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WTO Report Highlights Remarkable Five-Fold Surge in Global Trade Over 28 Years

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Global Logistics, Global Trade Daily, International Trade, News

WTO Report Highlights Remarkable Five-Fold Surge in Global Trade Over 28 Years

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In a significant milestone marking its 30th anniversary, the World Trade Organization (WTO) unveils remarkable findings showcasing a five-fold increase in global trade, soaring to over $30 trillion from 1995 to 2023.

Since its establishment on April 15, 1994, following the Marrakesh Agreement, the WTO’s latest report underscores a substantial surge in total world trade of goods and commercial services, averaging an impressive 5.8 percent year-on-year growth. Notably, trade in commercial services has outpaced goods, boasting an average annual increase of 6.8 percent, while goods trade stood at 5.5 percent.

This surge in global trade has significantly outpaced the growth of the global gross domestic product (GDP), which saw an average annual increase of 4.4 percent over the same period. The report also highlights the rise in the global trade-to-GDP ratio, climbing from 20 percent in 1995 to 31 percent in 2022, before stabilizing at 29 percent in 2023, despite a decline in goods trade values.

Tariffs have notably decreased under the WTO’s umbrella, contributing to a reduction in trade costs and fostering greater international economic cooperation. Moreover, this period of robust trade growth has coincided with a substantial decrease in global poverty, underscoring the pivotal role of trade in supporting economic development and enhancing livelihoods worldwide.

Read also: WTO Forecasts Global Trade Rebound Amidst Challenges and Uncertainties

Director-General of the WTO, Ngozi Okonjo-Iweala, emphasizes the significance of resilient supply chains and a robust multilateral trading framework in driving global trade recovery. Despite temporary setbacks such as the global financial crisis of 2008-2009 and the COVID-19 pandemic in 2020, there remains a steadfast commitment to sustaining economic growth and stability.

As the world continues to navigate geopolitical challenges and trade complexities, the report underscores the importance of nurturing a conducive environment for trade, harnessing the transformative power of commerce to improve welfare and foster global prosperity.

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Archives, Global Trade Daily, News, United states news

Kallman Salutes National Export Week, World Trade Month, and the Values that Build Confidence in Global Trade Partnerships

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In recognition of the U.S. Commercial Service’s National Export Week and the start of World Trade Month this week, Kallman Worldwide saluted the global trade industry and reiterated the company’s longstanding support for the U.S. Commerce Department’s commitment to strengthening the nation’s economy through exports.

Celebrating its 60th year in the business of advancing global trade, Kallman Worldwide is best known as the leading organizer of U.S. industry at international trade shows. The company earned the President’s “E” Award for trade promotion in 2012 and “E Star” Award in 2022 for its extraordinary efforts to help U.S. exporters connect digitally to international markets when the pandemic shut down live events in 2020.

Perhaps no period over the past 60 years of company history proves the point more than Kallman’s emergence from the pandemic. As the trade show industry rebounded, the company introduced new product and service offerings and leveraged its legacy of corporate social responsibility to forge deeper connections with international trade influencers, thought leaders, and decision makers on behalf of the U.S. export community.

ABOUT KALLMAN WORLDWIDE, INC.

Since 1963, Kallman Worldwide has worked with individuals and organizations in more than 50 nations to advance global trade in STEM-driven industries and supply chains. The company’s portfolio of international trade shows, event management services, custom stand building and design, supply chain networking tools, and workforce advocacy programs connects thousands of buyers and suppliers to more opportunities around the world every year. As an international U.S. representative, Kallman is a strategic partner of the U.S. Department of Commerce and a proud recipient of the President’s “E” and “E Star” Awards for its export promotion efforts and active role in aiding U.S. exporters. The company is headquartered in Waldwick, NJ, with U.S. satellite offices in Washington, DC and Houston, TX, a Latin America office in Santiago, Chile, and a bureau in London, UK.

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Archives, Global Trade Daily, News

World Trade in Disinfectants Doubles to $ 6 Billion in 2020

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IndexBox has just published a new report: ‘World – Disinfectants – Market Analysis, Forecast, Size, Trends and Insights’. Here is a summary of the report’s key findings.

Global disinfectant imports skyrocketed to $6B in 2020, rising more than twofold over the last year. In physical terms imports grew from 0.9M tonnes to 1.9M tonnes. In 2020, the U.S., Canada and Japan featured the largest purchases from abroad in value terms. America saw the highest growth rate of imports, increasing the volume of supplies ninefold. Japan, Hong Kong, Australia, the UK, Germany, Canada and France followed the U.S. in import growth per year. Germany, the U.S. and the UK constituted 39% of global export value last year. 

Global Disinfectant Imports by Country

In 2020, global disinfectant imports soared from 0.9M tonnes in 2019 to 1.9M tonnes in 2020. In value terms, disinfectant imports surged from $2.5B to $6B (IndexBox estimates) in 2020.

In value terms, the largest disinfectant importing markets worldwide were the U.S. ($770M), Canada ($549M) and Japan ($498M), together comprising 31% of global imports.

The countries with the highest levels of disinfectant imports in 2020 were the U.S. (244K tonnes), Germany (188K tonnes), Canada (155K tonnes), France (136K tonnes), Japan (134K tonnes), the UK (119K tonnes) and Australia (87K tonnes), together recording 55% of total import. Hong Kong SAR (51K tonnes), Belgium (47K tonnes), the Netherlands (37K tonnes), China (36K tonnes), Spain (35K tonnes), and Austria (33K tonnes) occupied a minor share of total imports.

The U.S. saw the highest growth rate of purchases. America boosted its imports by nine times, from 26K tonnes in 2019 to 244K tonnes in 2020. In value terms, U.S. imports grew from $87M to $770M over this period.

In 2020, Japan and Hong Kong increased purchases from abroad by seven times. Australia, the UK, Germany boosted the imports threefold, while Canada and France saw a twofold-increase in supplies to their countries.

In 2020, the average disinfectant import price amounted to $3,062 per tonne, up by +13% against the previous year. Prices varied noticeably by the country of destination; the country with the highest price was China ($5,227 per tonne), while the UK ($2,142 per tonne) was amongst the lowest. In 2020, the Netherlands attained the most notable rate of growth in terms of prices, while the other global leaders experienced more modest paces of growth.

World’s Largest Disinfectant Exporters

In value terms, Germany ($654M), the U.S. ($497M) and the UK ($341M) constituted the countries with the highest levels of exports in 2020, with a combined 39% share of global exports. These countries were followed by Spain, France, Belgium, the Netherlands, Canada, China, the Czech Republic, Poland, Denmark and Costa Rica, which accounted for a further 34%.

The shipments of the twelve major exporters of disinfectants, namely Germany, the U.S., Spain, France, Belgium, the UK, the Netherlands, China, Canada, Poland, the Czech Republic and Costa Rica, represented more than two-thirds of total export. Denmark took a minor share of total exports.

Source: IndexBox Platform