been but consumers could still have difficulty obtaining necessities due to higher prices.The cumulative value of world wheat trade between March and July 2022 was 64 per cent higher than during the same period in the previous year.Underlying data suggest that so

150、me countries have responded to higher wheat prices by reducing consumption and imports.Since March 2022,quantities of imported wheat were down year-on-year in Bolivia(-69 per cent),Jordan(-41 per cent),Zambia(-38 per cent),Nigeria(-37 per cent)and Ecuador(-30 per cent),among others.Chapter III:World

151、 trade and economic growth,2021-22 35Composition of geographical and economic groupings42Definitions and methodology42Specific notes for selected economies49Statistical sources50Abbreviations and symbols51Composition,definitions&methodology 40Chapter IV4141 North America South and Central America an

152、d the Caribbean Europe Commonwealth of Independent States(CIS),including certain associate and former member States Africa Middle East AsiaComposition of geographical and economic groupings Definitions and methodology Refer to the WTO Stats Portals Technical Notes for country group definitions at st

153、ats.wto.org.Exports and importsTwo systems of recording merchandise exports and imports are in common use.They are referred to as general trade and special trade and differ mainly in the way warehoused and re-exported goods are treated.General trade figures are larger than the corresponding special

154、trade figures because the latter exclude certain trade flows,such as goods shipped through bonded warehouses.To the extent possible,total merchandise trade is defined in this report according to the general trade definition.It covers all types of inward and outward movement of goods through a countr

155、y or territory including movements through customs warehouses and free zones.Goods include all merchandise that either add to or subtract from the stock of material resources of a country or territory by entering(imports)or leaving(exports)the countrys economic territory.For further explanations,see

156、 United Nations International Trade Statistics,Concepts and Definitions,Series M,N 52,Revision 3.Unless otherwise indicated,exports are valued at transaction value,including the cost of transportation and insurance to bring the merchandise to the frontier of the exporting country or territory(“free

157、on board”valuation).Imports are valued at transaction value plus the cost of transportation and insurance to the frontier of the importing country or territory(“cost,insurance and freight”valuation).Merchandise tradeWorld Trade Statistical Review 2022 42A.Primary products(i)Agricultural products(SIT

158、C sections 0,1,2 and 4 minus divisions 27 and 28)of which,-Food(SITC sections 0,1,4 and division 22)of which,0-Food and live animals1-Beverages and tobacco4-Animal and vegetable oils,fats and waxes22-Oil seeds and oleaginous fruits-Fish(SITC division 03)-Other food products and live animals(SITC sec

159、tions 0,1,4 and division 22 minus division 03)-Raw materials(SITC divisions 21,23,24,25,26,29)of which,21-Hides,skins and fur skins,raw23-Crude rubber(including synthetic and reclaimed)24-Cork and wood25-Pulp and waste paper26-Textile fibres(other than wool tops and other combed wool)and their waste

160、s(not manufactured into yarn or fabric)29-Crude animal and vegetable materials,not elsewhere specified(ii)Fuels and mining products(SITC section 3 and divisions 27,28,68)of which,-Ores and other minerals(SITC divisions 27,28)of which,27-Crude fertilizers,other than those of division 56,and crude min

161、erals(excluding coal,petroleum and precious stones)28-Metalliferous ores and metal scrap-Fuels(SITC section 3)-Non-ferrous metals(SITC division 68)Product group definitionsProductsAll product groups are defined according to Revision 3 of the Standard International Trade Classification(SITC)and to Re

162、vision 4 of the Classification by Broad Economic Categories(BEC).Throughout this report,other food products and live animals;beverages and tobacco;animal and vegetable oils,fats and waxes;oilseeds and oleaginous fruit are referred to as other food products;electronic data processing and office equip

163、ment is referred to as EDP and office equipment;and integrated circuits and electronic components is referred to as integrated circuits.Agricultural products according to the AoA(WTO Agreement on Agriculture)definition refer to HS chapters 1 to 24(excluding fish and fish products)and a number of man

