Visual Capitalist: The World’s Biggest Importers Of Goods
Visualizing the World’s Biggest Importers of Goods
Since 1995, the value of global trade has increased nearly fivefold, falling just short of the peak seen in 2022.
Today, 10 countries account for imports worth $12.4 trillion, representing more than half of the global total. From the U.S. to India, the world’s leading importers are characterized by robust economies and sizable consumer markets. Factors such as business investment, disposable income, and exchange rates also play a significant role in shaping import dynamics.
This graphic shows the top 30 largest importers of goods in the world, based on data from the World Trade Organization
America is the World’s Largest Importer of Goods
In 2023, the U.S. imported $3.2 trillion in goods, making it the biggest importer globally.
Due to its large consumer base and advanced economy, the U.S. is the world’s largest importer of many product categories including cars, electronics, industrial machinery, and pharmaceuticals. Mexico, America’s top trading partner, supplies many of these goods, while Canada is a key exporter of crude oil, natural gas, and other resources.
Recently, President-elect Trump announced plans to impose a 25% tariff on imports from Mexico and Canada via executive action on his first day in office. If enacted, this policy could significantly raise costs for businesses and consumers on both sides of the border.
| Rank | Country | 2023 Value | Global Share |
|---|---|---|---|
| 1 | 🇺🇸 U.S. | $3.17T | 13.1% |
| 2 | 🇨🇳 China | $2.56T | 10.6% |
| 3 | 🇩🇪 Germany | $1.46T | 6.0% |
| 4 | 🇳🇱 Netherlands | $842B | 3.5% |
| 5 | 🇬🇧 UK | $791B | 3.3% |
| 6 | 🇫🇷 France | $786B | 3.2% |
| 7 | 🇯🇵 Japan | $786B | 3.2% |
| 8 | 🇮🇳 India | $673B | 2.8% |
| 9 | 🇭🇰 Hong Kong | $654B | 2.7% |
| 10 | 🇰🇷 South Korea | $643B | 2.7% |
| World | $24.2T | 100.0% |
China ranks in second, importing more crude oil than any other nation worldwide, primarily from Saudi Arabia, Russia, and Iraq.
Yet unlike America, China has a significant trade surplus in goods, with exports exceeding imports by over $1.3 trillion due to lower production and labor costs and higher domestic savings, among other factors.
As weaker demand and supply chain disruptions disrupted global trade last year, 27 of the top 30 countries saw annual import values decline, with the greatest decreases seen in Taiwan (-18%) and Brazil (-14%). Moreover, if Trump intensifies proposed tariffs, global trade may shrink further as economic relationships come under increasing strain.
SOURCE: https://www.visualcapitalist.com/the-worlds-biggest-importers-of-goods/