Top 20 Exporting Countries of 2022
This article looks at the Top 20 Exporting Countries in 2022. You can skip the detailed analysis of the Exporting industry and go directly to the Top 5 Exporting Countries in 2022.
In 2021, the expected value of all export goods worldwide was USD 21.513 trillion. This sum of money is a 22.5% growth during the five years that began in 2017 and a 22.9% increase from $17.499 trillion in 2020.
Purchasing Power Parity (PPP) data from the International Monetary Fund indicates that the global Gross Domestic Product (GDP) for all countries was $146.043 trillion in 2021. The benchmark for the world economy increased by 10.2% from $132.487 trillion in 2020.
Based on the indicators above, the GDP in Purchasing Power Parity (PPP) numbers for exported products in 2021 represent 14.7% of the total global economic output. Comparing that proportion to 13.2% from a year ago suggests that exports are becoming more important to the global economy's health.
The population of the planet was around 7.9 billion as of July 2021. On per capita basis, the $21.513 trillion in global exports in 2021 correspond to around $2,723 for every person.
Commerce alliances and organizations are often established to facilitate international commerce in commodities and services. The World Trade Organization (WTO), the North American Free Trade Agreement (NAFTA), the Southern Common Market (Mercosur), and the Association of South East Asian Nations (ASEAN) are a few examples of these groups and alliances.
Industry Analysis,
One of the biggest trade agreements in the world is the RCEP accord. Australia, Brunei, Cambodia, China, Indonesia, Laos, Malaysia, Myanmar, New Zealand, Philippines, Singapore, South Korea, Thailand, Vietnam, and Japan are among the countries where trade restrictions are lifted. The trade agreement would eliminate tariffs between this enormous group of countries. The RCEP would exempt a product from tariffs if its components came from other member countries.
The epidemic and its aftermath have resulted in a significant rise in household balance sheets in the USA of about $2.5 trillion. The growing stock, real estate markets, and government support have contributed to this.
Worldwide supply chain problems brought on by the epidemic are still being felt. The majority of 2021 has been spent trying to resolve these disturbances. Additionally, several countries in the global supply chain, like Vietnam, Malaysia, and Thailand, have immunized most of their populations.
Due to the COVID-19 pandemic and the US-China trade war, companies are pressured to diversify their supply chains away from China. Recent data indicates that US supply chains have begun to shift away from China, with US imports of manufacturing goods from China decreasing by USD 88 billion or 17% in 2019, resulting in a drop of China's share in US imports by 4 percentage points. This marked decline is a notable deviation from the trend observed in previous years.
The computer and electronics sector, which is strategically important in terms of security and key technological inputs, has experienced the most significant shift away from China, likely due to the Trump administration's pressure on firms to keep Chinese companies out of their digital infrastructure. The main beneficiaries of this shift are Vietnam, Mexico, and Taiwan, but there are also clear indications of reshoring the US.
While US imports from China decreased by USD 88 billion, imports from the rest of the world increased by USD 68 billion, indicating that at least 20 billion in production costs could have moved from China to the US. Rising geopolitical tensions are expected to be the most significant factor driving a further acceleration in the relocation of supply chains across various sectors.
Outlook
In 2019, global exports were estimated to amount to 18.74 trillion USD. This dollar sum represents a decline of around -3.7% from USD 19.45 trillion in 2017, which occurred in 2018. According to Export Genius ' global trade data statistics, China topped the rankings as the world's largest exporter in 2019, with a 13.3% share. Electrical machinery & equipment was the most significant product category exported by the world's countries at the 2-digit HS Code level.
Approximately 72% of all shipped goods in 2019 were exported by the top 20 exporting countries in terms of value. The four significant exporters that increased the value of exports during that year were China, Vietnam, Mexico, and Switzerland. Vietnam (up 24.9%), Mexico (up 4.7%), Switzerland (up 1.1%), and China (up 0.2%) saw a rise in their percentage share.
