International Trade of Merchandises, 2003-2013

International Trade of Merchandises, 2003-2013

Source: WTO. In billions of dollars and in % of all exports.

Three major poles account for the majority of the global trade, about 83% of all exports in 2013. However, most of this trade is regional in scale, particularly within Europe where close to 69% of all exports are taking place within the region, up from 62% in 2003. This is also the case for Asia, which has seen the share of regional trade slightly increase to about 53% (from 50%) despite the high level of export dependency of many of its economies. All of the above is underlining a growing regionalization of trade relations.