Total Value of World Trade
Published: October 15, 2024This report analyzes the total value of all goods and services traded over international borders in a given year. Figures are in nominal terms and sourced from the United Nations Conference on Trade and Development.
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Recent Trends – Total Value of World Trade
In order for international trade to take place, a country’s demand for a good or service must exceed the quality or volume that the domestic industry can provide. As such, trade is at its highest when demand is highest, such as during economic booms, and at its lowest when demand is lowest, such as during recessions. This held during 2009 when the global financial crisis triggered a worldwide recession. Consumers and businesses around the world cut back their demand for goods and services, which triggered total trade to drop 19.8% in 2009 and caused nearly $4 trillion in trade to disappear.
However, world trade quickly rebounded as economies around the world stabilized and began recovery in 2010 and 2011, with trade growing 18.9% and 18.8%, respectively. Yet trade has slowed since, as the world’s major economies, namely the European Union (EU) and China, as well as the United States and Japan, struggled to quickly recover from the recession.
5-Year Outlook – Total Value of World Trade
Over the five years to 2030, the total value of world trade is anti...