South Korea (down -10.4%), Russia (down -5.9%), Hong Kong (down -5.9%), Singapore (down -5.3%), the UK (down -4.8%), Germany (down -4.5%), and Japan (down -4.4%) were the top decliners in 2019 when compared year over year. Despite the slowdown that began in the second half of the year, it is projected to deepen in 2023 due to ongoing geopolitical tensions and market downturns amid stubborn high inflation.
The UNCTAD study does caution that the slowdown in the 2nd half of this year portends more challenging conditions in 2023.
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Our Methodology
We identified the Top 20 Exporting Countries in 2022 for our list as those with the highest export-to-GDP ratios in the previous years. We ranked them from low to high export-to-GDP ratios in ascending order. We used sources like The World Bank, and TheGlobalEconomy.com for export-to-GDP ratios information on these countries. We took countries' export data from oec.
Here are the Top 20 Exporting Countries of 2022:
20. Belarus
export-to-GDP ratios: 72.11%
In 2021, Belarus was the world's 72nd economy in GDP (current US dollars) and 65th in total exports. Belarus' top exports are potash fertilizer ($2.63B), refined petroleum ($2.61B), cheese ($1.19B), delivery trucks ($944M), and sawn wood ($804M). Belarus exports to China, Lithuania, Poland, Russia, and Ukraine.
19. Seychelles
export-to-GDP ratios: 72.31%
In 2021, Seychelles was the 143rd economy in the world in total exports. Seychelles' top exports are recreational boats ($1.41B), non-fleet frozen fish ($279M), processed fish ($253M), refined petroleum ($114M), and non-fleet fresh fish ($16.6M)—Seychelles exports to Belize, Bermuda, the Cayman Islands, France, and Gibraltar.
18. Czechia
export-to-GDP ratios: 72.73%
In 2021, the Czech Republic was the world's 45th largest economy by GDP (current US dollars) and 29th in total exports. In 2021, Czechia was the world's largest exporter of air, gas, and spring guns ($276M) and non-optical microscopes ($698M). Czechia's top export is vehicles ($23.6B), vehicle’s parts and accessories (8701 to 8705) ($14.1B), computers ($11.6B), broadcasting equipment ($9.94B), and office machine parts ($5.15B). Czechia exports to Austria, France, Germany, Poland, and Slovakia.
17. Maldives
export-to-GDP ratios: 75.3%
In 2021, Maldives was the world’s 179th economy regarding total exports. Maldives' top exports are non-fleshed frozen fish ($77.7M), fish fillets ($36.6M), processed fish ($34.8M), petroleum gas ($32.7M), and scrap iron ($13.9M)—Maldives exports to France, Germany, India, Thailand, USA.
16. Estonia
export-to-GDP ratios: 78.3%
In 2021, Estonia was the 73rd largest economy in the world by total exports. Estonia's top exports are cars ($609M), coal tar oil ($1.66B), broadcasting equipment ($1.7B), refined petroleum ($635M), and manufactured buildings ($590M). Estonia exports to Finland, Latvia, Russia, Sweden, and the US.
15. Brunei
export-to-GDP ratios: 80.17%
In 2021, Brunei was the world's 91st economy in total exports. Brunei's top exports are refined petroleum ($3.57B), petroleum gas ($3.1B), crude petroleum ($2.1B), cyclic hydrocarbons ($1.76B), and acyclic alcohol ($205M)—Brunei exports to Austria, China, Japan, Malaysia, and Singapore.
14. Lithuania
export-to-GDP ratios: 80.49%
In 2021, Lithuania was the world's 75th economy in terms of GDP (current US dollars) and 62nd in total exports. Lithuania's top exports are refined petroleum ($3.17B), other furniture ($2.01B), wheat ($1.27B), laboratory reagents ($1.16B), and rolled tobacco ($858M)—Lithuania exports to Estonia, Germany, Latvia, Poland, and Russia.
