In this article, we will look at the 25 largest exporters in the world. We will also look at some recent developments in the bigger picture of trade globally, its implications for the United States and discuss the importance of export diversification and quality. If you want to skip our detailed analysis, head straight to 10 Largest Exporters in the World.
The Gloomy End for Global Trade in 2022
The global trade landscape witnessed contrasting developments in recent years. In the fourth quarter of 2022, global merchandise trade among the G20 countries experienced a decline in value that reflected a weak global demand accompanied by lower energy prices. Exports and imports contracted by 3.5% and 3.1%, respectively, compared to the previous quarter. The drop in oil prices particularly affected North America, with Canada, the United States, witnessing a decrease of 6.7% and 5.4% in exports, respectively.
However, the European Union saw a slight increase of 0.9% in merchandise exports, driven by strong machinery and transport equipment sales in Italy, France, and Germany. Conversely, the United Kingdom experienced a 1.6% decrease in exports, mainly due to declines in energy and chemical shipments.
In terms of services trade, there was also a decline in value during the same period. Exports and imports decreased by 0.8% and 1.5%, respectively. The contraction was driven by lower shipping costs, which impacted the trade in transport services across the G20 countries. However, the travel sector showed signs of recovery from the pandemic lows. The United States saw a remarkable 4.3% increase in exports, fueled by travel, transport, and business services. Japan, Australia, and Brazil also experienced export growth, driven by a rebound in travel. On the other hand, China, Korea, and Canada faced declines in both exports and imports in the services sector.
The Current Picture of Trade in the US
In March 2023, the US saw a narrowing trade deficit in goods, according to the latest report from the US Department of Commerce. The deficit decreased to $84.6 billion from the previous month’s $92 billion. The month brought positive news for exports, with goods exports totaling $172.7 billion, which also demonstrated an increase of $4.9 billion compared to February 2023. On the other hand, imports of goods for March declined by $2.5 billion, reaching a total of $257.3 billion. These figures indicate a positive trend for the US economy, with an increase in goods exports and steady growth in inventories.
The latest Refinery Capacity Report from the US Department of Energy in the US petroleum industry also reveals positive developments. After the challenges faced during the COVID-19 pandemic, US refining capacity (excluding US territories) increased for the first time in 2023. The report indicated that the total capacity reached 18.1 million barrels per calendar day (b/cd) at the beginning of 2023, showing a rise of 117,000 b/cd (0.6%) from the previous year.
Although the number of operable refineries decreased slightly, overall capacity increased due to various factors. PBF Energy reactivated a previously retired crude oil distillation unit at its New Jersey refinery, contributing to the rise in capacity. Additionally, minor capacity increases reported by refineries across multiple states further supported the annual increase in 2023. These positive trends in refining capacity and utilization indicate an improved ability to meet domestic and global demand for refined petroleum products. The US is also the largest service exporter in the world as of 2022, reporting service exports amounting to $926,012 million.
Export Diversification and Quality
Meanwhile, encouraging the quality and diversification of exports remains crucial for promoting economic growth. When countries move from producing low-value “poor-country goods” to high-value “rich-country goods,” they undergo a structural transformation, which is essential for sustainable development. Diversifying exports allows countries to leverage global markets, reduces dependence on a narrow range of products, and mitigates export instability arising from inelastic and volatile global demand.
Export diversification also helps alleviate the resource curse faced by commodity-dependent economies. By expanding the range of export products, countries can benefit from knowledge spillovers, learning-by-doing effects, and innovation that can lead to higher productivity and sustained growth.
Several countries serve as examples of successful export diversification. Malaysia and Thailand have diversified their exports into manufacturing and higher-value products, while Chile has diversified its resource-based economy by developing new export activities. Uganda, despite being landlocked, has achieved export diversification in fresh and processed fish as well as higher-value agricultural products, benefiting from improved infrastructure and logistics. Encouraging quality and diversification of exports enhances competitiveness, expands markets, and drives long-term economic growth.
