Asia Overtook Europe Trade in 2021

In the 1960s and 1970s, Europe accounted for approximately 51% of global trade, while Asia and the Americas accounted for around 17% and 24%, respectively. Since then, there has been a significant shift in the distribution of global trade. Asia's share of world trade has steadily increased, surpassing that of Europe since 2012. Specifically, Asia exceeded Europe in exports in 2011 and in imports in 2012. Between 2000 and 2021, trade in Asia grew by 374%, compared to 187% growth in the rest of the world. Notably, during this period, Asia contributed 46% to the overall growth of global trade.

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China has played a pivotal role in driving the growth of trade in Asia, accounting for 33% of Asian trade in 2021. Japan surpassed the United Kingdom in trade volume in 1972, and after 31 years, China also exceeded the United Kingdom's trade volume in 2003. Subsequently, China surpassed Germany's trade volume in 2009 and that of the United States in 2013. The export markets of developed economies have become saturated, resulting in a gradual slowdown in the growth rate of Asian exports during the 2010s. Emerging Asian export economies, such as India, Bangladesh, and Vietnam, face significant challenges in their quest for export development.

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