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Cultural ProductsThe United Nations Conference on Trade and Development recently released the "2023 Statistical Handbook" (hereinafter referred to as the "Handbook"), which shows that there are
significant signs of post pandemic recovery in the world, but trade performance between industries varies. The value of global commodity trade has declined, and the growth of service
trade is stabilizing.
The Handbook shows that global commodity trade is slowing down. In 2021, world trade will recover strongly from the COVID-19. In 2022, commodity exports will grow by 11.4%,
reaching $29 trillion. However, statistical data shows that commodity trade in the first half of 2023 decreased by 4.6% year-on-year, and UNCTAD currently predicts that it will continue
to decline year-on-year in the third and fourth quarters.
At the same time, trade in services continues to grow. According to the Manual, service trade will rebound in 2022, with an increase of 14.8%, exceeding the level before the COVID-19
epidemic. The service trade of developing countries has grown rapidly, accounting for 30% of the global market share in 2022, reaching the highest level so far. UNCTAD predicts that
global trade in services will grow by around 7% in 2023.
The global trade imbalance is intensifying, and the commodity trade deficit of developed countries continues to expand. In 2022, the trade deficit reached 1.6 trillion US dollars. The
export of goods has increased, and in 2022, trade in all major commodity categories has experienced significant growth. Due to price increases, fuel exports increased by nearly 62% and
grain exports increased by 10%.
In addition, there are differences in trade situations between regions. The Handbook shows that more than half of Europe and Asia's exports are sold to this region, while the majority of exports from Oceania, Africa, and the Americas flow to other regions. The trade volume between developing countries has increased by 13%. However, the trade volume between developing and developed countries (8.9 trillion US dollars) still exceeds that between developing countries (6.1 trillion US dollars).
The composition of trade also varies by region. Africa mainly exports primary commodities (79% in 2022), while Asia and Oceania mainly export manufactured goods (72% in 2022). According to statistical data, a high proportion of primary products may indicate that a country needs to achieve economic diversification or strengthen production capacity to produce products and services with higher trade added value.
(Mao Wen)
