Global Trade Data Portal
Recently, the World Trade Organization (WTO) took a groundbreaking leap towards transparency, collaboration, and informed decision-making in the world of international trade —the launch of its new Global Trade Data Portal. The Global Trade Data Portal is aims to improving cooperation, research, and trade policies worldwide. Moreover, this platform offers multiple benefits and useful tools. In this post, we provide you an approach to its main features.
What is the Global Trade Data Portal?
The Global Trade Data Portal is a cutting-edge platform introduced by the World Trade Organization (WTO) to serve as a comprehensive and centralized repository of information related to global trade activities. This website is designed to offer a wealth of statistics and insights into the intricate dynamics of international commerce.
In general, the Global Trade Data Portal comprises the main data concerning trade on goods, market access, services trade, and even a trade connectivity heatmap. Moreover, it offers a user-friendly design that allows lawyers, economists, students, and virtually any person interested in international trade to review the information.
How does it work?
In essence, the platform allows users to analyze international trade data from 2000 to 2022. The Global Trade Data Portal includes several ways to view the information: charts, graphics, projections, and raw data. In its sections of trade on goods, market access, services trade, and even a trade connectivity heatmap, the portal can be adjusted to visualize the information regarding global, regional, and local trade. In addition, the data can be filtered for obtaining specific statistics of a country or a timeframe —including yearly, quarterly, and monthly figures.
What are the new features of the Global Trade Data Portal?
The idea of a centralized trade database is not new. The WTO has maintained multiple websites throughout the years to compile trade information. For example, the organization has a platform detailing tariff, services, non-tariff, intellectual property, licensing, rules of origin, disputes, and remedies information. Likewise, the WTO has also developed a previous statistics platform where you can find time series covering merchandise trade and trade in services statistics, market access indicators (bound, applied, and preferential tariffs), as well as non-tariff information and other indicators.
The main improvement of the new Global Trade Data Portal is its user-oriented designed, as well as its novelle sources. The new platform includes a real-time data portal on agricultural products. Particularly, it allows users to track information on trade of grains and wheat thanks to a collaboration with the International Grains Council (IGC) and KPLER. Similarly, the portal incorporates a library of freely accessible trade data resources. The library redirects to statistics from the Food and Agricultural Organization (FAO), the International Labor Organization (ILO), the International Monetary Fund (IMF), UN Comtrade, among others.
Conclusions
While the concept of a centralized trade database is not new for the WTO, the Global Trade Data Portal introduces notable improvements. Its user-oriented design and innovative sources distinguish it from previous platforms. The portal serves as a centralized repository, offering a wealth of statistics and insights into the complex dynamics of global commerce. In the end, it aims to enhance cooperation, research, and trade policies worldwide, providing valuable tools and benefits to a diverse audience. And its unique features including its real-time data on agricultural products and its library of trade data resources turns it into a comprehensive and useful platform for anyone.
Need more information?
VTZ is a firm specialized in International Trade and Customs with extensive experience advising companies in international trade. Meet our key members in this area:
