Total Global Exports 2014 Were Valued At $24 Trillion
India’s total Global export 2014 was valued at $321 billion against $314 billion in the previous year, a UNCTAD report on Tuesday said. The report said international service exports accounted for 21 per cent of the total global exports (valued at just over $5 trillion) in 2014, a growth of almost 5 per cent over the previous year. The total global exports for 2014 stood at $24 trillion, up 1.2 per cent, compared with the previous year.
Spectacular increase in exports of developed and developing countries
Services exports from both developed and developing economies grew strongly in 2014, at 5.3 per cent and 4.8 per cent respectively. But services exports from the transition economies of South-East Europe and the Commonwealth of Independent States (CIS), as well as Georgia, declined sharply in 2014, falling by almost $10 billion or 7 per cent compared with 2013.
Merchandise exports remained weak
While growth in merchandise trade was significantly weaker, a similar pattern was evident – merchandise exports for developed economies grew by 0.4 per cent and by 0.6 per cent for developing economies year-on-year, whereas exports from the transition economies fell by 5.5 per cent or approximately $44 billion.
Developed countries contribution – 55 per cent
While total exports from developed economies accounted for 55 per cent ($13.2 trillion) of the total global trade, developing economies constituted 41 per cent, with transition economies bringing in the residual $890 million, or 4 per cent, UNCTAD said.