Where Data Tells the Story
© Voronoi 2025. All rights reserved.
1970s: Trade openness began increasing following the early 1970s collapse of the Bretton Woods system, which ended fixed exchange rates. The 1973-74 Oil Crisis led to surging commodity prices, further boosting trade as a share of GDP.
1980s: The early 1980s recession caused a temporary dip in trade openness, but growth resumed with rising commodity prices and industrialization in emerging markets.
1990s: Trade openness expanded significantly with the end of the Cold War (1991), NAFTA's establishment (1994), and the creation of the WTO (1995). These milestones, along with China’s accession to the WTO in 2001, integrated more countries into global trade, driving sustained growth.
2000s: Trade openness peaked in the mid-2000s, driven by high commodity prices, technological advancements, and emerging market participation. However, the 2008 Global Financial Crisis led to a sharp decline, reflecting a contraction in global economic activity.
2010s–2020s: Post-crisis recovery saw more volatile trade growth, influenced by protectionism and shifting supply chains. The COVID-19 pandemic in 2020 caused a sudden drop as economies shut down, though trade rebounded quickly once restrictions eased.