Takes a look at the below list of top 10 countries with the highest exports in 2017. International trade continue to grow year on year and there are increasing attempts by governments to reduce tarriffs and increase the amount of free trade in order to encourage companies to export their products abroad. Many countries will create more product than can actually be consumed in their own country and so they export it abroad, bringing an increased amount of foreign currency into their country and increasing their reserve funds. For countries with large natural resource supplies this is usually the case, especially with things like oil and gas, soya or other food products.
These ‘commodities’ achieve a low price but if they are exported in bulk they can generate significant revenues for the country. Countries with fewer natural resources have to think outside the box when it comes to exports and will usually export products or high value equipment which has demand overseas. Common export products include textiles, clothing, consumables, oil and petroleum based products, electrical goods and plastics. However, as already suggested, the range of goods is seemingly limitless. So, without further ado, let’s take a look at the top ten countries with the highest export figures across the world:
List of Top 10 Countries With The Highest Exports in 2017
10. Canada ($408,700 million)
Although Canada’s exports have been falling in recent years, its economy remains strong and so it achieves a place on this list. Exports account for about 25.1% of total economic output in the country. About 78% of these exports are directed to the United States and Mexico, part of the North American Free Trade Agreement. Europe buys 11% of Canadian exports and then Asia about 8%. Its biggest export in terms of value is oil, of which it exports US$77.8 billion worth or 19% of its total exports. After oil comes vehicles ($60 billion or 14.7%), machines ($31.1 billion or 7.6%), precious metals ($19 billion or 4.7%) and electronic equipment ($13.2 billion or 3.2%). Other exported goods include plastics, aircraft, wood, alumninium and paper. Wood is the fastest growing export, a result of its massive forest reserves.
9. Italy ($454,600 million)
Italy exports about 21.1% of its total economic output, mostly heading to other European countries although also to Asia, North America and Africa. Its biggest export is machines, engines and pumps at US$92.3 billion or 20.1% of total exports. Second is vehicles ($38 billion or 8.3%) then electronics ($27.1 billion or 5.9%), pharmaeuticals ($$22 billion), plastics ($18.7 billion) and iron and steel ($16.8 billion). Pharmaceuticals and vehicles seem to the be the most signifcant areas of growth, whereas oil, iron and steel and gems seem to be falling.
8. The United Kingdom ($460,000 million)
Exports have fallen significantly in the UK since 2011 but it still exports around 17.3% of its total economic output. Its most significant export is machines (US$63.9 billion or 13.9% of total exports). Gems and precious metails is next followed by vehicles, pharmaceuticals, oil, electronic equipment, aircraft, medical and technical equipment, organic chemicals and finally plastics. There is a thought in the UK that the manufacturing industry is dead, as it was once known as the ‘workshop of the world’ but these figures would suggest that the opposite is true, although the slow slump downwards might still be continuing. In the age of the British Empire, the UK would have been at the top of this list by a long way. Not the case in the modern age.
7. The Netherlands ($488,300 million)
The Netherlands are a significant exporter, primarily because they have a relatively small population of 16.9 million people. They export 68.2% of their total economic output, meaning that significant amounts of foreign wealth can come into the country. They focus mainly on making machines, like Britain, and this equates to $80.3 billion or 14.1% of their total exports. Oil is also significant at $74.4 billion or 13.1%. Electrics, pharmaceuticals, medical equipment, plastic, vehicles and live trees and plants are also prominent Dutch exports. Electronic equipment seems to be booming with a 48.5% increase since 2011.
6. France ($509,100 million)
France exports 19.1% of oits total economic output, and much of this (63.2%) goes to other European countries whilst 17% goes off to Asiam 8.6% to North America and 6.3% to Africa. Its Africans exports are higher than other European nations principally due to its old empire links to the continent and the French language parts of Africa. Like many other European nations its biggest export is machines (US$57.3 billion or 11.3%) whiile aircraft comes in second ($54 billion or 10.7%) then vehicles ($44.1 billion or 8.7%), electronics, pharmaceutucal, plastics and beverages. Unlike other countries, perfumery and cosmetics alsocan be found on their list at $15.1 billion or 3% of total exports. This is one of the Top 10 Countries With The Highest Exports 2017.
5. South Korea ($535,500 million)
South Korea is known as the ‘Land of the Morning Calm’ but there is nothing calm about its exports which sit at 28.5% of its total economic output. Unemployment is low in the country at just 3.5%. Electronics is its highest export (US$138.4 billion or 26.3% of total exports). Vehicles is second ($69.1 billion) then machines ($62.1 billion), ships ($38.4 billion), oil ($33.2 billion) and medical and technical equipment ($32.5 billion). Electronics and machinery are the fastest growing products for export sales.
4. Japan ($625,000 million)
Japan exports 12.9% of its total economic output which is less than other countries on this list but it does have a high population which could equate for it. Japanese companies can make sufficient and focus on growth for the domestic market. Vehicles are its biggest export, with some of the biggest car manufacturers in the world present in the country. These exports equate to US$134 billion or 21.4% of total exports. Next is machines ($117.7 billion), electronic equipment ($95.6 billion), medical equipment ($35.7 billion) and finally iron and steel ($27.5 billion). Rubber is a product they export which doesn’t tend to feature on other lists of major export products.
3. Germany ($1,292,000 million)
Germany exports roughly a third of its produce at 34.6% of its total economic output. It, like other nations around the world, has seen an overall shrinkage since 2011 but it remains a healthy economy. It sends 64.5% of its products to other European countries whilst 18.4% gord yo Asia, 11.3% to North America and 2% to Africa. Its largest product export is vehicles, largely due to its large number of car manufacturers and thisequates to US$249 billion or 18.7% of total exports. Machines, electronics and pharmaceuticals are also significant. Vehicle sales are the only growth export market although this is still only tepid at 0.7% growth since 2011.
2. United States ($1,504,000 million)
The United States has a significant domestic population of 321.4 million people and so even though the percentage of total GDP as exports seems quite low (8.4% of total economic output) it is still significant. Machines tops their list at US$205.8 billion, followed by electronic equipment at $169.8 billion (11.3%), aircraft ($131.1 billion) and vehicles ($127.1 billion). Its oil sales seem to be falling rapidly which has hit employment and the domestic market hard, especially in the south and west of the country.
1. China ($2,275,000 million)
Finally comes China, which still has the biggest population in the world and has a booming economy. It exports 11.7% of its total economic output which is incredible given the population of 1.367 billion people. Due to the number of people working it simply means that their output can be significantly higher than anywhere else, even if productivity is lower. Electronic equipment is the biggest product category for exports at a whopping $600.3 billion (26.3% of total exports). Next comes machines ($364.5 billion or 16%), furniture, lighting and signs ($98.7 billion or 4.3%) and knit or crochet clothing at $83.8 billion (3.7%). As you can see, the products themselves, with the exception of machines and electronics, are different to other countries. This give shtem a big advantage in terms of competition. India will surely not be far behind however, especially as they rise against the European powers who are beginning to fall behind.
These are the top 10 Countries With The Highest Exports in 2017. You can see that exports are significant and as the world population continues to grow so doe the booming global economy. Trade seems to be healthy and governments across the globe are likely to want to collaborate more closely in the future as new markets are created. South America, Africa and Oceania did not feature on this list, largely due to the power of the North American, European and Asian markets. However, this may change in the future as demographics shift, educational aspirations shift and resources change.