164、ufactured agricultural products(for further information see“The Legal Texts,The Results of the Uruguay Round of Multilateral Negotiations”,WTO).This definition does not correspond to the definition of agricultural products presented in the breakdown of merchandise trade by main product group,as indi

165、cated below.B.Manufactures(SITC sections 5,6,7,8 minus division 68 and group 891)(i)Iron and steel(SITC division 67)(ii)Chemicals(SITC section 5)of which,-Pharmaceuticals(SITC division 54)-Other chemicals(SITC divisions 51,52,53,55,56,57,58,59)of which,51-Organic chemicals52-Inorganic chemicals53-Dy

166、eing,tanning and coloring materials55-Essential oils and resinoids and perfume materials;toilet,polishing and cleaning preparations56-Fertilizers(other than those of Group 272,i.e.Fertilizers,crude)57-Plastics in primary forms58-Plastics in non-primary forms59-Chemical materials and products,not els

167、ewhere specifiedChapter IV:Composition,definitions&methodology43(iii)Other semi-manufactures(SITC divisions 61,62,63,64,66,69)of which,61-Leather,leather manufactures,not elsewhere specified and dressed fur skins62-Rubber manufactures,not elsewhere specified63-Cork and wood manufactures(excluding fu

168、rniture)64-Paper,paperboard and articles of paper pulp,of paper or of paperboard66-Non-metallic mineral manufactures,not elsewhere specified69-Manufactures of metals,not elsewhere specified(iv)Machinery and transport equipment(SITC section 7)-Office and telecommunication equipment(SITC divisions 75,

169、76 and group 776)of which,-Electronic data processing and office equipment(SITC division 75)-Telecommunications equipment(SITC division 76)-Integrated circuits,and electronic components(SITC group 776)-Transport equipment(SITC group 713,sub-group 7783 and divisions 78,79)of which,78-Road vehicles(in

170、cluding air-cushion vehicles)79-Other transport equipment-Automotive products(SITC groups 781,782,783,784 and subgroups 7132,7783)of which,781-Motor cars and other motor vehicles principally designed for the transport of persons(other than public-transport type vehicles),including station wagons and

171、 racing cars782-Motor vehicles for the transport of goods and special purpose motor vehicles783-Road motor vehicles,not elsewhere specified784-Parts and accessories of the motor vehicles and tractors7132-Internal combustion piston engines for propelling vehicles listed above-Other transport equipmen

172、t(SITC division 79,groups 713,785,786 minus sub-group 7132)of which,79-Other transport equipment713-Internal combustion piston engines,and parts thereof,not elsewhere specified785-Motorcycles and cycles,motorized and non-motorized786-Trailers and semi-trailers,other vehicles(not mechanically propell

173、ed),and specially designed and equipped transport containers-Other machinery(SITC divisions 71,72,73,74,77 minus groups 713,776 minus sub-group 7783)of which,-Power generating machinery(SITC division 71 minus group 713)of which,71-Power generating machinery and equipment minus713-Internal combustion

174、 piston engines,and parts thereof,not elsewhere specified-Non-electrical machinery(SITC divisions 72,73,74)of which,72-Machinery specialized for particular industries73-Metal working machinery74-General industrial machinery and equipment,not elsewhere specified and machine parts,not elsewhere specif

175、ied-Electrical machinery(SITC division 77 minus group 776 and subgroup 7783)of which,77-Electrical machinery,apparatus and appliances,not elsewhere specified and electrical parts thereof minus776-Thermionic,cold cathode or photo-cathode valves and tubes7783-Electrical equipment,not elsewhere specifi

176、ed,for internal combustion engines and vehicles;and parts thereof(v)Textiles(SITC division 65)(vi)Clothing(SITC division 84)(vii)Other manufactures(SITC divisions 81,82,83,85,87,88,89 excluding group 891)of which,-Personal and household goods(SITC divisions 82,83 and 85)of which,82-Furniture and par

