World Trade Summary 2009 | WITS (2024)

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World Trade Summary 2009 | WITS? ›

TRADE SUMMARY FOR WORLD 2009

The U.S. Census Bureau reported recently that the U.S. goods and services trade deficit fell from $695.9 billion in 2008 to $380.7 billion in 2009, a decline of $315.3 billion (45.3%).

Key Takeaways. Trade refers to the voluntary exchange of goods or services between economic actors. Since transactions are consensual, trade is generally considered to benefit both parties. In finance, trading refers to purchasing and selling securities or other assets.

Global trade should hit a record $32 trillion for 2022, but a slowdown that began in the second half of the year is expected to worsen in 2023 as geopolitical tensions and tight financial conditions persist, according to the latest Global Trade Update, published by UNCTAD on 13 December.

The value of exports of China amounted to almost 3.4 trillion U.S. dollars in 2023, meaning that it was, by far, the country with the highest exports worldwide that year. The value of goods exported from China increased rapidly from 2020 to 2021.

During the global recession of 2008-2009, international trade collapsed. From 2008Q1 to 2009Q1, real world trade fell by about 15 percent, exceeding the fall in real world GDP by roughly a factor of 4.

The deficit on international trade in goods decreased to $174.1 billion from $216.3 billion, as goods imports decreased more than goods exports. The surplus on international trade in services decreased to $33.7 billion from $35.4 billion, as services receipts decreased more than services payments.

The main transport mode for global trade is ocean shipping: around 90% of traded goods are carried over the waves.

International trade allows countries to expand their markets and access goods and services that otherwise may not have been available domestically. As a result of international trade, the market is more competitive. This can ultimately result in more competitive pricing and cheaper products.

The United States is the 2nd largest goods exporter in the world, behind only China. U.S. goods exports to the world totaled $2.1 trillion in 2022, up 17.5 percent ($307.3 billion) from 2021.

Who is China's biggest trade partner? ›

Products In 2022, world's most traded products were Crude Petroleum ($1.45T), Refined Petroleum ($1.08T), Integrated Circuits ($961B), Petroleum Gas ($827B), and Cars ($782B).

The U.S. international trade deficit increased to $498 billion in 2010 , as imports increased more than exports. Exports increased 16.6% from 2009 to $1.8 trillion, and imports increased 19.7% to $2.3 trillion.

Data from Federal Reserve. deficit reversed during the 2008-2009 financial crisis, reflecting a contraction in global trade due to a decline in trade financing and a global economic recession. Between 2009 and 2011 the U.S. trade deficit increased by 11%.

The shrinking deficit was largely due to the economic slowdown following the global financial crisis in 2008, which significantly reduced U.S. (and global) demand for imports, and the decline of commodity prices and U.S. oil imports in the wake of the shale oil and gas boom.

While the growth of U.S. exports to China continued to outpace the growth of U.S. imports in 2008, the U.S. trade deficit with China increased by 3 percent to $270.3 billion. For the second consecutive year, China was the single-largest source of U.S. imports and the third-largest market for U.S. exports.