Cars top world’s most traded goods with N486 trillion of trade [LIST]

Cars are the top goods traded worldwide with $1.35 trillion (roughly N486 trillion) being traded each year between countries.

Advertisement

A World Economic Forum (WEF) report revealed this, with auto parts not far behind at number four spot with $685 billion (N246 trillion) of trade.

Here are the good categories, along with the total dollar value and percentage of total exports that each category represents on the global market.

According to the WEF report, the United States is the biggest importer for 12 of the 18 trade categories, including the largest ones: automobiles and refined petroleum.

“Interestingly, the U.S. is also the largest exporter of two of the goods that it is a top importer of: refined petroleum and medical equipment.

“This is because both are highly specialized categories – the U.S. may import one grade of refined oil at a low cost, while simultaneously exporting a higher or more specialized grade of oil at a premium,” the report stated.