#Countries #Highest #Trade #Surplus #World
Monday, April 1 2024 – 22:50 WIB
VIVA – Surplus trade is the condition in which the value export a country exceeds the value of its imports in a certain period of time. This shows that the country sells more goods and services to the international market than buying from other countries.
Having a trade surplus can provide significant economic benefits for a country, including stable economic growth, currency stability, and sufficient foreign exchange reserves. Quoted from Insider Monkeyhere are some countries known to have the highest trade surpluses in the world.
Singapore has carved out a unique niche in the global trade landscape. Despite its small territory, the country has a high trade surplus due to its strategic location and expertise in processing raw materials. China, the United States, Indonesia, Malaysia and Japan are its main trading partners. Electrical machinery tops the country’s import list, demonstrating Singapore’s focus on advanced technology. Net Trade Surplus in US$ (Thousands): 169,176,499.03.
Saudi Arabia’s economy relies heavily on its large oil reserves. These valuable resources drive the petrochemical industry, resulting in the export of a wide range of products, including petrochemicals, metal goods, construction materials, electrical equipment, and plastics, to a network of approximately 90 countries.
Saudi Arabia also depends on imports to meet its domestic needs. Vehicles and automotive parts are the main imports. Saudi Arabia’s main trading partners include China, the United States, India, Germany, Japan and South Korea. Net Trade Surplus in US$ (Thousands): 187,668,722.12.
Ireland is one of the largest exporters of medicines and medical equipment in the world, which is proof of the country’s advanced healthcare industry. Apart from healthcare, Ireland is a leader in computer software exports.
Transportation equipment and organic chemicals also make significant contributions to the export mix. The country also relies on imports of certain goods, such as petroleum products and textiles. The UK remains Ireland’s main import partner. Net Trade Surplus in US$ (Thousands): 213,051,078.45.
Russia’s abundant natural resources form the basis of its exports. Oil and petroleum products are Russia’s top exports, led by crude oil with an estimated value of $133 billion in 2022. Natural gas, lumber, fertilizer, machinery and equipment, and even arms add to Russia’s export portfolio.
China is Russia’s largest trading partner, with trade volume exceeding $101 billion in 2022. India, Germany, Turkey and Italy are Russia’s main trading partners. Net Trade Surplus in US$ (Thousands): 293,312,610.00.
Private investment and a strong export sector are driving China’s extraordinary economic growth. The country has emerged as a global leader in manufacturing, especially electronics. China dominates exports of mobile phones, electronic components and automotive parts. Mainland China accounted for 13.8% of all global exports in 2022.
To maintain its manufacturing power, China relies on imports of machinery and equipment, chemicals and fuel. The country’s main import partners include Taiwan, South Korea, Japan, the United States and Australia. Net Trade Surplus in US$ (Thousands): 576,329,961.76.
