Oil Dominates the $5 Trillion Global Commodity Market

This chart, via Visual Capitalist's Pallavi Rao, categorizes over $5 trillion in global commodity exports by sector and the value of material exported. Data was averaged between 2019–2021 to represent an annual estimate. Source figures can be found at The State of Commodity Dependence 2023 published by UN Trade & Development. Commodity Exports with the Highest Value Oil and its products account for 30% of global commodity exports on average, valued at $1.5 trillion annually.

Meanwhile, the minerals sector is more equally divided between base metal exports like copper, iron, and aluminum and precious metals and stones gold, silver, diamonds. Not pictured in this graphic is how international the commodity trade tends to concentrate in just a few countries on the exports side. For example, one-fourth of all copper produced in 2023 came from Chile. The flip side of this means some of these major resource exporters have a significant amount of commodity dependence.

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