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Methodology
Using data obtained from the World Bank on the Total Export Value in multiples of a million USD in 2022 for each country, we have compiled a comprehensive list ranking the largest exporters in the world. To enhance our analysis, we have also incorporated information from OED.World, which provides valuable insights into the specific values and types of individual products exported by each country. By combining these sources, we have created a cohesive and detailed overview of the global export landscape, arranged in ascending order based on total export values.
Here is a list of the 25 Largest Exporters in the World
25. Vietnam
Total Export Value: $341,575
Vietnam is one of the top exporters in the world. In the past five years, Vietnam’s exports have experienced significant growth, increasing from $187 billion in 2016 to $356 billion in 2021. Key exports include broadcasting equipment, telephones, integrated circuits, office machine parts, textiles, and footwear.
It is worth mentioning that Amazon.com, Inc (NASDAQ:AMZN) played a crucial role in facilitating the sale of approximately 10 million Made-in-Vietnam products worldwide from September 2021 to August 2022. The country’s exports outlook is excellent, especially considering the fact that it was the largest recepient of China’s lost share of shifting US supply chains, taking 20% of them.
24. Turkey
Total Export Value: $343,315
In 2021, Turkey ranked as the 19th largest economy in terms of GDP and the 28th in total exports. It was also the 26th largest importer, while its GDP per capita placed it at 68th position out of all countries. Moreover, Turkey was recognized as the 42nd most complex economy according to the Economic Complexity Index.
In response to the devastating earthquakes in Southern Turkey and Northern Syria, FedEx Corp (NYSE:FDX) demonstrated its support by providing over $1 million worth of in-kind shipping. This included multiple relief flights carrying approximately 230 metric tons of supplies. Moreover, FedEx Corp (NYSE:FDX) made a significant donation of US$100,000 to the American Red Cross to aid in recovery efforts for affected communities.
23. Brazil
Total Export Value: $384,893
Brazil is one of the top countries with the best economy. The main exports of Brazil include Iron Ore, Soybeans, Crude Petroleum, Raw Sugar, and Poultry Meat. These products are primarily exported to China, the United States, Argentina, the Netherlands, and Chile. Iron Ore comprises the largest export, with a value of $46.2 billion, followed by Soybeans at $39 billion, and Crude Petroleum at $30.7 billion in 2021. China is the largest importer of Brazilian goods, accounting for $88.3 billion, followed by the United States at $30.2 billion, Argentina at $12 billion, the Netherlands at $9.29 billion, and Chile at $7.14 billion for the period.
22. Poland
Total Export Value: $424,730
Poland is one of the biggest exporters in the world and in Eastern Europe. Machinery, equipment, metals, and minerals are among Poland’s main exports. Amazon.com, Inc (NASDAQ:AMZN) has established itself as an important enabler for boosting the e-commerce industry in Poland. Over 600 Polish SMEs have achieved sales exceeding $246,000 on Amazon.com, Inc (NASDAQ:AMZN), with over 40 achieving this milestone for the first time in 2022. In 2022, Polish SMEs sold over 25 million products on Amazon.com, Inc, equivalent to an average of 50 items every minute.
21. Australia
Total Export Value: $432,461
Australia’s robust economic growth in 2021, solidifying its position as the world’s 12th largest economy in the world with a nominal GDP of around US$1.6 trillion, is further supported by FedEx (NYSE:FDX)’s new South Australian gateway. This state-of-the-art facility, with a capacity of 10,000 packages per hour, enhances air-freight services for Australian SMEs, providing faster delivery to 130 postcodes and improving their access to domestic and international markets.
20. Saudi Arabia
Total Export Value: $442,349
According to World Bank, Saudi Arabia’s GDP per capita reached $24,161 in 2021, which is higher than the global average of $12,282. With a total GDP of $868.59 billion, Saudi Arabia ranks 18th among the world’s largest economies.
