Among the world’s largest exporters of products, China ranked first and the United States came second, according to data from the World Trade Organization (WTO).
On the one hand, the year-on-year growth of Chinese exports was 7%, to 3 trillion 594 billion dollars, representing a 14.4% share of total global external sales.
On the other hand, the United States exported goods to the world worth 2 trillion 065 billion dollars, this is a year-on-year advance of 18% and a market share of 8.3 percent.
Due to the impacts of the China-U.S. trade war and the Covid-19 pandemic, global trade volume suffered a decline between 2019 and 2020.
However, given the progress in controlling the pandemic around the world and the strong economic stimulus provided by U.S. fiscal policy, there has been a significant expansion in global international trade.
According to the CIC Report, the value of global trade is expected to return to its pre-pandemic level and grow steadily through 2025.
Largest exporters
The next largest exporters were Germany ($1.655 trillion), the Netherlands ($966 billion) and Japan ($747 billion).
Demand for the integrated air freight forwarding sector in the United States and Hong Kong is closely related to world merchandise trade, which is affected by the global economy.
The ongoing trade dispute between the United States and China since 2019 puts pressure on global trade activities and causes uncertainties for the global economy and the global trade landscape.
Under the complex and volatile situation of the ongoing pandemic, the proliferation of non-tariff measures, a growing dependence on certain commodities, the uneven development of the digital economy, rising geopolitical tensions, a looming climate crisis, and ongoing disputes over WTO reform, international trade has encountered a variety of challenges.
According to PSI Group Holdings, the reconfiguration of supply chains of affected goods to avoid additional tariffs by transferring manufacturing bases from China to other developing countries such as Vietnam, Cambodia, etc., may permanently change trade flows.
Meanwhile, the trade conflict between China and the United States is expected to increase the volume of China’s shipments to Europe in the short term.
