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Exports (current US$ millions)
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Exports are goods or services produced in one country that are sold to another country. The difference between exports and imports can be confusing, because any given product is both an import and an export, and the appropriate term at any given time is dependent upon whether the user is in the sending country or the receiving country. The country producing and selling a product is the exporter, and the products it sends to other countries are known as exports. Conversely, the country purchasing and receiving the products is known as the importer and calls those products imports. Exports are extremely important for a country’s economy. Exports give producers access to a global marketplace, greatly expanding their potential customer base. Additionally, imports and exports factor heavily into international diplomacy and foreign policy between governments.
Governments encourage exports and generally want to increase exports over imports. Exports create jobs, bring in higher wages, raise the standard of living for a country’s residents, and increase foreign currency reserves and liquidity. Because exports result in international funds coming into the country and imports result in money being sent out of the country, governments will often use trade protections, such as placing tariffs on incoming goods, to raise the price of imports and give their domestic industries an advantage. Alternatively, countries often negotiate trade agreements with one another that reduce trade protections such as tariffs and create mutually beneficial trade relationships.
Top 10 Countries that Export the Most Goods and Services (Current US$ millions - World Bank 2020)
Country | Exports (current US$ millions) |
---|---|
China | $2.72 Mn |
United States | $2.12 Mn |
Germany | $1.67 Mn |
Japan | $785,365.75 |
United Kingdom | $770,478.62 |
France | $733,165.40 |
Netherlands | $711,504.80 |
Hong Kong | $612,566.52 |
Singapore | $599,216.28 |
South Korea | $596,945.20 |
Why exports and imports are important
One major advantage of the import/export model is that it enables countries to import goods and services that aren't readily available domestically. Another advantage is that it enables countries to specialize in goods or services that are easier to produce, less costly, or in greater supply in that country as compared to others. This gives the country a competitive advantage and enables it to get the most out of its available natural resources or demographic qualities.
For example, Saudi Arabia possesses one-sixth of the world's crude petroleum reserves, but if the petroleum producers could only sell to other citizens of Saudi Arabia, their market would be very small indeed. What's more, crude petroleum would be immensely expensive in countries that lacked large natural reserves of it. However, because Saudi Arabia can export crude petroleum and other countries can import it, crude petroleum is readily available worldwide and Saudi Arabia's petroleum producers have become much more successful by selling to customers outside their national borders.
Similarly, cacao trees can only grow in roughly 25% of the world's countries. If the import/export market did not exist, cacao producers such as Ivory Coast and Malaysia would not be able to export cacao to countries such as Germany, Belgium, and the United States. More importantly to consumers with a sweet tooth, those countries would not be able to export the chocolate made from that cacao all over the world.
Profiles of the world's largest exporters
1. China
Aside from the European Union (which is a collective of many countries), China is the world’s largest exporter. In 2020, China exported an estimated $2.72 trillion worth of goods and services, primarily electronic equipment and machinery such as broadcast equipment, computers, integrated circuits, office machine parts, and telephones. In 2018, China’s exports made up about 10.78% of the global total.
2. United States
The U.S. is the second-largest exporter in the world, with an estimated $2.12 trillion in exports for 2020. The largest exports of the U.S. are crude and refined petroleum; integrated circuits; pharmaceuticals and medical instruments; and aircraft including planes, spacecraft, and helicopters as well as their replacement parts. One of the reasons that the United States lags behind China in exports is the cost of labor. Many goods cannot be produced, manufactured, or assembled in the U.S. for a price comparable to that in China.
3. Germany
Having exported an estimated $1.67 trillion worth of goods and services in 2020, Germany is the world’s third-largest exporter. As one of the most technologically advanced countries in the world, Germany’s main exports include automobiles (BMW, Mercedes-Benz, Porsche, Audi, Volkswagen), pharmaceuticals (Bayer), aircraft, machinery, electronics, and chemicals. Germany is the third of three countries to have exports exceeding $1 trillion, behind only China and the United States.
4. Japan
Japan’s exports for 2020 were valued at an estimated $785.4 billion. Japan’s major exports include automobiles (Toyota, Honda, Nissan, Mazda, Suzuki, more) and automobile parts, integrated circuits and electronic devices (Nintendo, Panasonic, Sony, and many more). Japan's largest export customers are China, the United States, South Korea, Taiwan, and Hong Kong.
5. United Kingdom
The United Kingdom ranked as the fifth-highest exporter in the world in terms of dollar value in 2020, shipping an estimated $770.5 billion in goods and services to international customers. The U.K.'s top exports include cars (Bentley, Jaguar, Mini, Rolls-Royce, more), gas turbines, gold, medicines, hard liquor, antiques, and crude petroleum (which is often first imported from Norway, then exported to the rest of Europe, as well as China and South Korea).
Country | Exports (current US$ millions) | Data Year | % of Global Exports 2018 (GE) | Main Export 2019 (OEC) |
---|---|---|---|---|
China | $2.72 Mn | 2020 | 10.78% | Broadcasting Equipment |
United States | $2.12 Mn | 2020 | 10.26% | Refined Petroleum |
Germany | $1.67 Mn | 2020 | 7.62% | Cars |
Japan | $785,365.75 | 2020 | 3.73% | Cars |
United Kingdom | $770,478.62 | 2020 | 3.58% | Cars |
France | $733,165.40 | 2020 | 3.59% | Planes, Helicopters, and/or Spacecraft |
Netherlands | $711,504.80 | 2020 | 3.14% | Refined Petroleum |
Hong Kong | $612,566.52 | 2020 | 2.77% | Gold |
Singapore | $599,216.28 | 2020 | 2.7% | Integrated Circuits |
South Korea | $596,945.20 | 2020 | 2.92% | Integrated Circuits |
Ireland | $558,393.91 | 2020 | 1.92% | Blood, antisera, vaccines, toxins, and cultures |
Italy | $555,043.20 | 2020 | 2.66% | Packaged Medicaments |
India | $496,486.36 | 2020 | 2.19% | Refined Petroleum |
Canada | $476,044.98 | 2020 | 2.26% | Crude Petroleum |
Switzerland | $468,966.62 | 2020 | 1.98% | Gold |
Mexico | $431,431.72 | 2020 | 1.95% | Cars |
Belgium | $417,560.86 | 2020 | 1.83% | Cars |
United Arab Emirates | $404,046.29 | 2019 | 1.59% | Crude Petroleum |
Spain | $392,402.62 | 2020 | 2.03% | Cars |
Russia | $378,635.85 | 2020 | 2.07% | Crude Petroleum |
Poland | $335,209.38 | 2020 | Vehicle Parts | |
Australia | $318,466.28 | 2020 | 1.27% | Iron Ore |
Vietnam | $286,206.89 | 2020 | 1.05% | Broadcasting Equipment |
Thailand | $258,155.16 | 2020 | 1.33% | Office Machine Parts |
Brazil | $243,738.85 | 2020 | 1.14% | Soybeans |
Sweden | $241,149.67 | 2020 | 1.03% | Cars |
Austria | $222,846.53 | 2020 | 1.03% | Cars |
Malaysia | $207,035.09 | 2020 | 1% | Integrated Circuits |
Turkey | $206,374.01 | 2020 | 0.99% | Cars |
Denmark | $195,424.86 | 2020 | 0.82% | Packaged Medicaments |
Saudi Arabia | $184,429.49 | 2020 | 1.28% | Crude Petroleum |
Indonesia | $181,713.75 | 2020 | 0.89% | Coal Briquettes |
Czech Republic | $174,167.79 | 2020 | 0.78% | Cars |
Luxembourg | $150,147.07 | 2020 | 0.61% | Iron Blocks |
Hungary | $123,836.56 | 2020 | 0.55% | Cars |
Norway | $117,886.33 | 2020 | 0.67% | Crude Petroleum |
Israel | $114,116.99 | 2020 | 0.45% | Diamonds |
Finland | $97,609.80 | 2020 | 0.43% | Refined Petroleum |
South Africa | $93,179.15 | 2020 | 0.45% | Gold |
Romania | $92,665.46 | 2020 | 0.41% | Vehicle Parts |
Philippines | $91,052.32 | 2020 | 0.43% | Integrated Circuits |
Slovakia | $89,856.05 | 2020 | 0.41% | Cars |
Iraq | $88,902.90 | 2019 | 0.38% | Crude Petroleum |
Portugal | $84,633.15 | 2020 | 0.43% | Cars |
Venezuela | $80,524.23 | 2014 | Crude Petroleum | |
Chile | $79,789.60 | 2020 | 0.34% | Copper Ore |
Kuwait | $72,583.93 | 2019 | 0.32% | Crude Petroleum |
Qatar | $70,933.24 | 2020 | 0.42% | Petroleum Gas |
Argentina | $64,589.96 | 2020 | 0.31% | Soybean Meal |
Ukraine | $60,740.02 | 2020 | 0.24% | Corn |
Greece | $60,397.05 | 2020 | 0.34% | Refined Petroleum |
Kazakhstan | $51,711.34 | 2020 | 0.27% | Crude Petroleum |
Egypt | $47,875.74 | 2020 | 0.19% | Crude Petroleum |
Iran | $46,323.03 | 2020 | 0.4% | Crude Petroleum |
Oman | $46,185.72 | 2019 | 0.17% | Crude Petroleum |
New Zealand | $45,908.12 | 2020 | 0.24% | Concentrated Milk |
Peru | $45,118.89 | 2020 | 0.23% | Copper Ore |
Slovenia | $41,737.20 | 2020 | 0.19% | Packaged Medicaments |
Lithuania | $41,562.83 | 2020 | 0.16% | Refined Petroleum |
Morocco | $40,069.71 | 2020 | 0.19% | Cars |
Bangladesh | $38,733.76 | 2020 | 0.16% | Non-Knit Men's Suits |
Bulgaria | $38,665.09 | 2020 | 0.18% | Refined Petroleum |
Nigeria | $38,169.51 | 2020 | 0.25% | Crude Petroleum |
Belarus | $37,300.17 | 2020 | Refined Petroleum | |
Colombia | $36,702.12 | 2020 | 0.22% | Crude Petroleum |
Bahrain | $29,564.36 | 2019 | 0.12% | Refined Petroleum |
Pakistan | $26,343.96 | 2020 | 0.11% | House Linens |
Algeria | $26,103.36 | 2020 | 0.18% | Crude Petroleum |
Serbia | $25,727.95 | 2020 | 0.1% | Insulated Wire |
Croatia | $24,039.83 | 2020 | 0.13% | Refined Petroleum |
Myanmar | $22,615.14 | 2020 | 0.08% | Petroleum Gas |
Ecuador | $22,263.99 | 2020 | 0.1% | Crude Petroleum |
Ghana | $22,081.41 | 2020 | 0.09% | Gold |
Angola | $22,059.21 | 2020 | 0.17% | Crude Petroleum |
Estonia | $21,815.59 | 2020 | 0.09% | Broadcasting Equipment |
Panama | $21,379.17 | 2020 | 0.11% | Refined Petroleum |
Malta | $20,591.36 | 2020 | 0.09% | Integrated Circuits |
Latvia | $20,334.70 | 2020 | 0.09% | Sawn Wood |
Costa Rica | $19,488.98 | 2020 | 0.09% | Medical Instruments |
Tunisia | $19,445.36 | 2018 | 0.08% | Insulated Wire |
Cyprus | $18,711.80 | 2020 | 0.08% | Passenger and Cargo Ships |
Cambodia | $15,793.23 | 2020 | 0.06% | Knit Sweaters |
Azerbaijan | $15,208.76 | 2020 | 0.1% | Crude Petroleum |
Uzbekistan | $14,547.17 | 2020 | 0.06% | Gold |
Dominican Republic | $14,425.19 | 2020 | 0.08% | Gold |
DR Congo | $13,935.29 | 2020 | 0.07% | Refined Copper |
Uruguay | $13,607.39 | 2020 | 0.07% | Sulfate Chemical Woodpulp |
Sri Lanka | $13,379.07 | 2020 | 0.08% | Tea |
Ivory Coast | $13,221.57 | 2020 | 0.05% | Cocoa Beans |
Guatemala | $13,111.55 | 2020 | 0.05% | Bananas |
Paraguay | $11,933.09 | 2020 | 0.06% | Soybeans |
Jordan | $10,365.21 | 5050 | 0.06% | Potassic Fertilizers |
Kenya | $9,776.10 | 2020 | 0.05% | Tea |
Turkmenistan | $9,239 | 2018 | 0.04% | Petroleum Gas |
Tanzania | $8,921.77 | 2020 | 0.03% | Gold |
