Source: WTO.

Share of World Goods Exports, Selected Countries, 1950-2005

The first years of the 21st century have experienced a significant shift in the share of global trade of leading exporters. The enduring trend involving the relative decline of American exports has accelerated to the point that Germany became to world's leading exporter. Japan's share has been declining for about 15 years and was overtaken in 2004 by China. There thus appears to be a convergence of the share of the world's four leading exporters. The case of Saudi Arabia reveals fluctuations linked with oil prices, particularly between 1970 and 1985. The value of global trade, particularly manufactured products, has surged to the point that recent increases in oil prices have not yet had an impact on Saudi Arabia's share as it did in the past under such circumstances.