The water consumption of products, people and nations can be assessed with the help of a water footprint calculation. So-called virtual water is then considered to be the water which has been used in other parts of the world to produce the goods purchased and consumed here. But is the water footprint an adequate indicator to guide trade flows or consumption decisions towards a more sustainable use of the world’s water resources? In fact, problems of water and trade have to be addressed in a more specific manner.