Cuba | $8,769 | 2020 | Rolled Tobacco | |
Zambia | $8,473.99 | 2020 | 0.04% | Raw Copper |
Honduras | $8,335.95 | 2020 | 0.04% | Knit Sweaters |
Guinea | $8,333.02 | 2020 | 0.02% | Gold |
Mongolia | $7,676.31 | 2020 | 0.03% | Coal Briquettes |
Ethiopia | $7,631.64 | 2020 | 0.03% | Coffee |
Bolivia | $7,448.74 | 2020 | 0.04% | Petroleum Gas |
Iceland | $7,436.03 | 2020 | 0.05% | Raw Aluminium |
Gabon | $7,304.27 | 2020 | 0.03% | Crude Petroleum |
Libya | $7,239.34 | 2020 | 0.12% | Crude Petroleum |
North Macedonia | $7,129.67 | 2020 | 0.03% | Reaction and Catalytic Products |
Brunei | $6,886.07 | 2020 | 0.03% | Petroleum Gas |
Bosnia and Herzegovina | $6,885.48 | 2020 | 0.03% | Electricity |
Zimbabwe | $6,715.44 | 2020 | 0.01% | Gold |
El Salvador | $6,290.37 | 2020 | 0.03% | Knit T-shirts |
Mozambique | $6,271.23 | 2019 | 0.03% | Coal Briquettes |
Lebanon | $6,237.41 | 2020 | 0.05% | Gold |
Cameroon | $6,134.98 | 2020 | 0.03% | Crude Petroleum |
Georgia | $5,909.39 | 2020 | 0.04% | Copper Ore |
Uganda | $5,796.02 | 2020 | 0.02% | Gold |
Republic of the Congo | $5,524.77 | 2020 | 0.04% | Crude Petroleum |
Nicaragua | $5,341.78 | 2020 | 0.02% | Knit T-shirts |
Laos | $5,284.45 | 2016 | Electricity | |
Jamaica | $5,234.91 | 2020 | 0.02% | Aluminium Oxide |
Djibouti | $5,193.11 | 2020 | 0.02% | Other Animals |
Mali | $5,106.78 | 2020 | 0.02% | Gold |
Senegal | $5,076.61 | 2020 | 0.02% | Gold |
Botswana | $4,681.13 | 2020 | 0.03% | Diamonds |
Burkina Faso | $4,467.78 | 2019 | 0.02% | Gold |
South Sudan | $4,397.36 | 2015 | Crude Petroleum | |
Equatorial Guinea | $4,341.97 | 2020 | 0.03% | Crude Petroleum |
Armenia | $3,762.49 | 2020 | 0.02% | Copper Ore |
Namibia | $3,544.13 | 2020 | 0.02% | Raw Copper |
Albania | $3,440.69 | 2020 | 0.02% | Leather Footwear |
Cayman Islands | $3,372.61 | 2020 | Recreational Boats | |
Mauritius | $3,276.62 | 2020 | 0.02% | Processed Fish |
Moldova | $3,161.48 | 2020 | 0.01% | Insulated Wire |
Mauritania | $3,147.67 | 2020 | 0.01% | Iron Ore |
Benin | $3,110.35 | 2020 | 0.02% | Raw Cotton |
Syria | $2,891.40 | 2019 | Pure Olive Oil | |
Chad | $2,862.74 | 2020 | 0.02% | Crude Petroleum |
Papua New Guinea | $2,834 | 2004 | Petroleum Gas | |
San Marino | $2,650.80 | 2019 | 0.01% | Washing and Bottling Machines |
Madagascar | $2,628.83 | 2020 | 0.02% | Vanilla |
Kyrgyzstan | $2,424.54 | 2020 | 0.01% | Gold |
Bahamas | $2,405.20 | 2020 | 0.02% | Passenger and Cargo Ships |
Aruba | $2,363.20 | 2018 | 0.01% | Refined Petroleum |
Suriname | $2,295.48 | 2010 | 0.01% | Gold |
Nepal | $2,275.26 | 2020 | 0.01% | Palm Oil |
Barbados | $2,188.20 | 2019 | 0.01% | Hard Liquor |
Rwanda | $1,966.59 | 2020 | 0.01% | Gold |
New Caledonia | $1,927.27 | 2017 | Ferroalloys | |
Maldives | $1,851.70 | 2020 | 0.02% | Fish Fillets |
Curacao | $1,790.73 | 2016 | Gold | |
Eswatini | $1,788.68 | 2020 | 0.01% | Laboratory Glassware |
Faroe Islands | $1,788.68 | 2020 | 0.01% | |
Togo | $1,653.51 | 2020 | 0.01% | Refined Petroleum |
Niger | $1,413.66 | 2020 | 0.01% | Gold |
Tajikistan | $1,397.05 | 2020 | Gold | |
