World Trade Statistical Review 2023

Post-1973 globalization has more than tripled the mass of seaborne trade and brought major shifts in its composition.[76] While in 1973 tanker traffic (dominated by crude oil and refined products) accounted for more than half of the transported total, in 2018 goods amounted to about 70 percent, a shift reflecting not only the rise of Asia—and, abov

Globally, during this cycle:

-China has had strong industrial production, but weak consumer spending.

-Europe has been relatively weak both in industrial production and consumer spending.

-The United States has been strong in consumer spending, but relatively weak in industrial production.

The years between 1950 and 1973 were marked by rapid economic growth in virtually every part of the world: its global annual mean rate and its average per capita gains were nearly 2.5 times greater than during the previous globalization wave of 1850–1913, and the value of exported goods in the world economic product rose from a low of just over 4 p

Right now, there are two important policy changes that have come out in 2025. The first is DOGE aimed at eliminating waste, fraud and abuse in the government. The second is tariffs aimed at making global trade more fair

Which matters more?

The chart today looks at each in terms of their size relative to the GDP of the US. The scales are different to

Resurgence of Trade Barriers and Industrial Policy: As the world moves away from hyper-globalization—whether due to tariffs, geopolitical tensions, or security-of-supply considerations—costs could rise. The restructuring of supply chains raises input costs and reduces the deflationary tailwinds that globalization once provided.