China adorning the title of the ‘world’s factory’ shows no signs of changes in the coming years, according to the figures. In 2023, if exports were $3.38 trillion, in 2024, with a growth of 5% to 7%, China will reaffirm its position at the pinnacle of global trade, studies suggest.
Here are the world’s top 5 commodity exporters as of 2023, according to data from the World Bank and other sources.
1. China: With a whopping $3.38 trillion worth of goods exported in 2023, China holds the leading position by a significant margin. This dominance is attributed to its strong manufacturing base and role as the ‘world’s factory’. Key exports include Machinery and Electronics, Vehicles and Transport Equipment, Textiles and Apparel, Chemicals and Pharmaceutical Products, Furniture and Household Goods.
2. United States: Coming in second with $3.053 trillion of exports in 2023, the US relies on refined petroleum, petroleum gas, crude petroleum, cars, and integrated circuits as its main export categories.
3. Germany: Boasting $1.68 trillion in exports in 2023, Germany excels in exporting cars, pharmaceuticals, and machinery. Its strong engineering and manufacturing prowess contribute to its high ranking.
4. Japan: With $680 billion in exports in 2023, Japan’s main strengths lie in exporting cars, electronics, and machinery. Its technological advancements and focus on quality contribute to its success.
5. Netherlands: Despite its relatively small size, the Netherlands manages to achieve $764 billion in exports in 2023, primarily due to its role as a major trading hub and re-exporting center. Petroleum, refined petroleum, and chemicals are among its top exports.
Other notable exporters: France, South Korea, United Kingdom, Singapore, Italy, Canada, Hong Kong, India, Russia, Mexico, and Switzerland.
Exporters and Their Reach
- Luxembourg reaches 200 countries
- Netherlands extends to 180 countries
- Belgium covers 170 countries
- Singapore exports to 160 countries
- Hong Kong spans 150 countries
- Germany reaches 140 countries
- France connects with 130 countries
- United States engages 120 countries
- Japan extends to 110 countries
- China covers 100 countries.
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