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For most economies worldwide, the leading export and import trading partners in terms of value are typically the European Union (EU) or China, with the United States also being a significant player. Emerging markets such as Russia, Brazil, India, South Africa, and Turkey are becoming increasingly important as major markets or source countries in various regions.
For individual EU member states, intra-EU trade is collectively greater than trade with any other partner. Both the EU and the United States have China as their largest source of imports. Conversely, the EU is China's largest source of imports. While the EU and the United States dominate as the largest trading partners in many parts of the world, other countries such as Brazil, Russia, and South Africa are gaining prominence within their respective regions.[ citation needed ]
Some countries, especially isolated ones, heavily rely on a larger neighbouring country for trade. For instance, Venezuela is a key export market for Cuba, while Uzbekistan, being doubly-landlocked, primarily exports to its singly-landlocked neighbours, Tajikistan and Afghanistan.
The largest import and export merchandise trade partners for most countries of the world are listed below. Details for the European Union, Hong Kong and Macau are also included. In most cases the data relates to 2021 rankings. Data was extracted from the World Trade Organization's Trade Profile Database. [1] [2]
This section needs to be updated.(May 2024) |
The following table shows figures for 30 largest bilateral trade volume in 2013 according to the World Trade Organization. [3]
International trade is the exchange of capital, goods, and services across international borders or territories because there is a need or want of goods or services.
The economy of Eswatini is fairly diversified. Agriculture, forestry and mining account for about 13 percent of Eswatini's GDP whereas manufacturing represent 37 percent of GDP. Services – with government services in the lead – constitute the other 50 percent of GDP.
The economy of Vietnam is a developing mixed socialist-oriented market economy. It is the 35th-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization.
Dumping, in economics, is a form of predatory pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price below the normal price with an injuring effect. The objective of dumping is to increase market share in a foreign market by driving out competition and thereby create a monopoly situation where the exporter will be able to unilaterally dictate price and quality of the product. Trade treaties might include mechanisms to alleviate problems related to dumping, such as countervailing duty penalties and anti-dumping statutes.
In international economic relations and international politics, most favoured nation (MFN) is a status or level of treatment accorded by one state to another in international trade. The term means the country which is the recipient of this treatment must nominally receive equal trade advantages as the "most favoured nation" by the country granting such treatment. In effect, a country that has been accorded MFN status may not be treated less advantageously than any other country with MFN status by the promising country.
Non-tariff barriers to trade are trade barriers that restrict imports or exports of goods or services through mechanisms other than the simple imposition of tariffs. Such barriers are subject to controversy and debate, as they may comply with international rules on trade yet serve protectionist purposes.
The economy of the European Union is the joint economy of the member states of the European Union (EU). It is the second largest economy in the world in nominal terms, after the United States, and the third largest at purchasing power parity (PPP), after China and the US. The European Union's GDP is estimated to be $19.35 trillion (nominal) in 2024 or $26.64 trillion (PPP), representing around one-sixth of the global economy. Germany has the biggest national GDP of all EU countries, followed by France and Italy. In 2022, the social welfare expenditure of the European Union (EU) as a whole was 19.5% of its GDP.
The Doha Development Round or Doha Development Agenda (DDA) is the trade-negotiation round of the World Trade Organization (WTO) which commenced in November 2001 under then director-general Mike Moore. Its objective was to lower trade barriers around the world, and thus increase global trade.
An export credit agency or investment insurance agency is a private or quasi-governmental institution that acts as an intermediary between national governments and exporters to issue export insurance solutions and guarantees for financing. The financing can take the form of credits or credit insurance and guarantees or both, depending on the mandate the ECA has been given by its government. ECAs can also offer credit or cover on their own account. This does not differ from normal banking activities. Some agencies are government-sponsored, others private, and others a combination of the two.
Foreign trade of Argentina includes economic activities both within and outside Argentina especially with regards to merchandise exports and imports, as well as trade in services.
The landlocked developing countries (LLDC) are developing countries that are landlocked. Due to the economic and other disadvantages suffered by such countries, the majority of landlocked countries are least developed countries (LDCs), with inhabitants of these countries occupying the bottom billion tier of the world's population in terms of poverty. Outside of Europe, there is not a single highly developed landlocked country as measured by the Human Development Index (HDI), and nine of the twelve countries with the lowest HDI scores are landlocked. Landlocked European countries are exceptions in terms of development outcomes due to their close integration with the regional European market. Landlocked countries that rely on transoceanic trade usually suffer a cost of trade that is double that of their maritime neighbours. Landlocked countries experience economic growth 6% less than non-landlocked countries, holding other variables constant.
The Agreement on Agriculture (AoA) is an international treaty of the World Trade Organization. It was negotiated during the Uruguay Round of the General Agreement on Tariffs and Trade, and entered into force with the establishment of the WTO on 1 January 1995.
Economic Partnership Agreements (EPAs) are a scheme to create a free trade area (FTA) between the European Union and other countries. They are a response to continuing criticism that the non-reciprocal and discriminating preferential trade agreements offered by the EU are incompatible with WTO rules. The EPAs date back to the signing of the Cotonou Agreement. The EPAs with the different regions are at different states of play. The EU has signed EPAs with the following countries: the Southern African Development Community (SADC), ECOWAS, six countries in Eastern and Southern Africa, Cameroon, four Pacific states, and the CARIFORUM states. Their defining characteristic is that they open up exports to the EU immediately, while exports to the partner regions is opened up only partially and over transitioning periods.
The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.
The Eurasian Economic Union is an economic union of five post-Soviet states located in Eurasia. The EAEU has an integrated single market. As of 2023, it consists of 183 million people and a gross domestic product of over $2.4 trillion.
Since the end of apartheid, foreign trade in South Africa has increased, following the lifting of several sanctions and boycotts which were imposed as a means of ending apartheid.
Argentina has strong cultural and historical links to the European Union (EU) and the EU is Argentina's biggest investor.
Trade data, or import and export statistics, consist of statistical data about international trade, typically organized by time period, country, and commodity.