177、ts thereof,bedding,mattresses,mattress supports,cushions and similar stuffed furnishings83-Travel goods,handbags and similar containers85-Footwear-Scientific and controlling instruments(SITC division 87)-Miscellaneous manufactures(SITC divisions 81,88 and 89 minus group 891)of which,81-Prefabricated

178、 buildings,sanitary plumbing,heating and lighting fixtures and fittings,not elsewhere specified88-Photographic apparatus,equipment and supplies and optical goods,not elsewhere specified;watches and clocks89-Miscellaneous manufactured articles,not elsewhere specifiedWorld Trade Statistical Review 202

179、2 44recorded in the balance of payments statistics compiled according to BPM6;further,if the goods are sold to a third economy after processing,then the value of the goods(including the value of processing)is recorded as an export of the economy of the owner and an import of the third economy;the va

180、lue of the processing is recorded as an export of services of the processing economy and an import of services of the economy of the owner.Differences between BOP(BPM6)and national accounts statistics and IMTS can be found in the International Merchandise Trade Statistics:Compilers Manual,Revision 1

181、(IMTS 2010-CM),Chapter XXIV Section B Goods to be recorded differently in IMTS and BPM6/national accounts(p250).(http:/unstats.un.org/unsd/trade/publications/seriesf_87Rev1_e_cover.pdf)Refer to Table 11.1(p177)in the Balance of Payments and International Investment Position Compilation Guide(BPM6 Co

182、mpilation Guide(imf.org)Merchandise trade statistics serve as an input for the compilation of the goods account in the balance of payments(BOP)and the rest of the world account in the System of National Accounts(SNA).The compilation of international merchandise trade statistics(IMTS)relies principal

183、ly on customs records complemented,as appropriate,by additional sources to enhance their coverage(for instance,to include electricity,or trade in vessels and aircrafts).These statistics essentially reflect the physical movement of goods across borders,while National Accounts and BOP statistics recor

184、d transactions that involve change in ownership.Goods for processing with or without change of ownership are recorded in merchandise statistics when they enter or leave the economic territory,irrespective of whether a change in ownership takes place.However,goods supplied to another economy for proc

185、essing without a change of ownership and returned to the economy of the owner after processing are not C.Other products:commodities and transactions not classified elsewhere(including gold);arms and ammunition(SITC section 9 and group 891)9-Commodities and transactions not classified elsewhere in SI

186、TC891-Arms and AmmunitionD.Intermediate products include all parts and accessories as well as industrial primary and processed intermediate products.The“fuels and lubricants”category(BEC chapter 3)was excluded.BEC headings 42,53,111,121,21,22Merchandise trade and the goods account in balance of paym

187、ents statistics Trade in commercial services between residents and non-residents of an economy(BPM6)Depending on the location of the supplier and the consumer,the General Agreement on Trade in Services(GATS)defines four modes of supply.In addition to the cross-border supply(mode 1),where both the su

188、pplier and the consumer remain in their respective home territories,GATS also covers cases where consumers are outside their home territory to consume services(mode 2 consumption abroad),or where service suppliers are in the territory of the consumers to provide their services,whether by establishin

189、g affiliates through direct investment abroad(mode 3 commercial presence),or through the presence of natural persons(mode 4).An economys Balance of Payments,namely the services account,can be used to derive estimates covering trade in commercial services for modes 1,2 and 4.The Balance of Payments d

190、oes however not include most of the information on services supplied through foreign affiliates that is required to estimate the size of mode 3.A framework for collecting these data,the“Foreign Affiliates Statistics(FATS)”was adopted by the international statistical community for the first time in 2

191、002,and then further developed in 2010.Exports(credits or receipts)and imports(debits or payments)of commercial services are included in balance of payments statistics,in conformity with the concepts,definitions and classification of the sixth(2009)edition of the IMF Balance of Trade in commercial s

192、ervices between residents and non-residents of an economy(BPM6),exports and importsPayments and International Investment Position Manual(BPM6)as well as the 2010 edition of the Manual on Statistics of International Trade in Services(MSITS 2010).Chapter IV:Composition,definitions&methodology45In the

193、sixth edition of the Balance of Payments Manual,the current account is subdivided into goods,services(including government goods and services,n.i.e.),primary income,and secondary income.Commercial services comprise all servicescategories except government goods and services,n.i.e.Commercial services

194、 are sub-divided into goods-related services,transport,travel,and other commercial services.The BPM6 contains the following 12 standard services components:(1)Manufacturing services on physical inputs owned by others(2)Maintenance and repair services,n.i.e.(3)Transport(4)Travel(5)Construction(6)Insu

195、rance and pension services(7)Financial services(8)Charges for the use of intellectual property,n.i.e.(9)Telecommunications,computer and information services(10)Other business services(11)Personal,cultural and recreational services(12)Government goods and services,n.i.e.Manufacturing services on phys

196、ical inputs owned by others cover processing,assembly,labelling,packing,and similar activities undertaken by enterprises that do not own the goods concerned and are paid a fee by the owner.Only the fee charged by the processor,which may cover the cost of materials purchased,is included under this it

197、em.Examples include oil refining,liquefaction of natural gas,assembly of clothing and electronics,assembly,labelling,and packing.Maintenance and repair services n.i.e.cover maintenance and repair work by residents on goods that are owned by non-residents(and vice versa).The repairs may be performed

198、at the site of the repairer or elsewhere.The value recorded for maintenance and repairs is the value of the work done not the gross value of the goods before and after repairs.Manufacturing services on physical inputs owned by others and Maintenance and repair services n.i.e.form a new WTO aggregate

199、 named“Goods-related services”.Transport is the process of carriage of people and objects from one location to another as well as related supporting and auxiliary services.Transport can be classified according to:(i)mode of transport,namely,sea,air,or other(“other”may be further broken down into rai

200、l,road,internal waterway,pipeline,and space transport as well as electricity transmission);and(ii)what is carried passengers or freight.Also included are postal and courier services.Travel credits cover goods and services for own use or to give away acquired by non-residents from an economy during v

201、isits to that economy.Travel debits cover goods and services for own use or to give away acquired from other economies by residents of the reporting economy during visits to these other economies.The most common goods and services covered are lodging,food and beverages,entertainment and Definition o

202、f commercial services in the Balance of Paymentstransportation(within the economy visited),gifts and souvenirs.Travel is further subdivided into:(i)personal travel and(ii)business travel.The aggregate category Other commercial services corresponds to the following components defined in BPM6:Construc

203、tion covers the creation,renovation,repair,or extension of fixed assets in the form of buildings,land improvements of an engineering nature,and other similar engineering constructions such as roads,bridges,dams,and so forth.It also includes related installation and assembly work,site preparation,spe

204、cialized services such as painting,plumbing,and demolition,and management of construction projects.Construction also covers the acquisition of goods and services by the enterprises undertaking construction work from the economy of location of the construction work.Construction can be divided into(i)

205、construction abroad and(ii)construction in the compiling economy.Insurance and pension services include services of providing life insurance and annuities,nonlife insurance,reinsurance,freight insurance,pensions,standardized guarantees,and auxiliary services to insurance,pension schemes,and standard

206、ized guarantee schemes.Financial services cover financial intermediary and auxiliary services,except insurance and pension fund services,provided by banks and other financial corporations.They include deposit taking and lending,letters of credit,credit card services,commissions and charges related t

207、o financial leasing,factoring,underwriting,and clearing of payments.Also included are financial advisory services,custody of financial assets or bullion,financial asset management,monitoring services,liquidity provision services,risk assumption services other than insurance,merger and acquisition se

208、rvices,credit rating services,stock exchange services,and trust services.Financial services may be charged for by:(i)explicit charges;(ii)margins on buying and selling transactions;(iii)asset management costs deducted from property income receivable in the case of asset-holding entities;or(iv)margin

209、s between interest payable and the reference rate on loans and deposits(called financial intermediation service charges indirectly measured FISIM).World Trade Statistical Review 2022 46Charges for the use of intellectual property n.i.e.include:(i)Charges for the use of proprietary rights(such as pat

