Difference between gross world product and the volume of world trade

Gross world product

The gross world item (GWP) is the joined gross national result of the considerable number of nations on the planet equivalents to the all out worldwide GDP.

World economy, containing 193 economies, in 2019 is anticipated around of US$88.08 trillion in ostensible terms against US$84.84 trillion out of 2018, as per IMF.

Volume of world trade

Albeit world product exchange expanded marginally in volume terms in 2016, it declined in worth terms because of falling fare and import costs. World product fares were esteemed at US$ 15.46 trillion of every 2016, down 3.3 percent from the earlier year.

Ostensible exchange esteems additionally rose in 2018 because of a mix of volume and value changes. World product fares totalled US$ 19.48 trillion, up 10% from the earlier year.