International trade is an indispensable component of the global economy. While the movement of commodities form the backbone of international trade, the import and export of services like banking, consulting, and financial services are also an integral part of the economic relationship between countries and regions. The international trade of goods and services is facilitated by commercial agreements and frameworks like the European Single Market or the North American Free Trade Agreement (NAFTA). Many trade agreements are designed to eliminate tariffs and border checks to enable smooth, efficient, and free trade. In the absence of an existing agreement, the World Trade Organization (WTO) regulates the rules and regulations of trade activities.
Many countries import goods that they either do not manufacture themselves or that are too costly to produce. Today, China, the leading manufacturing country globally, is also the number one exporter of goods to the rest of the world.
Following the global financial crisis, the worldwide movement of trade goods stagnated for a brief period of time in 2009. Since then, the trade volume of imports and exports between countries has continued to climb with minor interruptions, mainly as a reflection of global political affairs like the US-China trade wars, and most recently due to the coronavirus (COVID-19) pandemic. In 2020, the volume of merchandise exports traded worldwide was recorded at around 18 trillion U.S. dollars.
Global economyToday's global economy is more interdependent than ever, and trade relations between individual countries and groups play a big part in this interconnectedness. In 2019, exports of goods and services made up about 12 percent of the GDP of the United States. This rate is even higher for other countries where global trade played a more vital role. In Russia, trade of services and goods constituted just over 46 percent of the country's GDP in 2020.
U.S. importsElectrical machinery is currently the most traded commodity based on the value of global imports and exports. In 2018, the value for both imports and exports in the machinery sector surpassed five billion U.S. dollars. Machinery is often purchased and sold in components, in the form of capital and intermediary goods.
Another sector with a high import and export value is transportation with equipment used in the manufacturing of cars and other vehicles being the typically traded commodity.
China and the United States are the world's two biggest exporting countries. In 2019, export goods with a total value of 2.5 trillion U.S. dollars left China for destinations around the world. For the United States, this value was at 1.6 trillion U.S. dollars.
China-U.S. trade relationsInternational trade refers to the worldwide movement of goods and services between countries and regions, facilitated by legally recognized trade agreements.
Statista's international trade data offers extensive global content with detailed regional breakdowns for both import and export trade. Additional information is provided in the form of dossiers, studies, and topic pages on bilateral trade relationships, key commodities exchanged between countries, leading importing and exporting countries around the world, and the leading goods and services that drive international trade.
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