📈 Global Economic Impact of Exports in 2023

Goods and Services Exports as a Percentage of Gross Domestic Product (GDP)

In 2023, the global ratio of goods and services exports to GDP stood at 30.2%. Advanced economies had a higher exports-to-GDP ratio of 32.4%, compared to 27.3% for emerging markets and developing economies. Advanced economies accounted for 63% of global exports, closely aligning with their 59% share of global GDP. The European Union led with an exports-to-GDP ratio of 55.6%, significantly outpacing North America's 14.0%.

Most of the top ten countries with exports-to-GDP ratios exceeding 100% benefit from their roles as trade hubs, engaging heavily in re-exports. Industrialized nations like Germany, Poland, South Korea, Switzerland, Taiwan, and Vietnam also maintain high exports-to-GDP ratios. In contrast, large economies such as China, India, Indonesia, Japan, and Russia, with exports-to-GDP ratios around 22%, fall below the global average of 30.2%. The U.S., the world’s largest economy, had a relatively low exports-to-GDP ratio of 11%.