Global trade is crucial for the economic development of both developing and established countries. It creates employment opportunities and provides a wider range of products and services for consumers. When a country engages in international trade, its citizens benefit financially.
However, there are numerous rules and regulations that businesses need to adhere to when participating in global trade. Many companies utilize global trade management software to streamline their international trade operations, enhance collaboration with trade partners, and automate compliance processes.
Take a look at the following statistics to gain insight into the current state of global trade and its future trends.
Top global trade statistics
The global trade landscape is expanding as countries exchange goods and services. Many nations are reducing trade barriers to facilitate smoother transactions between companies internationally, ultimately promoting healthy competition and driving down costs for consumers.
Let’s delve into the state of global trade through the following statistics.
80%
of Chinese corn imports originated from Ukraine in 2019.
Source: The Diplomat
US trade statistics
The United States engages in trade across various sectors, supporting its economy and fostering growth for many businesses. This trade allows Americans to access products from around the world, ranging from electronics to oil.
8.1%
The US accounted for 8.1% of global exports in 2020, positioning it as the third-largest global merchandise exporter.
Source: Statista
Sector-specific global trade statistics
Various countries specialize in specific industries, showcasing their strengths in different sectors. For example, Germany excels in automotive exports, while Russia dominates in fuel trade due to its abundant natural resources.
Trade policies and agreements statistics
Trade policies and agreements play a vital role in shaping international commerce and focus on tangible as well as intangible assets, such as intellectual property (IP). The World Trade Organization oversees measures that facilitate or restrict trade to ensure fair and balanced global economic growth.
14.3%
of global trade costs are expected to decrease with the WTO’s Trade Facilitation Agreement.
Source: Trade Facilitation
Start selling globally
Global trade is flourishing, driven by technological advancements and streamlined trade processes. Trade policies continue to shape the international market, creating a fair playing field for businesses worldwide.
The future of the global market promises growth, innovation, and collaboration on a large scale. Embrace global trade and unlock the opportunities it presents.
Discover the top three global trade management software solutions to optimize your operations.
