World exports of intermediate goods
World exports of intermediate goods-used in supply chains-grew 28% in 2021, according to data from the World Trade Organization (WTO).
Sustained growth in «other industrial supplies,» which account for nearly half of global exports and cover a wide range of manufacturing inputs -from metal structures to electronic components to pharmaceuticals- reflects increased activity in manufacturing production chains in 2021.
In particular, Asia and Europe were the leading suppliers of inputs to supply chains in 2021, accounting for 43% and 35%, respectively, of global exports of intermediate goods.
Nearly 67% of Asian exports of industrial inputs were shipped within Asian supply chains, especially high-tech components such as processors.
Thus, exports of intermediate goods within Asia reached $2.9 trillion in 2021.
In terms of the type of goods, the fluctuation in exports of minerals and precious stones reflects the rise in iron ore prices during the first half of 2021 (46 percent) and the decline in the second half (-12 percent).
World exports
The second quarter of 2021 saw a recovery (68 percent) in automotive supply chains, starting from a low base, following the sharp decline recorded by the automotive industry in terms of supply and demand during the height of the pandemic.
Intermediate goods are inputs used in the manufacture of a final product.
They range from crops used to produce food to textiles and metals needed to manufacture products.
Trade in intermediate goods is an indicator of supply chain activity, and was severely affected in the early stages of the Covid-19 crisis.
According to the European Commission, intermediate consumption is a national accounting concept that measures the value of goods and services consumed as inputs in a production process.
It excludes fixed assets whose consumption is recorded as consumption of fixed capital. Goods and services can be transformed or consumed in the production process.
Intermediate consumption is valued (recorded) at purchasers’ prices.
