Average applied tariffs in APEC economies have been reduced from 16.9 percent in 1989, when APEC was established, to around 5.2 percent in 2012. APEC's total trade (goods and services) has increased from US$3.1 trillion in 1989 to US$20 trillion in 2012. Intra-APEC merchandise trade (exports and imports) has grown from US$3.5 trillion in 1996 to US$11.8 trillion in 2012, accounting for 67 percent of APEC's total merchandise trade.