Global Trade Statistics
Track the flow of goods and services across borders. World trade reached a record $33 trillion in 2024, connecting economies and shaping global prosperity.
Key Trade Insights
Record Trade in 2024
Global trade reached $33 trillion in 2024, expanding 3.7% ($1.2 trillion). Services drove growth with a 9% increase ($700 billion), accounting for nearly 60% of total expansion, while goods trade contributed $500 billion with 2% growth.
AI Drives 2025 Surge
AI-related goods—semiconductors, servers, telecommunications equipment—drove nearly half of overall trade expansion in the first half of 2025, rising 20% year-on-year. Merchandise trade grew 4.9% in H1 2025, outpacing expectations.
China Remains Export Leader
China exported $3.6 trillion in 2024 (14.6% of global exports), growing 6% and widening its lead. The US follows with $2.1 trillion, Germany with $1.7 trillion. Together, China and the US account for nearly a quarter of global exports.
Slowing Outlook for 2026
WTO forecasts merchandise trade growth to slow from 2.8% (2024) to 2.4% (2025) to just 0.5% (2026) due to cooling global economy and new tariffs. Services trade growth also moderates from 6.8% to 4.4% by 2026.
Global Trade Volume Growth (2015-2026)
Annual percentage change in world merchandise and services trade volume
Key Finding: Trade collapsed -5.3% in 2020 due to COVID-19, rebounded strongly to 10.1% in 2021, then normalized. Services trade consistently outperforms goods, but both face slowdown in 2026 due to tariff concerns and cooling economy.
Global Trade Composition: Goods vs Services (2024)
Value and share of merchandise trade vs commercial services trade
Key Finding: Merchandise (goods) trade accounts for $24.4 trillion (74% of total), while services trade reached $8.9 trillion (26%). Services are growing faster (9% vs 2%), gradually increasing their share of global commerce.
Top 10 Exporting Countries (2024)
Total merchandise exports in trillions USD
Key Finding: China's $3.6T in exports is 71% larger than the US ($2.1T) and more than double Germany's $1.7T. The top 10 exporters account for $16.2T, representing 66% of global merchandise exports.
Top 10 Importing Countries (2024)
Total merchandise imports in trillions USD
Key Finding: The US is the world's largest importer at $3.3T, followed by China ($2.8T) and Germany ($1.5T). US imports are 18% higher than its exports, reflecting America's role as global consumer of last resort.
Trade Growth by Sector (2024)
Annual percentage change in trade value by major product category
Key Finding: Services led with 10% growth, followed by chemicals (10%) and agriculture (6%). AI-related technology goods drove electronics growth, while energy trade declined due to lower prices despite higher volumes.
WTO Trade Growth Forecast (2024-2026)
Projected annual volume growth for merchandise and services trade
Key Finding: Both merchandise and services trade face deceleration through 2026. Merchandise trade growth drops from 2.8% to 0.5%, while services slow from 6.8% to 4.4%. Tariff uncertainty and economic cooling are primary headwinds.
Understanding Global Trade Data
What is Global Trade?
Global trade encompasses the exchange of goods (merchandise) and services across international borders. It includes exports (products sold to other countries) and imports (products purchased from other countries). Trade data is measured both by volume (physical quantity) and value (in US dollars).
Key Categories
- Merchandise Trade: Physical goods including agricultural products, fuels and mining products, manufactures (machinery, electronics, textiles, chemicals, etc.). Accounts for approximately 74% of global trade by value.
- Services Trade: Intangible products including transport, travel, financial services, telecommunications, computer services, intellectual property, and business services. Growing faster than goods and now represents 26% of global trade.
How Trade is Measured
Volume vs Value:
- Trade volume: Measures quantity of goods traded, adjusted for price changes (inflation). Used to track "real" growth in trade activity.
- Trade value: Measures the dollar amount of trade at current prices. Affected by both quantity and price changes.
Balance of Payments Basis: Services trade statistics use balance of payments methodology, which records when transactions occur rather than when goods physically cross borders.
Data Sources
The World Trade Organization (WTO) compiles global trade statistics from member countries' customs data and balance of payments reports. The United Nations Conference on Trade and Development (UNCTAD) provides complementary data on commodity trade, developing country trends, and sectoral breakdowns. Both organizations update forecasts quarterly based on economic indicators and policy developments.
Current Trade Trends Explained
2024-2025 Drivers:
- AI boom: Semiconductors, servers, and networking equipment saw 20% growth, driving nearly half of 2025 H1 expansion
- Tariff frontloading: North American importers accelerated purchases ahead of anticipated tariff increases
- Services strength: Digital services, professional services, and tourism recovered strongly post-pandemic
- Agriculture resilience: Food demand remained strong despite price volatility
2026 Headwinds:
- Tariff implementation: New trade barriers expected to reduce efficiency and volumes
- Economic cooling: Global GDP growth slowdown reduces demand for traded goods
- Policy uncertainty: Businesses delaying investment and trade decisions
- Geopolitical tensions: Trade fragmentation along political lines
Why Trade Matters
International trade enables countries to specialize in what they produce efficiently, access goods they can't produce domestically, and achieve economies of scale. Trade has been a key driver of global poverty reduction, with export-oriented growth lifting hundreds of millions out of poverty in Asia. However, trade also creates winners and losers within countries, raising questions about distribution of gains and adjustment support for displaced workers.