210、ents,trademarks,copyrights,industrial processes and designs including trade secrets,franchises);these rights can arise from research and development,as well as from marketing;and(ii)Charges for licenses to reproduce or distribute(or both)intellectual property embodied in produced originals or protot

211、ypes(such as copyrights on books and manuscripts,computer software,cinematographic works,and sound recordings)and related rights(such as for live performances and television,cable,or satellite broadcast).For the purpose of this report,all references to intellectual property(IP)services or intellectu

212、al property related services refer only to“Charges for the use of intellectual property n.i.e.”.Telecommunications,computer and information services cover(i)Telecommunications services,which encompass the broadcast or transmission of sound,images,data,or other information by telephone,telex,telegram

213、,radio and television cable transmission,radio and television satellite,electronic mail,facsimile,and so forth,including business network services,teleconferencing,and support services;(ii)Computer services consisting of hardware-and software-related services and data processing services;(iii)Inform

214、ation services including news agency services,such as the provision of news,photographs,and feature articles to the media as well as database services.Other business services include(i)Research and development services,(ii)Professional and management consulting services and(iii)Technical,trade-relat

215、ed and other business services.(i)Research and development services consist of services that are associated with basic and applied research,and experimental development of new products and processes.(ii)Professional and management consulting services include(a)legal services,accounting,management co

216、nsulting,managerial services,and public relations services;and(b)advertising,market research,and public opinion polling services.(iii)Technical,trade-related,and other business services include:(a)architectural,engineering,and other technical services;(b)waste treatment and depollution,agricultural,

217、and mining services;(c)operating leasing services;(d)trade-related services;and(e)other business services n.i.e.Personal,cultural,and recreational services consist of(i)Audio-visual and related services and(ii)other personal,cultural,and recreational services.(i)Audio-visual and related services cov

218、er services and fees related to the production of motion pictures(on film,videotape,disk,or transmitted electronically,etc.),radio and television programs(live or on tape),and musical recordings.(ii)Other personal,cultural,and recreational services include(a)health services,(b)education services,(c)

219、heritage and recreational services,and(d)other personal services.Health services as well as education services are provided remotely or on-site.Data on exports and imports of total services(including government goods and services n.i.e),other services(including government goods and services n.i.e)as

220、 well as government goods and services n.i.e.are available as memorandum items in the WTO DATA Portal.Memo items:Total services(Commercial services plus Government goods and services n.i.e)Other services(Other commercial services plus Government goods and services n.i.e)Government goods and services

221、 n.i.eGovernment goods and services n.i.e.cover:(a)goods and services supplied by and to enclaves,such as embassies,military bases,and international organizations;(b)goods and services acquired from the host economy by diplomats,consular staff,and military personnel located abroad and their dependen

222、ts;(c)services supplied by and to governments and not included in other categories of services.Chapter IV:Composition,definitions&methodology47The new statistical framework on Foreign Affiliates Statistics(FATS)is developed in the Manual on Statistics of International Trade in Services 2010,the OECD

223、 Benchmark Definition of Foreign Direct Investment and the OECD Handbook on Economic Globalisation Indicators.The statistical framework covers both goods and services producing enterprises.It analyses the universe of affiliates for which foreign investors own more than 50 per cent of the voting powe

224、r or equity interest.Depending on the compilers view,one can distinguish inward FATS,that is,activities of foreign-owned affiliates in the compiling economy,or,outward FATS,that is,foreign affiliates of the compiling economy active abroad.Variables such as sales,value added,number of employees,etc.a

225、re used to describe the affiliates activities.These variables are broken down by country of origin or destination of investments and also by type of primary activity of the affiliates.The United States also provide a breakdown into total supply of goods and total supply of services products.In the c

226、ase of services industries the concept of supply(or output)is based on measures that better capture service output(i.e.the margin).This mainly has an impact on the measurement of activities of wholesalers and retailers,insurers and financial intermediaries.From a GATS perspective,the size of mode 3

