World Trade Statistics 2016

date of issue:2019-05-26     Source: Agrow
On April 12th the world trade organization (WTO) released its report about world trade statistics  2016. The report shows that the decline in global trade in goods narrowed in 2016, and China continues to maintain its position as the largest exporter. Global trade in goods is expected to recover in 2017, but there are still many uncertainties.

China continues to maintain its position as the world's largest exporter of goods. In 2016, global trade volume data in goods exports was $15.5 trillion, down 3.3 percent, while imports were $15.8 trillion, down 3.2 percent. China's export value is 2.1 trillion us dollars, accounting for 13.2% of the global share, and its import value is 1.6 trillion us dollars. China has been the world's largest exporter and second largest importer of goods for eight consecutive years.

According to the world trade statistics 2016, global trade volume is expected to recover in 2017, but there are still many uncertainties. The WTO expects global trade volume to grow by 2.4% in 2017. Although this is higher than the actual growth rate of 1.1 percentage points in 2016, it is still lower than the annual growth rate of over 5% before the international financial crisis.

As for China-Us trade, Sun Jiwen pointed out that China is willing to expand its imports from the us based on market demand, and hopes that the us can also adjust its export control and other policies that hinder its exports to China, so as to create conditions for resolving the trade deficit.

The comments came as the Commerce Department released trade data on April 4 showing that U.S. imports from China fell 20.8 percent in February to $32.8 billion, a record low.Meanwhile, the U.S. trade deficit with China fell 26.6 percent to $23 billion in February.
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