In 2014, China kept its position as the world’s largest exporter of goods for the sixth consecutive year. China's share of world exports has exceeded 12.3% - is a new record in history. United States, being the second largest merchandise exporter in terms of gross value, is the largest importer also. Net imports of goods in the US is the largest in the world in nominal terms. In 2014 net imports of goods in US was $787 bln, $610 bln more than the second-largest world’s merchandise net importer – United Kingdom. The third world’s country by the amount of net imports is India (143 billion dollars as of 2014).
Japan, which was on the top of the ranking of world’s net exporting countries 30 years ago, in 2011 became a net importer of goods for the first time since the early 1980s. By the end of 2014, Japan's net imports increased to 138 billion dollars and the country has become the fourth largest in the world in terms of merchandise net imports.
Explore how the structure of the world’s exports and imports has changed over the years. Select the country, geographic region or country group in the list to see the trends on the graph below the page.
Source: Values and shares of merchandise exports and imports, annual, 1948-2014
The concentration index of exports estimates a country’s reliance on a limited group of commodities as its primary source of foreign exchange income. Ranging from 0 (perfect diversification) to 1 (concentrated on a single product)*, a comparison of index scores to the contribution of natural resources to GDP worldwide shows that countries that are resource-rich tend to have less diversified export bases. Last year Iraq’s export concentration index reached 0.97, driven by its export concentration in mineral fuels, namely oil. Other oil exporters—including Angola, Iran, Kuwait, and...
(October 2019) China and the United States reached a partial trade deal on Friday, October 11, with the US agreeing to forgo further tariff escalation in exchange for China agreeing to resume purchases of US farm products. However, even if trade terms improve between the countries, recent preliminary figures released by China's customs office suggest Chinese exports hurt by the trade war will need time to recover to 2018 levels. Since the beginning of 2019, China exported $348 billion to the United States, 11.3 percent less than during the same period of 2018.China's exports...
Recent analysis from the IMF cites increasing uncertainty caused by trade tensions as a primary driver of sluggish global growth, a trend which moved the IMF to issue a downward revision to its global GDP growth forecast in the July edition of the World Economic Outlook. According to IMF estimates, the escalation of trade uncertainty observed this year could consume around 0.75 percentage points of global growth in 2019. To track trade tensions globally, the IMF and Stanford University teamed up to develop the World Trade Uncertainty Index (WTU).* This index measures trade...
Ask any American soybean farmer about current market conditions and US-China trade frictions will bubble up in the conversation. After the late June meeting between presidents Xi Jinping and Donald Trump in Osaka, Trump assured American farmers that trade talks would resume and that China would buy a tremendous amount of food and agricultural products very soon. Yet, in the month since, no significant purchases have been announced and no information is publicly available on large purchases in the offing, especially now, as the trade-war escalated again with the new 10-percent...
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