227、in a given country can be approximated through the value of the output(or supply)of services by foreign-owned affiliates.In the absence of data on output,sales of services are used.FATS are currently available mainly for OECD and a small number of non-OECD economies.Given the recent development of t

228、hese statistics,comparability and coverage of individual economy data may not always be complete.Availability of detailed data and long-time series varies considerably between economies.Annual changesThroughout this report,average annual percentage changes are analogous to compound interest rates.In

229、 calculating the average annual rate of change between 2010 and 2020,for example,data for calendar year 2010 were taken as the starting point,and data for calendar year 2020 as the end point.World merchandise trade indicesThe volume indices and the deflators(i.e.price indices or unit values)are take

230、n from a range of different international and national sources.The reported deflators and volume indices may not always be available for the most recent years or may differ in product coverage from the corresponding value indices.Aggregation of the indices to obtain a world total is a two-tier proce

231、ss.First,export and import deflators from national and international sources are complemented with WTO and UNCTAD estimates for missing data.They are then aggregated to obtain regional totals.The volume index for each region is obtained by dividing the respective trade value index for each region by

232、 the corresponding regional deflator.Second,the total world merchandise volume index is obtained by deflating the world trade value with the aggregate of regional deflators.Throughout the aggregation process trade values of the previous year are used as weights.World gross domestic productWorld GDP

233、growth is estimated as a weighted average of individual economies real GDP growth.The weights used are shares of the economies previous year GDP at 2005 constant prices converted to dollars at market exchange rates.Foreign Affiliates StatisticsOther definitions and methodsWhile many economies worldw

234、ide have fully implemented the BPM6 for the recording of their Balance of Payments services transactions,some are still compiling their statistics according to the BPM5 methodology.Consequently,comparability and coverage of data may not always be complete.It should be noted in particular that world

235、and regional estimates of trade in new services items such as Manufacturing services on physical inputs owned by others and Maintenance and repair services n.i.e.may be underestimated,as some economies do not report these items yet.While the coverage and comparability of trade in services statistics

236、 have improved significantly over the years,the data remain subject to recognized limitations,such as i)certain countries do not collect figures for all items,ii)statistically capturing some services items remains difficult(more notably on the imports side),iii)data can be reported on a net rather t

237、han gross basis,iv)certain transactions may prove complex to classify appropriately,v)different sources,data collection and estimation methods lead to diverse results,etc.These distortions are more significant on detailed items levels and may lead to considerable asymmetries among countries reported

238、 trade flows by origin and destination.In June 2020,the United States Bureau of Economic Analysis(BEA)has revised and expanded its statistics on trade in services for 1999 onwards.As a result,the classification of certain services transactions,such as audiovisual services,was amended to align them w

239、ith international statistical guidelines.Thus,statistics contained in the 2020 and later editions are not comparable with earlier reports.For more information,consult https:/apps.bea.gov/scb/2020/04-april/0420-international-annual-revision-preview.htm#trade-services.Statistics on trade in services f

240、or the aggregate“European Union”reflect the sum of trade of individual member countries.Coverage and comparabilityWorld Trade Statistical Review 2022 48Merchandise trade statistics of the European UnionBeginning with the 2002 report,EU data compiled according to national statistical practices have b

241、een replaced,starting 1993,with data compiled by Eurostat in accordance with EU legislation.The concepts and definitions adopted by the EU are in line with the United Nations International Trade Statistics,Concepts and Definitions,Series M,N 52,Revision 3.As a result,the conceptual differences betwe

242、en EU member states data have been substantially reduced.Moreover,for the EU as a whole,Eurostat data are more timely than the previous source,thus reducing substantially the amount of estimation included in the EU aggregate.Since January 1993,statistics on the trade between the member states of the

243、 EU have been collected through the“Intrastat”system(see GATT 1994,International Trade Trends and Statistics).The coverage of this system,which relies on reports submitted by firms for transactions above a minimum value,is not as wide as the previous one,which was based on customs declarations.This