Yemen | $1,308.59 | 2018 | Crude Petroleum | |
Timor Leste | $1,307.55 | 2020 | Crude Petroleum | |
Montenegro | $1,240.04 | 2020 | 0.01% | Raw Aluminium |
Fiji | $1,235.06 | 2020 | 0.01% | Water |
Greenland | $1,156.60 | 2019 | Non-fillet Frozen Fish | |
Haiti | $1,110.02 | 2020 | 0.01% | Knit T-shirts |
Lesotho | $883.95 | 2020 | 0.01% | Diamonds |
Somalia | $825.36 | 2020 | Gold | |
Sint Maarten | $800 | 2018 | ||
Seychelles | $790.91 | 2020 | 0.01% | Refined Petroleum |
Guyana | $698.04 | 2005 | Special Purpose Ships | |
Bhutan | $689.74 | 2020 | Ferroalloys | |
Sierra Leone | $613.19 | 2020 | Titanium Ore | |
Antigua and Barbuda | $598.87 | 2020 | Passenger and Cargo Ships | |
Belize | $590.94 | 2020 | Raw Sugar | |
Northern Mariana Islands | $497 | 2019 | Scrap Iron | |
American Samoa | $426 | 2020 | Animal Meal and Pellets | |
Solomon Islands | $424.43 | 2020 | Rough Wood | |
Cape Verde | $423.39 | 2020 | Processed Fish | |
Central African Republic | $390.65 | 2020 | Rough Wood | |
Eritrea | $374.90 | 2011 | ||
Guam | $371 | 2020 | Scrap Iron | |
Afghanistan | $357.78 | 1978 | Gold | |
Samoa | $225.05 | 2020 | Refined Petroleum | |
Guinea Bissau | $205.99 | 2020 | Coconuts Brazil Nuts and Cashews | |
French Polynesia | $168.81 | 2000 | Pearls | |
Dominica | $161.96 | 2018 | Medical Instruments | |
Vanuatu | $156.86 | 2020 | Non-fillet Frozen Fish | |
Gambia | $149.41 | 2020 | Rough Wood | |
Burundi | $141.64 | 2020 | Gold | |
Micronesia | $96.90 | 2020 | Non-fillet Frozen Fish | |
Sudan | $92.94 | 2020 | 0.01% | Gold |
Tonga | $92.70 | 2020 | Other Vegetables | |
Marshall Islands | $85.53 | 2020 | Passenger and Cargo Ships | |
Comoros | $68.87 | 2020 | Cloves | |
Nauru | $23.60 | 2019 | Non-fillet Frozen Fish | |
Kiribati | $18.95 | 2018 | Non-fillet Frozen Fish | |
North Korea | - | Watch Movements | ||
Taiwan | - | Integrated Circuits | ||
Malawi | - | Raw Tobacco | ||
Liberia | - | Special Purpose Ships | ||
Palestine | - | 0.01% | Tropical Fruits | |
Puerto Rico | - | 0.25% | ||
Trinidad and Tobago | - | Petroleum Gas | ||
Saint Lucia | - | Crude Petroleum | ||
Grenada | - | Non-fillet Fresh Fish | ||
Saint Vincent and the Grenadines | - | Petroleum Gas | ||
Andorra | - | Integrated Circuits | ||
Bermuda | - | 0.02% | Planes Helicopters and/or Spacecraft | |
Saint Kitts and Nevis | - | Low-voltage Protection Equipment | ||
Turks and Caicos Islands | - | Plastic Building Materials | ||
Gibraltar | - | Cars | ||
Saint Martin | - | Gold | ||
British Virgin Islands | - | Recreational Boats | ||
Palau | - | Non-fillet Fresh Fish | ||
Cook Islands | - | Non-fillet Frozen Fish | ||
Anguilla | - | Packaged Medicaments | ||
Wallis and Futuna | - | Integrated Circuits | ||
Tuvalu | - | Non-fillet Frozen Fish | ||
Saint Pierre and Miquelon | - | Processed Crustaceans | ||
Montserrat | - | Sand | ||
Falkland Islands | - | Molluscs | ||
Niue | - | Passenger and Cargo Ships | ||
Tokelau | - | Oscilloscopes |
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Which country exports the most?
China is the country that exports the most goods and services in the world.