In an attempt to enhance the country’s exports and expand its global market reach, FedEx Corp (NYSE:FDX) Express has partnered with the Saudi Export Development Authority’s ‘Made in Saudi’ program to provide logistics solutions to support Saudi Arabia’s non-oil economic growth and Vision 2030 goals.
19. Belgium
Total Export Value: $551,574
Over the past seven years, Belgium’s exports have increased by $121 billion in 2016 to reach over $550 billion in 2022. Key exports include vaccines, cars, packaged medicaments, refined petroleum, and diamonds.
18. Spain
Total Export Value: $580,683
Spain is one of the top exporting countries in the world. It ranked 14th in global GDP in 2021, 16th in total exports, and 15th in total imports. It stood at 32nd in GDP per capita and 35th in economic complexity according to the ECI.
17. Switzerland
Total Export Value: $605,575
Switzerland’s top exports include gold, packaged medicaments, vaccines, base metal watches, and nitrogen heterocyclic compounds. Germany, the United States, China, India, and France are Switzerland’s primary export destinations. Switzerland is also one of the countries with the highest standards of living in 2023.
16. Mexico
Total Export Value: $613,108
In 2021, Mexico ranked 15th in terms of GDP, with top exports including cars, motor vehicles and parts, computers, delivery trucks, and crude petroleum. The United States, Canada, China, Chinese Taipei, and Germany are the main export destinations. Mexico trails Vietnam in acquiring shifting US supply-chains share from China, gaining 16% of the lost Chinese share, that took its total share in US imports to 15%. You can read more in our list of the least developed countries in Latin America.
15. Russian Federation
Total Export Value: $631,550
In the past seven years, Russia’s exports have grown by $185B in 2016, to over $630B in 2022. The leading exports from Russia include crude petroleum, refined petroleum, petroleum gas, coal briquettes, and gold.
It is worth noting that Caterpillar Inc. (NYSE:CAT) still uses Russian supply-chain routes despite previously announcing the suspension of business operations with the country. This highlights the significance of the strategic location Russia has in the context of trade routes.
14. Hong Kong
Total Export Value: $697,587
Hong Kong’s top exports include gold, integrated circuits, gas turbines, financial services, broadcasting equipment, and silver. The country primarily exports to China, India, the United Kingdom, the Netherlands, and Switzerland. In 2021, Hong Kong was the largest exporter of silver and human hair.
13. Canada
Total Export Value: $721,521
In 2021, Canada ranked 9th in the world in GDP, exports, and imports, and 16th in GDP per capita. To contribute to Canada’s growth in the field of electric vehicles, Caterpillar Inc (NYSE:CAT) has signed an agreement with Canadian company Nouveau Monde Graphite to provide an integrated solution for the Matawinie graphite mine in Quebec, Canada.
The deal includes supplying zero-exhaust emission machines, infrastructure, and services for the mine, supporting Canada’s transition to sustainable mining practices. Moreover, Caterpillar Inc (NYSE:CAT) will use carbon-neutral graphite materials from Nouveau Monde Graphite to develop a resilient and sustainable battery supply chain.
12. Ireland
Total Export Value: $724,806.
In 2021, Ireland ranked 25th in the world in terms of GDP and 3rd in GDP per capita. It was the 30th largest exporter and 36th largest importer in the world. Ireland’s top exports include vaccines, packaged medicaments, nitrogen heterocyclic compounds, integrated circuits, and scented mixtures. The country primarily exports to the United States, Germany, the United Kingdom, China, and Belgium.
11. Italy
Total Export Value: $746,867
Italy’s top exports include packaged medicaments, cars, refined petroleum, motor vehicles and parts, and vaccines, with major destinations being Germany, France, and the United States.
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Disclosure: None. 25 Largest Exporters in the World is originally published on Insider Monkey.