244、is particularly noticeable on the import side.For example,prior to the adoption of the Intrastat system,reported intra-EU imports(c.i.f.)closely matched reported intra-EU exports(f.o.b.).As of 2012,data on merchandise trade values for Switzerland includes trade in non-monetary gold.Merchandise trade

245、 flows between the European Union member States include trade associated with fraudulent VAT declaration,which concerns mainly office and telecommunications equipment.Specific notes for selected economiesMajor breaks in data continuity of merchandise tradeThe use of official exchange rates which are

246、 not market-based for some major economies,together with the fluctuations of the United States dollar vis-vis major currencies,can have a significant impact on the weighting pattern.The increasing use of weights based on purchasing power parities(PPP)by other international organizations is meant to

247、attenuate“anomalies”linked to these factors.In a period of widely diverging growth rates among countries and regions,the choice of the weighting pattern can have a marked influence on the global growth estimate.For the 2000-2011 period,global growth estimates based on PPP-weights indicate a signific

248、antly faster growth than estimates using weights based on GDP data measured at market exchange rates.This is because of differences in the two weighting patterns.Re-exports and re-importsUnder the system of general trade adopted in this report,re-exports are included in total merchandise trade.Howev

249、er,in the case of Hong Kong,China,the magnitude of its reexports,if included in regional or world aggregates,would adversely affect the analytical value of the statistics by introducing a significant element of double counting.Therefore,Hong Kong,Chinas re-exports are excluded from the world and Asi

250、a(unless otherwise indicated);only Hong Kong,Chinas domestic exports and retained imports are included in the totals.Chapter IV:Composition,definitions&methodology49Statistical sourcesMost frequently used international data sources are:EIU,The Economist Intelligence UnitEUROSTAT,Comext and on-line d

251、atabasesFAO,FAOSTAT Agriculture databaseFAO,Production YearbookIMF,Balance of Payments StatisticsIMF,International Financial StatisticsIMF,World Economic Outlook databaseOECD,Main Economic IndicatorsOECD,Measuring Globalisation:The Role of Multinationals in OECD EconomiesOECD,Monthly Statistics of I

252、nternational TradeOECD,National AccountsOECD,Statistics on International Trade in ServicesOECD/IEA,Energy Prices&TaxesTDM,Trade Data MonitorUNECE,Economic Survey of EuropeUNECLAC,Overview of the Economies of Latin America and the CaribbeanUNIDO,National Accounts Statistics DatabaseUNSD,Comtrade data

253、base UNSD,International Trade Statistics YearbookUNSD,Monthly Bulletin of StatisticsWorld Bank,World Development IndicatorsFigures for total merchandise trade are largely derived from national sources,supplemented by international databases and Secretariat estimates.Data on merchandise trade by prod

254、uct are mainly obtained from Eurostats Comext database,the Trade Data Monitor and UNSDs Comtrade database.Some inconsistencies in the aggregate export and import data for the same country or territory between sources are inevitable.These can be attributed to the use of different systems of recording

255、 trade,to the way in which data sources have converted data expressed in national currencies into dollars,and different implementation of historical revisions.Statistics on trade in commercial services are mainly drawn from the IMF Balance of Payments Statistics and the Trade in Services by Partner

256、Country dataset of the OECD.Data for European Union members are drawn from Eurostats on-line database.European Union figures for partner World are the aggregates of its 27 members(per 2020 membership)country data.European Union intra-trade and extra-trade are the aggregated statistics,based on the q

257、uarterly BOP data set,published by Eurostat,and may not correspond to total EU aggregates,which are based on annual statistics of the individual countries.For other economies that do not report to the IMF(e.g.,Chinese Taipei)data are drawn from national sources.Estimations for missing data are mainl

258、y based on national statistics.Acknowledgements are due to the Food and Agriculture Organization,the International Monetary Fund,the Organization for Economic Co-operation and Development,the Statistical Office of the European Communities,the United Nations Economic Commission for Europe,the United

