The world as a global market has a massive impact on the world economy. International trading is essential to balance the production versus the consumption of products. It allows a budding network to form between businesses worldwide, thereby connecting the suppliers and the buyers. International trading serves as a beneficiary mandate to a growing economy. And global trade data is one of the necessary tools required to accomplish this task. Moreover, it helps the traders get insights into different exporters and importers, which ones to connect with, and why. Based on the world import export data, this article brings you the. Top 5 countries that have left a massive impact in the world of global trading by contributing to it the most and fueling businesses on an international scale.
1. United States
The US is the world’s largest economy and constitutes one-fourth of the global economy. In 2019, the country had a Nominal GDP of $21.43 trillion. They also comprised 24.41% of the total global trade economy. The US import data indicates that the country’s economy has consistently increased in the last few decades.
The International Monetary Fund (IMF) observes US GDP at 2% in 2020 and hints that the economy might decline to 1.7% in 2021. But on the bright side, the US economy is set to grow to $25.8 trillion by 2024. Moreover, as per the US import data and other factors, it is estimated that their GDP per capita will rise to $76,252 from the current $65,111.
The ability of US innovators to think outside the box has facilitated their growth. One such venture is the local food chain called Volcano Hot Pot. This barbeque restaurant has garnered a lot of fame and popularity for its one-of-a-kind food rotation service.
The company imports the sushi conveyor system from global exporters. The Volcano Hot Pot is a business project that utilizes the accessibility and opportunity of a global trading system.
2. China
China is the world’s fastest-growing economy. It comprises 16.34% of the entire global economy. Though it ranks second in nominal GDP, it has the largest economy in terms of Purchasing Power Parity or PPP. In 2019, the country had a nominal GDP of $14.34 trillion, with a growth rate of 6.1%.
Since their first arrival into the global trading sphere, they have progressively grown and have become the world’s largest exporter, as per the world import-export data. Economists around the world have estimated that China might even take over the US in the coming decades, becoming the largest economy ever.
3. Japan
Japan is the third-largest economy. With its nominal GDP marked at $5.08 trillion as of 2019, Japan contributes 5.79% of the entire global economy.
Japan is primarily a manufacturing and export-oriented economy. The strong cooperation between the government and the private industry has resulted in the smooth development of the country. Although Japan has always been at the forefront of the technology industry, the nation has also undergone huge crises in the past.
Japan experienced significant economic deterioration during the financial crisis of 2008-09. But when Prime Minister Shinzo Abe came into power in 2012, he prioritized end deflation and ensured fiscal discipline. As a result, Japan’s GDP per capita is now estimated to rise from $40,846 to $50,637 by 2024.
4. Germany
Germany is the fourth-largest economy globally and the largest in Europe, with a GDP of $3.86 trillion in 2019.
As estimated by the World Bank, Germany’s GDP is primarily dependent on the export of goods and services. The country is a top exporter of vehicles, chemicals, machinery, and other manufactured products.
Partly because of the country’s dependency on exports and partly due to the recent Brexit situation. Germany is constantly at risk of a financial crisis. Nevertheless, the country has shown consistent growth rates in the past couple of years and its GDP is expected to grow at 1.4% in 2021.
5. India
India’s service sector largely contributes to its economic output. And they are a major exporter of technology services and business outsourcing. India had a nominal GDP of $2.87 trillion in 2019.
The country faces many issues, including high poverty rates, declining credit growth, widespread corruption, stagnant investments, etc., which have hugely harmed its economy.
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Importance Of Global Trade Data In Uplifting Businesses
The world import-export data accurately and concisely reflect upon the global trading trends prevalent in the world. It allows the companies to identify the potential buyers with higher profit margins and prevents them from experiencing unwanted losses. If you’re a trader looking to get assistance from global trade data to rule out disadvantageous markets for your business specifically, Trademo is the best platform for you. Being a global trade data company, they can help you analyze trade data and create meaningful insights for your understanding.