From exporting volumes of manufactured products to provide a more diversified list of goods and services, the countries that have followed the export-oriented approach towards economic prominence have been able to compete in the international markets, generating massive contributions to their respective GDPs.
Here are some of the world’s most export-driven economies today:
Hong Kong is a special administrative region of China and just like the latter, it’s also one of Asia’s leading export-driven economies. In 2017 alone, the country shipped over US$550 billion in total value of export goods across the globe.
According to reports, Hong Kong’s exports goods and services contribute to 219.6% of the country’s Gross Domestic Product. Their primary exported products include electrical machinery, parts, apparatus and appliances, and others.
Germany tops the list of the most powerful economies in Europe and is also a leader in European export-driven countries in terms of highest dollar export value. In 2017, the economic giant shipped around US$1.440 trillion worth of products around the world.
Germany’s exported goods, as well as its services, cover 47.3% of the country’s total GDP. German exports are delivered to its European neighbors and a portion of the overall output is also sold to Asian, North American, African, and Latin American importers.
Another European nation that has an export-oriented economy is Luxembourg – and their rank in the world’s leading exporters is not because of their dominance in volume but in how these exports define their GDP.
The nation is basically surrounded by economic giants Germany, Belgium, and France. In 2017, the Grand Duchy of Luxembourg was able to ship over US$15.7 billion worth of exported goods and services. While this is relatively a lower number compared to the previous items on this list, this country’s export products contribute to a whopping 230.6 percentage of their overall GDP.