259、Nations Economic Commission for Latin America and the Caribbean,the United Nations Statistics Division,the United Nations Industrial Development Organization,the World Intellectual Property Organization and the World Bank whose assistance in supplying advance information has greatly facilitated the

260、work of the Secretariat.Acknowledgements are also due to national institutions for providing advance statistics.World Trade Statistical Review 2022 50ACPAfrican,Caribbean and Pacific Group of StatesAfCFTAAfrican Continental Free Trade AreaASEANAssociation of South-East Asian NationsAFTA ASEANFree Tr

261、ade AreaBOPBalance of PaymentsBPM6Balance of Payments Manual,sixth editionCACMCentral American Common MarketCARICOMCaribbean Common MarketCEMACEconomic and Monetary Community of Central AfricaCISCommonwealth of Independent States,including associate and former member statesCOMESACommon Market for Ea

262、stern and Southern AfricaECOWASEconomic Community of West African StatesEFTAEuropean Free Trade AssociationEUEuropean UnionEUROSTATStatistical Office of the European CommunitiesFAOFood and Agriculture Organization of the United NationsFATSForeign Affiliates StatisticsFDIForeign Direct InvestmentGCCG

263、ulf Co-operation CouncilGDPGross Domestic ProductGNPGross National ProductHSHarmonized Commodity Description and Coding SystemIEAInternational Energy AgencyIMFInternational Monetary FundITCInternational Trade CentreISICInternational Standard Industrial ClassificationLDCsLeast-developed countriesMERC

264、OSURSouthern Common MarketNAFTANorth American Free Trade AgreementOECDOrganization for Economic Co-operation and DevelopmentPAPacific AllianceSAARCSouth Asian Association for Regional Co-operationSADCSouth African Development CommunitySAFTASouth Asian Free Trade AreaSITCStandard International Trade

265、ClassificationTDMTrade Data MonitorWAEMUWest African Economic and Monetary UnionUNECEUnited Nations Economic Commission for EuropeUNECLACUnited Nations Economic Commission for Latin America and the CaribbeanUNCTADUnited Nations Conference on Trade and DevelopmentUNIDOUnited Nations Industrial Develo

266、pment OrganizationUNSDUnited Nations Statistics DivisionThe following symbols are used in this publication:.not available or growth rates exceeding 500%0 figure is zero or became zero due to rounding-not applicableUS$United States dollarsQ1,Q2,Q3,Q4 1st quarter,2nd quarter,3rd quarter,4th quarterI b

267、reak in comparability of data series.Data after the symbol do not form a consistent series with those from earlier years.Billion means one thousand million.Minor discrepancies between constituent figures and totals are due to rounding.Unless otherwise indicated,(i)all value figures are expressed in

268、U.S.dollars;(ii)trade figures include the intra-trade of free trade areas,customs unions,geographical and other groups;(iii)merchandise trade figures are on a customs basis and(iv)merchandise exports are f.o.b.and merchandise imports are c.i.f.Data for the latest year are provisional.The statistical

269、 data in this publication are supplied by and under the responsibility of the relevant statistical authorities.In line with the practice of the WTO Secretariat,this publication uses the names of members as listed in the latest revision to document WT/INF/43.References to other geographical territori

270、es and groupings are based solely on terms provided to the WTO Secretariat by WTO members and observers or terms used by relevant international organizations.The use of such data and terms does not constitute or imply an expression of opinion by the WTO Secretariat concerning the status of any count

271、ry or territory,or the delimitation of its frontiers,or sovereignty.The colours,boundaries and names shown and the designations used on maps in this publication do not imply any judgment,official endorsement or acceptance by the WTO Secretariat as to the legal status or frontier of any territory,or

272、the rights and obligations of any WTO member in respect of WTO agreements.References and data relating to territories that are not WTO members or observers in their own right do not amount to an endorsement as to the WTO status,if any,of such territories.Closing date 31 August 2022c.i.f.cost,insurance and freightf.o.b.free on boardn.e.s.not elsewhere specifiedn.i.e.not included elsewhereAbbreviations and symbolsChapter IV:Composition,definitions&methodology51