📈 Global Economic Impact of Goods Exports in 2023

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

In 2023, the global ratio of goods exports to GDP was 22.7%. Advanced economies had a similar goods exports-to-GDP ratio of 23.0%, compared to 22.2% for emerging markets and developing economies. Advanced economies accounted for 59% of global GDP, which matched their 59% share of global goods exports. The European Union led with a goods exports-to-GDP ratio of 39.2%, significantly higher than North America's 10.1%.

Several countries with high goods exports-to-GDP ratios, such as Belgium, Djibouti, Hong Kong, the Netherlands, Singapore, and the United Arab Emirates, benefit from their roles as trade hubs for re-exports. In Eastern Europe, countries like Bulgaria, Czechia, Hungary, Slovakia, and Slovenia serve as processing zones—particularly for assembling machinery and automotive goods for Western countries—resulting in high goods exports-to-GDP ratios.

Petro-states like Iraq, Kuwait, Libya, Oman, and Qatar also maintain high goods exports-to-GDP ratios due to their reliance on crude oil or natural gas exports. Additionally, industrial countries such as Germany, Poland, South Korea, Switzerland, Taiwan, and Vietnam show higher-than-average goods exports-to-GDP ratios. China, the world’s largest goods exporter, has a goods exports-to-GDP ratio of 19.1%, lower than the global average of 22.7%.