Commercial services A surge in consumer demand for goods along with pandemic-related restrictions resulted in port bottlenecks, a misallocation of containers instead of shortage of containers worldwide and shipping delays, leading to a large increase in shipping rates in 2021 and strong growth in the value of sea transport services. However, by the end of 2021, travel-related expenditure was still 57 per cent below its value in 2019. Chart 2.8 World trade in commercial services by sectors, quarterly, 2008-21 (Year-on-year percentage change) Transport @ Travel . Other commer 809% 609% 4 0% 209% Year-on-year percentage change -204b -40% -809% -1009% Quarter 12341234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 1234 Your 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Note: Trade as average of experts and imports. SOUNDEC WTO-UNCTAD-ITC estimates. +45% Following a 28 per cent plunge in Q2 of 2020, global transport services rebounded strongly in 2021, rising by 45 per cent on average in Q2 to Q4 of 2021.World Trade Statistical Review 2022 Trade and GDP growth in 2021 and first half of 2022 World trade and GDP rebounded in 2021 after falling sharply in 2020 during the COVID-19 pandemic but weaker growth is expected in 2022 and 2023 as the global economy slows. Chart 3.1 World merchandise trade volume and real GDP growth, 2015-21 Annual percentage change) Trade . GDP - - - Average trade growth 2010-2019 . - - Average GDP growth 2010-2019 10 9.7 B 4.9 ONA 3.0 2.7 3.2 3.2 2.6 Annual percentage change 2.2 1.4 0.5 - 2 . -3.4 - 6 -A 2015 2010 2017 2018 2019 2020 2021 Sources: WTO for trade, consensus estimates for GOP Note: GDP growth is weighted at market aschange rates. The volume of world merchandise trade grew 9.7 per cent in Growth in merchandise trade in 2021 was accompanied 2021. Growth was up sharply from 2020, when merchandise by a 5.8 per cent increase in world GDP at market trade fell 5.2 per cent during the first year of the COVID-19 exchange rates, well above the 3.0 per cent average rate pandemic. Trade growth in 2021 was well above the 2.7 per for 2010-19. World trade grew around 1.7 times faster cent average rate for 2010-19, the period between the global than world GDP in 2021. financial crisis and the onset of the pandemic Supply chain disruptions increasingly weighed on trade Merchandise trade registered an even larger increase in US over the course of 2021 and in the first half of 2022. dollar terms in 2021, rising 26 per cent to US$ 22.46 billion Economic forecasts have pointed to further weakening of after having fallen 7 per cent to US$ 17.76 billion in 2020. trade and GDP in the second half of 2022 and in 2023. Stronger growth in value terms than in volume terms implies rising export and import prices. These were up 15.4 per cent on average in 2021.World Trade Statistical Review 2022 World trade overview Trade in goods made a strong recovery in 2021, exceeding pre-pandemic levels, while services trade remained well below its 2019 value. Chart 2.1 World trade in goods and commercial services, 2008-2021, quarterly (Year-on-year percentage change) Services . Goods 50% 404% 20% 104% Year on-year percentage change -10%% -2045 -4045 -50% Causeter 1234 1234123412341234123412341234 1234123412341234 1234123 4 Year 2008 2010 2011 2 2 2013 2014 2015 2016 2017 2018 2019 19 2020 | 2021 Note: Trade as average of exports and imports. Source: WTO-UNCTAD-ITC. +27% +16% Trade In goods has recovered faster than services trade By contrast, unequal distribution of vaccines, the due to strong consumer demand for products, especially emergence of new COVID-19 variants and border in advanced economies, sustained by governments' restrictions continued to weigh on the recovery of tourism fiscal stimulus measures. In 2021, trade in goods rose by and passenger transport in the services sector. Trade in 27 per cent year-on-year, and by 17 per cent In commercial services expanded by 16 per cent in 2021. comparison with 2019. However, it remained 5 per cent below pre-pandemic levels.Chart 2.3 Merchandise exports by major product group, 2017-21 (US$ billion) Total Agriculture . Fuels and mining . Manufactured goods 21,678 20,000 18,983 18,403 17 208 17,135 15.000 14.823 13,010 12.750 12006 12,131 US$ billion 10.000 5.000 animemm 2,615 3,270 3,088 3,658 1,725 1.804 1,780 1.80 2,326 2,140 2017 2018 2010 2020 2021* Estimate for product break-down. Data include trade within the European Union and exclude re-exports of Hong Kong, China. Sarex WTO estimates +57% +22% +19% Fuels and mining products rose Exports of manufactured goods Exports of agricultural products by 57 per cent in 2021, due to a grew by 22 per cent in 2021, after a increased the least in 2021, rising by hike in energy prices and a decline of 5 per cent in 2020. 19 per cent. The lower growth is rebound in demand. because agricultural exports remained resilient in 2020 despite the pandemic. 12Chart 2.5 World exports of fuels and fuel prices, 2011-21 (Annual percentage change) Fuel exports Fuel prices 73 40 36 35 ..29 Annual percentage chang -7 -17 -20 -17 -29 -40 -14 -80 201 1 2012 2013 2014 2015 2016 2017 2018 2018 2020 2021 Source: WTO Secretarial (export values) / IMF (fuel prices) +64% +73% In 2021, world fuel exports reached a new peak in Fuel prices jumped by 73 per cent in 2021, due to value terms, rising by 64 per cent and climbing to Increased demand and limited production. US$ 2,573 billion. 131)Find chart 2.1. Explain the 2008-2021 updated situation in world trade in goods and commercial services. What is the trend? 2)Find chart 2.3. Explain the trend of agriculture trade between 2017 and 2021. How does this compare with the trend of trade for manufactured goods? 3)Find chart 2.5. What is the trend of fuel export and fuel prices between 2011 and 20217 A)Find chart 2.8. What is the trend of trade in commercial services between 2008 and 20217 Why is this important to the United States exports? S)Find Chart 3.1. Explain the world merchandise trade volume and real GDP growth fram 2015 to 2021