The World Trade Organization (WTO) has introduced a new interactive tool, “World Trade Statistics 2023—Key Insights and Trends.”
This tool offers a comprehensive overview of the year’s global trade dynamics.
According to the WTO, global trade in goods and commercial services performed mixed in 2023, reaching US$30.5 trillion on a balance of payments basis.
Goods trade decreased by 5%, while services trade showed an opposite trend with a 9% increase.
This shift in trade dynamics led to a decrease in the share of goods in global trade, dropping from 77.8% in 2022 to 75.3% in 2023. Conversely, the share of services increased to 24.7% from 22.2% in the previous year.
The WTO’s assessment indicates a significant milestone in trade recovery after the COVID-19 pandemic, resembling pre-pandemic levels seen in 2019.
The interactive tool aims to provide stakeholders with detailed insights into these trade developments, offering a platform for in-depth analysis of global economic trends.
It is a crucial resource for policymakers, economists, and businesses navigating the changing landscape of international trade.
