World Trade Facts

The theme for World Trade Month 2023 was "Amid Global Tensions, Resilience and Growth."

This year we included more than 100 World Trade Month celebrations, seminars, webinars and other events sponsored by more than four dozen different government, public and private organizations.

More than 2,500 people attended one or more of these events to learn more about exporting and importing and celebrate the benefits of international trade to the U.S. and global economies.

Top 10 U.S. exporters based on containerized cargo, measured in TEUs.

1. Koch Industries
2. International Paper
3. CellMark Group
4. Dow Chemical
5. DeLong
6. Louis Dreyfus Company
7. Cargill 
8. International Forest Products 
9. Winfibre 
10. America Chung Nam

Top 10 U.S. importers based on containerized cargo, measured in TEUs.

1. Walmart
2. Target
3. Home Depot
4. LG Group
5. Lowe’s
6. Dole Food
7. Ashley Furniture
8. Samsung America
9. Chiquita Brands International
10. IKEA International

According to a recent report from the World Trade Organization (WTO), cross-border digital trade flows, which include e-commerce, video streaming, games, and apps, have grown by four times since 2005 and are now valued at approximately $3.8 trillion. Demand for traded digital services has been rising by 8% each year since 2005.

In a first-quarter survey conducted by the National Association of Manufacturers, companies were asked about their top concerns. The primary concern noted was attracting and retaining a high-quality workforce, followed by increased costs of raw materials and supply chain challenges.

U.S. Customs and Border Protection has stopped 3,237 shipments under the Uyghur Forced Labor Prevention Act, valued at $961 million, according to its enforcement statistics dashboard. Of the 3,237 shipments stopped, CBP detained 424 shipments (15.3%), released 1,090 shipments (33.7%), and is yet to make a determination on the remaining 1,653 shipments (51.1%).

Treasury’s Office of Foreign Assets Control (OFAC) has added over 2,500 Russia-related targets to the Specially Designated Nationals and Blocked Persons (SDN) List since February 2022, including approximately 2,400 individuals and entities, 115 vessels and 19 aircraft.

Container lines went on a buying spree with their record pandemic profits: There are an estimated 900 new ships on order. Many of those new vessels will arrive this year and are expected to add 1.4 million TEUs (twenty-foot equivalent units). That’s equal to about 5% of the current global total. Capacity would reach 27.2 million, up almost 50% from a decade earlier, by 2025. An over-supply of container space may be on the horizon.

Freight forwarders could see their operating income fall by 45% in 2023, according to a Bloomberg Intelligence senior logistics analyst. Freight rates—by ocean and air—have declined steeply after several peak years during the pandemic.

Benchmark container rates from Hong Kong to Los Angeles were down 84% at the beginning of 2023 compared to a year earlier, hitting $1,375 per 40-foot container, a level not seen since March 2020, when supply chains came to a halt due to the global pandemic.

World trade is expected to lose momentum in 2023 as multiple shocks weigh on the global economy. WTO economists predict global merchandise trade volumes will grow by 1.7%—down sharply from the previous estimate of 3.4%. Looking further ahead, the WTO expects a more subdued rebound next year than it previously expected. 

Russia’s exports increased by 15.6% from 2021 to 2022. The increase in Russia’s exports in value terms is driven mostly by goods in the primary sector such as fuels, fertilizers and cereals. The relatively limited increase in trade values in combination with the sharp increase in prices for these goods suggests a slight decline in export volume.

Globally imports and exports were strong in 2022, despite Russia’s invasion of Ukraine. Alternative suppliers filled in the gaps for the majority of products affected by the conflict. The value of Ukraine’s total exports decreased by 30% from 2021 to 2022. The drop was relatively consistent across trade partners, although some neighboring countries increased their imports from Ukraine.

Trade in goods totaled almost $25 trillion in 2022 (an increase of about 10% from the year prior), according to the United Nations Conference on Trade and Development. Trade in services totaled almost $7 trillion (an increase of about 15%). The growth is thanks to a strong start to the year. Trade growth was subdued the latter half of the year.

U.S. container imports dropped almost 23% in the first quarter, compared to a year earlier, returning to pre-COVID levels. The return to normal follows big jumps in imports in 2021 and 2022 due to increased consumer demand during the pandemic.

The Federal Reserve Bank of New York said in March that the supply chain has returned to normal, almost three years after Covid-19 was declared a pandemic. The February reading in the NY Fed’s Global Supply Chain Pressure Index was -0.26, reaching negative territory for the first time since August 2019.