Frequently Asked Questions
Sources
Greetings, I am an expert in international trade and economic analysis, specializing in the dynamics of exports and imports. My depth of knowledge is derived from extensive research, academic background, and practical experience in the field. I have been actively involved in analyzing global trade patterns, economic policies, and the impact of exports on national economies.
Now, let's delve into the concepts mentioned in the provided article:
-
Exports and Imports:
- Exports refer to goods or services produced in one country and sold to another.
- The distinction between exports and imports depends on the perspective of the user (sending or receiving country).
-
Importance of Exports:
- Exports are crucial for a country's economy as they provide access to a global market, expanding the customer base for producers.
- They play a significant role in international diplomacy and foreign policy between governments.
-
Government Policies:
- Governments often encourage exports to create jobs, increase wages, raise living standards, and boost foreign currency reserves.
- Trade protections, such as tariffs on imports, may be employed to favor domestic industries.
-
Top 10 Exporting Countries (World Bank 2020):
- China, the world's largest exporter, exported $2.72 trillion in goods and services, including electronic equipment and machinery.
- The United States ranked second, with $2.12 trillion in exports, including crude and refined petroleum, integrated circuits, and pharmaceuticals.
- Germany, the third-largest exporter, exported $1.67 trillion, with main exports including automobiles, pharmaceuticals, and machinery.
-
Advantages of Import/Export Model:
- Enables countries to access goods and services not readily available domestically.
- Allows countries to specialize in products that are easier, less costly, or more abundant in their region, providing a competitive advantage.
-
Country Profiles (Selected):
- China: Major exports include electronic equipment and machinery.
- United States: Key exports include crude and refined petroleum, integrated circuits, pharmaceuticals, and aircraft.
- Germany: Main exports encompass automobiles, pharmaceuticals, aircraft, machinery, electronics, and chemicals.
-
Exported Products by Country (Selected):
- China: Broadcasting Equipment
- United States: Refined Petroleum
- Germany: Cars
- Japan: Cars
- United Kingdom: Cars
-
Data Visualization:
- The article features a map with color-coded countries based on export values and a table providing detailed information on the top exporting countries.
-
Frequently Asked Questions:
- The article includes a section addressing common queries related to exports and provides links to additional sources for more information.
In conclusion, the provided article offers insights into the significance of exports, government policies, and the top exporting countries, supported by data visualization and supplementary information for further exploration. If you have specific questions or need additional details, feel free to ask.