13. Hungary
export-to-GDP ratios: 81.55%
In 2021, Hungary was the world's 53rd largest economy by GDP (current US dollars) and 35th in total exports. Hungary's top export is motor vehicles ($12.1B), Parts and Accessories (8701 to 8705) ($7.79B), Electric Batts ($4.18B), Video Displays ($4.03B), and Packaged Medicines ($3.97B). Hungary's most important export country is Germany. Others include Austria, Italy, Romania, and Slovakia.
12. Netherlands
export-to-GDP ratios: 82.98%
In 2021, the Netherlands was the world's number 17 economy by GDP (current US dollars) and number 6 in total exports. The Netherlands' top exports are refined petroleum ($45B), broadcasting equipment ($19B), packaged medicine ($18.4B), photo lab equipment ($16.5B), and computers ($15.9B). More than 60% of total exports are sent to EU countries. Belgium, France, Germany, Italy, Japan, Great Britain, and the United States are leading countries.
11. Slovenia
export-to-GDP ratios: 83.63%
In 2021, Slovenia was the world's 80th largest economy by GDP (current US dollars) and 57th in total exports. Slovenia's top exports are packaged medicine ($7.26B), cars ($3.62B), motor vehicle’s Parts and accessories (8701 to 8705) ($1.2B), refined petroleum ($1B), vaccines, blood, antisera, toxins, and cultures ($954M). Slovenia exports materials mainly to Switzerland, Germany, and Italy.
10. Cyprus
export-to-GDP ratios: 86.62%
In 2021, Cyprus was ranked 118th in the world in total exports. Cyprus' top exports are cheese ($349M), passenger and cargo ships ($928M), packaged medicine ($484M), refined petroleum ($532M), and pleasure boats ($294M). Cyprus exports materials to the Middle East and the European Union.
9. Belgium
export-to-GDP ratios: 86.86%
In 2021, Belgium was the world's 23rd-largest economy by GDP (current US dollars) and 15th in total exports. In 2021, Belgium was the world's largest exporter of vaccines, blood, antisera, toxins, and cultures ($47.2B), other frozen vegetables ($2.34B), mineral carvings ($223M), loams ($708M), vegetables and zinc powder. ($138M). Belgium's top exports are vaccines, blood, antisera, toxins, and cultures ($47.2B), cars ($23B), packaged medicine ($22.3B), refined petroleum ($18.1and diamonds ($13.9B). Belgium exports materials to the UK, the US, Germany, and France.
8. Macao
export-to-GDP ratios: 87.92%
In 2021, Macau was the world's 149th economy in total exports. Macau's top exports are broadcasting equipment ($170M), telephones ($74.6M), jewelry ($242M), precious metal watches ($162M), and non-knit women's suits ($61.5M). Macau's most prominent export partners are the US, Hong Kong, China, Japan, Germany, Singapore, Vietnam, and the UK.
7. Vietnam
export-to-GDP ratios: 93.29%
In 2021, Vietnam was the world's 39th economy in terms of GDP (current US dollars) and 18th in total exports. In 2021, Vietnam was the world's largest producer of coconuts, Brazil nuts and cashews ($3.37B), fuelwood ($2.31B), cement ($1.91B), non-retail blended cotton yarn ($512M), and cinnamon ($270B). The top exporting materials of Vietnam are telephones ($25.3B), office machine parts ($11.7B), integrated circuits ($18.2B), broadcasting equipment ($51.1B), and textile footwear ($9.79B). The main export partners are the US (19% of total exports), China (16%), and Japan (8%). Others include South Korea (7%), Hong Kong (4%), and the Netherlands (3%).
6. Slovakia
export-to-GDP ratios: 93.8%
In 2021, Slovakia was the world's 57th largest economy by GDP (current US dollars) and 38th in total exports. Slovakia's top exports are cars ($26.9B), vehicle parts and accessories (8701 to 8705) ($5.66B), video displays ($4.5B), broadcasting equipment ($3.33B), and rubber tires ($1.88B). The main exporting destinations are the euro area, with Germany (23%), Poland (8.3%), the Czech Republic (12.4%), and Austria (5.7%).
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Disclosure: none. Top 20 Exporting Countries of 2022 is originally published on Insider Monkey.