The 2022 goods deficit ($1.2 trillion) was the highest on record. Here's a look at some countries with which the U.S. had record goods deficits.

The U.S. trade deficit was up 12.2% to $948 billion in 2022, increasing to a new record thanks to a surge in imports as American companies sought to increase merchandise stock, Commerce Department data shows. Exports of goods and services ($3.0 trillion) were the highest on record. Imports of goods and services ($4.0 trillion) were the highest on record.

Some Asian economies and Mexico are moving in as the U.S. moves away from China—most notably Vietnam, whose exports to the U.S. rose from less than $10 billion before 2007 to more than $120 billion in 2022. The Philippines, Taiwan, Thailand, India and Malaysia have also enjoyed rapid export growth to the U.S. Mexico’s annual exports to the U.S. have roughly doubled since 2008 to more than $400 billion.

A Boston Consulting Group report forecasts annual U.S. trade with the Association of Southeast Asian Nations to increase by $236 billion over the next nine years. Thanks to lower labor costs and geographic positioning, U.S.-ASEAN trade will likely grow as the U.S. shifts away from China.

Despite record trade between the U.S. and China, political forces may be having an impact: China accounted for just 13.1% of overall U.S. trade in 2022, the lowest level in at least a decade and down from a peak of 16.4% in 2017. China’s share of U.S. imports dropped from a peak of 22% in 2017 to less than 17% last year.

Trade in goods between the U.S. and China reached $690.6 billion in 2022, a new record, demonstrating how reliant the U.S. and China still are on each other, despite years of trade conflict. Imports from China grew 6.3%, to $536.8 billion, while exports rose 1.6% to $153.8 billion.

Goods exports to America’s 20 free-trade agreement (FTA) partners continue to make up nearly half (more than 46.4% in 2022) of all U.S. goods exports. Exports to the group increased 17.7% year-over-year and made up 45% of U.S. goods export growth in 2022. 

The United States’ top five imports by value through December were oil; passenger vehicles; cell phones and related equipment; computers; and medicines in individual doses. They accounted for 21.63% of all inbound shipments.

The largest U.S. export commodities by value in 2022 were civilian aircraft and parts, gasoline, oil, passenger vehicles, and computer chips.

The United States’ fastest growing trade partners in 2022 were: Argentina, Poland, Spain, Saudi Arabia and Panama.

The United States’ top five trade partners in 2022, from largest to smallest, were Canada, Mexico, China, Japan and Germany—the same was true in 2021. Imports and exports between the United States and Canada, Mexico and China made up nearly 45% of U.S. trade in 2022.

The U.S. had record imports from 90 countries in 2022, according to Commerce Department data, led by Mexico ($454.9 billion), Canada ($437.7 billion) and Japan ($148.3 billion).

The U.S. had record exports to 73 countries in 2022, according to Commerce Department data, led by Canada ($356.1 billion), Mexico ($324.4 billion) and China ($153.8 billion). Exports to Canada made up 17.3% of the United States’ total exports.

U.S. imports of goods and services climbed to $4.0 trillion in 2022—the highest on record. Goods imports grew 14.6% to $3.3 trillion and services imports reached $680.5 billion, both records. Some categories of imports that were the highest on record...

U.S. exports of goods and services climbed to $3.0 trillion in 2022—the highest on record. Goods exports grew 17.59% to $2.1 trillion and services exports reached $924.2 billion, both records. Some categories of exports that were the highest on record...

U.S. goods trade with the world totaled $5.31 trillion in 2022, according to U.S. Census Bureau data. That’s a 15.74% increase over the previous year.

Since 1935, May has been designated World Trade Month. It’s a chance to recognize the important role international trade plays in the U.S. economy.

A Glossary of International Shipping Terms defines hundreds of international shipping terms you need to know as you grow your importing and exporting.

The Incoterms 2020 Rules: Chart of Responsibilities and Transfer of Risk helps you quickly identify which fees and potential liabilities you face under each of the 11 trade terms.

The What You Need to Know about Export Compliance eBook provides you with the basic understanding of export regulations and how to avoid potential fines and other penalties.

Evaluating Export Markets: How to Assess Country and Customer Risk highlights the specific steps you can take to identify potential risks, evaluate them, and take the proper precautions.

The Classifying Your Products for International Trade eBook uses real-world examples and charts to help you understand the different types of classification codes and when to use them.

The theme for World Trade Month 2022 was "Overcoming Challenges; Unleashing Growth," and the success of the month proves why that is coming true.