5 Countries With The Highest Trade Surplus in the World

In this article, we will take a look at the 5 countries with the highest trade surplus in the world. If you would like to read our discussion on the trends in global trade, you can go to the 20 Countries With The Highest Trade Surplus in the World.

5. Singapore

Net Trade Surplus in US$ (Thousands): 169,176,499.03

Singapore has carved a unique niche in the global trade landscape. Despite its small landmass, the country has a high trade surplus driven by its strategic location and expertise in refining raw materials. China, the United States, Indonesia, Malaysia, and Japan are its key trading partners. Electric machinery tops the list of the country’s imports, highlighting Singapore’s focus on advanced technology.

4. Saudi Arabia

Net Trade Surplus in US$ (Thousands): 187,668,722.12

Saudi Arabia’s economy is heavily reliant on its extensive oil reserves. This valuable resource drives its petrochemical industry, resulting in exports of various products, including petrochemicals, metal goods, construction materials, electrical appliances, and plastics, to a network of around 90 countries. Saudi Arabia also depends on imports to fulfill its domestic requirements. Vehicles and automotive parts constitute the main imports. Key trading partners for Saudi Arabia include China, the United States, India, Germany, Japan, and South Korea.

3. Ireland

Net Trade Surplus in US$ (Thousands): 213,051,078.45 

Ireland ranks among the world’s biggest exporters of pharmaceuticals and medical devices, a testament to its advanced healthcare industry. Beyond healthcare, Ireland is a leader in computer software exports.  Transport equipment and organic chemicals also contribute significantly to the export mix. The country also relies on imports for certain goods, such as petroleum products and textiles. The United Kingdom remains Ireland’s primary import partner.

2. Russian Federation

Net Trade Surplus in US$ (Thousands): 293,312,610.00

Russia’s vast natural resources form the foundation of its exports. Oil and petroleum products are its major exports, led by crude petroleum at around $133 billion as of 2022.  Natural gas, timber, fertilizers, machinery and equipment, and even armaments add to Russia’s export portfolio. China is Russia’s biggest trading partner, with a trade volume exceeding $101 billion as of 2022.  India, Germany, Turkey, and Italy are prominent Russian trading partners.

1. China

Net Trade Surplus in US$ (Thousands): 576,329,961.76

Private investment and a strong export sector fuel China’s remarkable economic growth. The country has emerged as a global leader in manufacturing, particularly for electronics. China dominates exports in cell phones, electronic components, and automotive parts. Mainland China accounted for 13.8% of all global exports in 2022. To maintain its manufacturing strength, China relies on imports of machinery and apparatus, chemicals, and fuels. The country’s key import partners include Taiwan, South Korea, Japan, the United States, and Australia.