Trade as an Engine of Growth
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World Bank, Washington, DC
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International trade has been an
important engine of output and productivity growth
historically. But since the global financial crisis, world
trade growth has slowed, reflecting cyclical and structural
forces. The COVID-19 pandemic and Russia’s invasion of
Ukraine have further disrupted commodity markets, global
supply chains and the trade that accompanies them. A removal
of impediments that raise trade costs could reinvigorate
world trade. Trade costs, on average, roughly double the
cost of internationally traded goods relative to
domestically sold goods. Tariffs amount to only
one-twentieth of average trade costs; the bulk are incurred
in shipping and logistics, and trade procedures and
processes at and behind the border. Despite a decline since
1995, trade costs remain about one-half higher in EMDEs than
in advanced economies; about two-fifths of this gap appears
to be due to higher shipping and logistics costs and a
further two-fifths due to trade policy. A comprehensive
reform package to lower trade costs could yield large
dividends. It is estimated that among the worst-performing
EMDEs, a hypothetical reform package to improve logistics
and maritime connectivity to the standards of the
best-performing EMDEs would halve trade costs.
Palabras clave
TRADE, GLOBAL RECESSION, EMERGING MARKETS, DEVELOPING ECONOMIES, IMPEDIMENTS TO TRADE, COVID-19 PANDEMIC TRADE RECOVERY, COMMODITY MARKET DISRUPITON