Home » News: Report Shows Top 10 Countries That Import More Than They Export as US, Japan, and India Dominate Top 10 Importer Rankings

News: Report Shows Top 10 Countries That Import More Than They Export as US, Japan, and India Dominate Top 10 Importer Rankings

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International Trade IMPORT

Several countries around the world are characterized by a trade dynamic where they import more goods and services than they export. This trade imbalance often reflects a reliance on foreign products to meet domestic demands.

In this article, we take a look at the 10 countries that import more than export published by insidermonkey.com

10 Bangladesh
Trade deficit in US$ -33.7Billion
Exports 60.1B – Imports 93.8B

Bangladesh actively seeks investment in apparel industry, light manufacturing, energy, power and agricultural business. Bangladesh’s economy is mostly driven by exports from RMG (Ready made garment) industry.

9 Pakistan
Trade deficit in US$ -37.4Billion

Exports 38.8B – Imports: 76.3B

Pakistan’s global shipment for 2022, were from knit clothing accessories, textiles, cotton and leather. International apparel brands such as Adidas, Next, and ZARA sell clothing items that are made in Pakistan. Pakistan’s economy is dependent on imports for the most part and the country is experiencing a balance-of-payments crisis, with its import-dependence being among one of the reasons.

READ: News: Low export from Nigeria pushes cost of inbound cargo up causing huge import-export imbalance

8 Turkiye
Trade deficit in US$ -39.8Billion

Exports: 343.7B – Imports: 383.5B
Hitting record high exports in 2022, one of the top tourist destinations of Europe witnessed 53% increase in tourism revenue, exceeding previous high of $34.5 billion in 2019.

7 Mexico
Trade deficit in US$ -42.3Billion

Exports: 626.3B – Imports: 668.6B

Mexico is the 14th largest economy of the world, having a $1.4 trillion economy. It has a diversified market that provides numerous trade opportunities for goods and services from all over the world. The trade with the United States for year 2022 only concluded at $863.4 billion, making Mexico the second largest U.S trading partner.

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6 Philippines
Trade deficit in US$ -53.8 Billion

Exports: 98.5B – Imports 152.3B

Top traded exports for the Philippines were coconut oil, mineral products and electronic products. Exports to the United States were worth $12.5 billion, contributing 15.8% in the country’s overall trade. The major export partner was United States, followed by Japan and China.

5 France
Trade deficit in US$ -89.6 Billion

Exports: 1013.0B – Imports: 1102. 7B

France being the 6th largest exporter of goods and services in the world, was one of the countries which were brutally affected by the conflict in Ukraine. The conflict resulted in the country facing an energy crisis. The volume of imported electricity has multiplied by 42 since 2019, gas alone contributed significantly to the deficit. Top french exports were aeronautics and space, chemical, perfumes, cosemetics and food processing.

4 United kingdom
Trade deficit in US$ -111.3 Billion

Exports: 1001.4B – Imports: 1112.7B

Russian invasion of Ukraine disrupted the United Kingdom’s trade in many commodities, causing the country to change trade partners. Top imports of the United Kingdom showed significant increase; fuel imports increased by 119.1%, vegetable oils and fats by 54.9% , food and live animals by 19.7%.

3 India
Trade deficit in US$ -134.6 Billion

Exports: 767.6B – Imports: 902.3B

The 16th largest exporter of the world reported exports worth $768 billion. The major exports of India were from oil and mineral fuel, precious stones and metals. The United States, United Arab Emirates and China are among the top export partners.

2 Japan
Trade deficit in US$ -158.7Billion

Exports: 921.2B – Imports: 1079.9B

For Japan, both exports and imports reached the highest levels on record. The resource-poor Japan relies heavily on fuel imports. The value of imported crude oil rose 91.5% in 2022, while liquified natural gas jumped 97.5%, as energy prices increased globally after Russia invaded Ukraine.

1 United States
Trade deficit in US$ -951.2Billion

Exports: 3018.5B – Imports: 3969.6B

United States, the country with the highest trade deficit in the world, recorded exports worth $3 trillion. Canada, Mexico, and China were among the top trading partners. Increase in trade last year came from exports of industrial supplies and materials, capital goods and automotive parts and engines whereas the increase in services export was from business and financial services.

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