As protectionist sentiments surge globally, international trade patterns are shifting in response. In 2023, the world witnessed a total goods export value of 23.8 trillion USD, reflecting a 5% decrease from the previous year.
Despite tariff barriers, China’s exports demonstrated resilience. In 2023, the country’s export value neared an all-time high. China exported 500 billion USD worth of goods to the US last year, but this number is predicted to decline significantly under President-elect Donald Trump’s administration in the coming four years.
The following infographic illustrates the top 30 exporting economies worldwide, based on data from the World Trade Organization (WTO):
Out of the top 30 exporting economies, 20 experienced a decline in export values last year. One contributing factor could be the rising number of trade barriers globally, which increased to nearly 3,000 in 2023—almost five times the number in 2015.
China leads the way as the top exporting economy, with a total export value of 3.4 trillion USD in 2023, outpacing the US by nearly 1.4 trillion USD.
The last time the US held the title of the world’s top exporter was in 1979. Since then, it has faced growing trade deficits. However, exports of energy—the US’s largest export commodity—have turned from deficit to surplus in the past decade. In 2023, the net trade surplus for US energy stood at 65 billion USD. Increased domestic energy production has shielded the world’s largest economy from oil price shocks, such as those triggered by the Russia-Ukraine conflict.
Germany, the world’s third-largest exporting economy, experienced a 1% increase in export value in 2023 compared to the previous year, despite economic contraction. This industry-reliant economy has been vulnerable to rising oil prices, with some businesses even halting production.
In 2023, Germany exported 160 billion USD worth of goods to the US, its largest export market. However, this figure could drop by up to 15% if Trump’s proposed tariff increases come into effect. The automotive and pharmaceutical sectors would be the hardest hit, with predicted export declines of 32% and 35%, respectively.
Vietnam also made its mark in the top 30 exporting economies, ranking 23rd. In 2023, Vietnam exported 354 billion USD worth of goods, accounting for 1.5% of global exports.
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