• Analysis and Studies
• Documents of title: import and export

A document of title is a written record that confirms that the holder has the right to receive, manage, and transfer the goods described in it: issued by a bailee (who is holding the goods) to a bailor (the owner), this document details the goods and the terms of their handling.  Ownership of the goods can be transferred simply by handing over or endorsing the document, provided it specifies the conditions for transfer.

Key examples of documents of title include bills of lading, which acknowledge the receipt of goods by a carrier and serve as a contract for their transport; warehouse receipts, which confirm the storage of goods and allow for their future retrieval or transfer of ownership; dock warrants, which verify that goods have been received and are ready for shipment; and delivery orders, which instruct the release of goods to a designated party.

In 2022, documents of title were the world's 621st most traded product, with a total trade of $3.84B, and between 2021 and 2022 the exports grew by 1.02%, from $3.8B to $3.84B.

In 2022 the country which exported the product the most was the United Arab Emirates, with a trade of $1.47B, followed by United Kingdom ($275M), Malta ($263M), Germany ($195M), and Malaysia ($138M). Whereas the most significant importer was Armenia, with a trade of $1.45B, ahead of China ($340M), Angola ($209M), United States ($142M), and United Arab Emirates ($124M).

The graphic shows that the United Arab Emirates leads the global trade of documents of title, with its exports primarily driven by a significant trade relationship with Armenia.

The United Kingdom, Malta, Germany, and Malaysia follow, each with more diversified portfolios across African and Middle Eastern countries: the United Kingdom has a strong connection with Angola, while Malta's key markets include the United Kingdom, Ghana, and Argentina. Germany focuses on Saudi Arabia and Iraq, and Malaysia's largest trade partner is Ethiopia. This trade reflects the importance of Africa and the Middle East in sectors such as commodities, logistics, and trade finance.

1. United Arab Emirates (38.4%): 98.5% Armenia
2. United Kingdom (7.16%): 67.6% Angola, 3.95% Jordan, 3.56% South Africa, 3.19% Qatar,02% Democratic Republic of Congo, 1.53% Ireland, 1.71% Kenya, 1.24% Zambia, 0.89% Bermuda
3. Malta (6.87%): 18.3% United Kingdom, 12.9% Ghana, 11.5% Sudan, 10.6% Argentina, 5.63% Lebanon, 5.58% China, 4.68% Chile, 3.04% Qatar, 2.22% Poland, 2.15% Tunisia, 1.8% Malawi
4. Germany (5.09%): 10.4% Saudi Arabia, 9.33% Iraq, 7.48% Malawi,25% Sudan, 6.99% Lebanon, 6.86% Democratic Republic of Congo, 3.6% Netherlands, 2.85% Ethiopia, 2.64% Angola, 2.2% Italy, 1.48% Jamaica, 1.22% Armenia, 1.12% United States
5. Malaysia (3.58%): 29.2% Ethiopia, 11.9% China, 9.16% Germany,85% India, 6.48% Iraq, 3.53% Angola, 3.4% Guatemala, 3.3% Democratic Republic of Congo, 3.03% Saudi Arabia

The import portfolios of the top five countries reveal a mix of concentrated and diversified trade relationships. Armenia's imports are driven by the United Arab Emirates, underscoring a highly specialized partnership, while Angola heavily relies on the United Kingdom.

In contrast, China shows a more diversified portfolio, importing from various countries like Singapore, Mexico, and Ireland, reflecting its broad global trade connections. The United States focuses on offshore and regional partners, with the Bahamas and Canada being key sources, and the imports of the United Arab Emirates come primarily from Egypt, emphasizing its strong regional connections in the Middle East.

1. Armenia (37.9%): 99.8% United Arab Emirates
2. China (8.87%): 17.1% Singapore, 15% Mexico,5% Hong Kong, 10.8% Ireland, 10.3% Switzerland, 7.78% Chinese Taipei, 4.79% Malaysia, 4.32% Malta, 3.62% Australia
3. Angola (5.44%): 89.1% United Kingdom, 3.05% Portugal, 2.48% Germany, 2.33% Malaysia, 1.73% United Arab Emirates
4. United States (3.7%): 64.9% Bahamas, 19.9% Canada, 2.84% South Korea, 2.32% Iraq, 1.7% Ireland, 1.55% Germany, 1.07% Morocco
5. United Arab Emirates (3.23%): 91.8% Egypt, 3.58% Bahrain, 1.98% United States, 1.04% Malta

Between 2021 and 2022, the country which had a fastest growth in exports was the United Arab Emirates, with an increase of $1.36B, ahead of Bahamas ($85.3M), Mexico ($48.3M), Australia ($38.4M), and Netherlands ($33.8M).

1. United Arab Emirates: from $116M to $1.47B
2. Bahamas: from $6.74M to $92.1M
3. Mexico: from $5.16M to $53.5M
4. Australia: from $12.2M to $50.7M
5. Netherlands: from $43.5M to $77.3M

Whereas the fastest growing importer was Armenia, with an increase of $1.39B, followed by the United Arab Emirates ($95.6M), United States ($76.5M), United Kingdom ($75.5M), and Angola ($66.4M).

1. Armenia: from $63.1M to $1.45B
2. United Arab Emirates: from $28.5M to $124M
3. United States: from $65.4M to $142M
4. United Kingdom: from $44.3M to $120M
5. Angola: from $142M to $209M

Sources: