10. United Kingdom
The United Kingdom has one of the largest economies in the world today. It is the 5th largest economy in the world and second largest in Europe just below Germany. In 2016 the British economy has growing at a faster rate than the G7 registering a 0.6% growth despite the Brexit vote.
According to Office for National Statistics (ONS) the country total exports is 56% and some of the products and services exported are machinery and transport equipment which takes 38%, chemical products which take 18%, manufactured articles which take 14%, manufactured products take 8%, mineral fuels, lubricants and related products materials take 9%. The other 44% of the total exports has been taken over by services and UK normally exports scientific, professional and technical activities and information and communication services. The main export trading partners are united states 16%, Germany 10%, France 6%, Netherlands 6%, Ireland 6%, china 5% and Switzerland 7%.
9. Russia
Although Russia recently has been experiencing a continued deceleration of economic growth which has been attributed by low price of oil, economic sanctions by the United States and the European Union for annexing Crimea, reaming the military, and other factors still it remains one of the largest economies in the world. The country is normally dependent on export of commodities such as crude petroleum, petroleum gas, refined petroleum which totals nearly half of its budget.
Some of the Russia main exports are machinery and equipment’s (planes, helicopters, military hardware and weapons) which take 7%, crude oil 26%, natural gas 12%, metals 10%, chemical products 7%, foodstuff and agricultural products (including wood and wood products) 5% and Packaged Medicaments. The major export partners of Russia are China with 12%, Germany 9%, Netherlands 8%, Italy 6%, Belarus 5%, Poland 5%, Turkey 5%, and Japan 4%.
8. Italy
One of the biggest economies on earth and mostly that relies on services is Italy. The services sector of Italy nearly accounts to 60% of the total GDP and employs 60% of Italy employed group.in the Eurozone Italy is the third largest economy and in global level it’s the 12th largest by GDP (ppp). Italy it’s the eight largest exporter of goods and services globally.
Most of the exports are mainly Machines, engines, pumps 20% of total exports, ,Vehicles 8%, Electronic equipment 5%, Pharmaceuticals 4%, Plastics 4%, Iron or steel products 3%, Oil 3%, Furniture, lighting, signs 2%, Clothing 2%, Gems, precious metals 2.5%.the main Italy trading partners are Germany 12%, France 11%, United States 6%, Switzerland 5%, United Kingdom 5%, and Spain 5%.
7. Netherlands
Netherlands is the 18th largest economy globally and the most amazing thing is its per capita income which is very high making the country feature in the top 15 richest countries in the world. Although the Dutch economy has been affected greatly by the global financial crisis and the ensuing European debt crisis the Dutch have always proven to be resilient. Netherlands has an open economy which depends heavily on foreign trade hence exports are very crucial in its GDP.
Some of the Netherlands major exports packaged medicaments taking 5% of the total exports, organic chemicals taking 4%, oil 13, electronic equipment 13%, vehicles 3%, petroleum gas, machines engines and pumps, iron and steel 2%, plastics 4%, among others. Some of the top destinations for Netherlands exports are countries such as Germany, Belgium-Luxembourg, United Kingdom, Italy, France, United States, china, japan and Russia.
6. South Korea
South Korea used to be a poor country but it amazed the world when it rose from a poor nation to one of the G-20 in what many refer to as Miracle on the Han River. Today South Korea is the 11th largest economy in the world and in Asian continent it’s the 4th largest. 50% of South Korea GDP is due to the export of goods and services which clearly tells you this country economy relies on exports.
Some of its major exports are machinery and equipment which takes 59 % of the total exports (road vehicles, electrical parts and appliances, apparatus, electric machinery, integrated circuits, telecommunications: others are refined petrol, plastics, petroleum products, organic chemicals, ships and boats, among others. Some of Koreas top export destination countries are china, United States, Hong Kong, japan, India, Taiwan, Vietnam, Singapore and others.
5. France
France holds position five as the largest economy globally and third largest in Europe which its GDP is driven by services. Among the leading industries that drive the economy sector of France are aerospace and defense, ship building, telecommunications, pharmaceuticals,, chemical, automobile, textile, and construction and civil engineering. Some of the major france exports are Aircrafts account to 13% of the total exports, food 10%, chemicals 9% clothing electrical equipment 4%, metal products 7%, industrial and agricultural machinery 8%,packaged medicament, refined petroleum ,beverages 3%, perfumes and cosmetics 3% among others. Some of the major exporting destinations are Germany, UK, Spain, US, China, and Netherlands.
4. Japan
Japan economy is the fourth largest by purchasing power parity (PPT) and today japan has taken the second position in being the largest developed economy in the planet. Japan if you didn't know has the largest electronic goods industry and also in addition is the world’s third largest manufacturer of automobiles. Japan main exports are vehicles which account 22% of total exports, machinery and electric machinery 37%, chemicals 10%, ships and boats 2%. The main trading partners of japan are the United States which japan exports 20% of its total exports, china 18%, Thailand 4%, South Korea 7%, Taiwan 6% Hong Kong 5% among others.
3. United States
The country has the largest economy on earth and is the third world’s biggest exporter. United States is the world’s wealthiest nation, most powerful since it has abundance of natural resources well developed infrastructure and the productivity is high. Its exports amazingly only account 13% of the GDP. Some of its main exports are capital goods which hold 39% of its total exports, industrial supplies hold 28%, and consumer goods holds 12%, automotive vehicles and parts 10%, food and beverages 7%, packaged medicaments. Its main trading partners are Canada 19%, Mexico 14%, China 7%, Japan 4%, Germany 3% and the United Kingdom 3%.
2. Germany
Europe’s biggest economy and a country that has been enjoying steady economic growth for the last 7 years with no signs of slowing down. Germany usually its exports surpass its imports by far margin and is said to be the biggest capital exporter worldwide. Some of its main exports are vehicles 18%, machinery and equipment 17%, electrical products 10%, packaged medicaments 6%, aircrafts 4%, among others. Top destinations of Germany exports are countries such as the United States, France, United Kingdom, and china, Netherlands Italy, Belgium, Austria and Switzerland.
1. China
World’s 2nd largest economy by GDP, and the world’s largest economy by purchasing power parity.it is the also the world’s leader in the exports of goods and services. It also holds the position of fastest growing economy and 2nd worldwide largest importer of goods. China exports mainly include mechanical and electrical products that hold 40% of the total exports, motors and generators 5%, integrated circuits 5%, tech products 20%, data processing equipment, and labor intensive industry products 16 %. Its major trading partners are United States 18%, Hong Kong 15%, Germany 3%, the UK 3 %and the Netherlands 3%.
For a country to be powerful it has to export more than it imports. World’s most poorest countries there weakness is as a result of importing more than they export no wonder the above countries are the most powerful nations on earth.
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