Merchandise exports (current US$)
Definition: Merchandise exports show the f.o.b. value of goods provided to the rest of the world valued in current U.S. dollars.
Description: The map below shows how Merchandise exports (current US$) varies by country. The shade of the country corresponds to the magnitude of the indicator. The darker the shade, the higher the value. The country with the highest value in the world is China, with a value of 2,487,050,000,000.00. The country with the lowest value in the world is Palau, with a value of 8,000,000.00.
Source: World Trade Organization.
Limitations and Exceptions: Exports are recorded as the cost of the goods delivered to the frontier of the exporting country for shipment - the free on board (f.o.b.) value. Countries may report trade according to the general or special system of trade. Under the general system exports comprise outward-moving goods that are (a) goods wholly or partly produced in the country; (b) foreign goods, neither transformed nor declared for domestic consumption in the country, that move outward from customs storage; and (c) goods previously included as imports for domestic consumption but subsequently exported without transformation. Under the special system exports comprise categories a and c. In some compilations categories b and c are classified as re-exports. Because of differences in reporting practices, data on exports may not be fully comparable across economies. Data on exports of goods are derived from the same sources as data on imports. In principle, world exports and imports should be identical. Similarly, exports from an economy should equal the sum of imports by the rest of the world from that economy. But differences in timing and definitions result in discrepancies in reported values at all levels.
Statistical Concept and Methodology: Merchandise trade data are from customs reports of goods moving into or out of an economy or from reports of financial transactions related to merchandise trade recorded in the balance of payments. Because of differences in timing and definitions, trade flow estimates from customs reports and balance of payments may differ. Several international agencies process trade data, each correcting unreported or misreported data, leading to other differences. The data on total exports of goods (merchandise) are from the World Trade Organization (WTO), which obtains data from national statistical offices and the IMF's International Financial Statistics, supplemented by the Comtrade database and publications or databases of regional organizations, specialized agencies, economic groups, and private sources (such as Eurostat, the Food and Agriculture Organization, and country reports of the Economist Intelligence Unit). Country websites and email contact have improved collection of up-to-date statistics, reducing the proportion of estimates. The WTO database now covers most major traders in Africa, Asia, and Latin America, which together with high-income countries account for nearly 95 percent of world trade. Reliability of data for countries in Europe and Central Asia has also improved.
Aggregation method: Gap-filled total