Markets
Visualizing Countries Grouped by Their Largest Trading Partner (1960-2020)
Amidst supply chain issues and inflated shipping costs, global trade continued to grow last year, reaching an estimated $28 trillion in 2021—a 23% increase compared to the year prior.
Which countries are the central nodes of the global trade network? While China is currently the world’s largest trading partner, this hasn’t always been the case.
This series of graphics by Anders Sundell outlines the history of the world’s biggest trade hubs, showing how the landscape has evolved since 1960. Using netgraphs, each visual connects countries to their primary trading partner, using data that includes both imports and exports.
1960: A Period of U.S. Trade Dominance
International trade has existed for millennia, and had previously been accomplished through famous trade routes like the Silk Road, which transported luxury goods from China to Europe since the first century BCE.
However, our story begins in the 1960s—just before containerization spread from the United States around the world, transforming global trade forever.
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In the 1960s, the U.S. was experiencing its post-war economic boom. Consumer spending was driving swift economic growth, and a rising middle class led to increased demand for luxury goods like TVs and cars. In response to this rising demand, U.S. factories that had been essential to the war effort swooped in quickly, and domestic production began to thrive.
Around the same time, legislation that encouraged international trade was being passed through Congress. In 1962, President John F. Kennedy signed the Trade Expansion Act into law, allowing the American government to negotiate massive tariff cuts with other countries. This ultimately led to the Kennedy Round two years later, which was a series of trade negotiations that resulted in lower tariffs and reduced barriers on exports for developing countries.
Across the pond, Europe was going through its own series of changes in the 1960s. While Britain was the most important player in trade in Europe at the time, the country was also struggling to recover from the financial burden of the two world wars.
Simultaneously, European countries were also banding together in an attempt to balance power and eliminate hegemony within Europe. In 1960, the European Free Trade Association (EFTA) was created, creating free trade agreements between Austria, Denmark, Norway, Portugal, Sweden, Switzerland, and the United Kingdom.
1990: The Emergence of China
By 1990, the world’s international trade landscape was on the cusp of dramatic change.
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For starters, Britain’s global trade dominance had dwindled further, and a newly united Germany had stepped up to pick up the slack. Germany’s automobile industry started to expand rapidly around this time. In 1990, Germany exported 2.6 million cars worldwide, which was fewer than Japan shipped that year, but still enough to make Germany one of the most important trade hubs at the time.
1990 was also around the same time that China was starting to emerge as a global leader. The country’s economy had been picking up steam over the previous decade, thanks to a series of reforms brought on by then-leader Deng Xiaoping that were created to encourage foreign investment and boost international trade.
This new focus on economic growth in China spurred the rapid expansion of free trade zones in the country, which granted certain areas special liberties on importing and exporting goods.
Throughout the 1990s, China’s economic prosperity continued, and its role in international trade became increasingly significant. Finally, at the end of the decade, China became a member of the World Trade Organization, giving the country an unparalleled opportunity to establish itself further as a major global trading partner.
2020: A New World Order
By 2020, China had overtaken the U.S. as the world’s biggest trade partner. But as the country’s influence grew, so did tensions between the U.S. and China.
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In 2018, the Trump administration set tariffs on more than $360 billion in goods, in an effort to encourage Americans to purchase domestic products. In response, China set its own tariffs on more than $110 billion worth of U.S. goods.
The conflict is still ongoing, and so far, there’s no clear winner in sight. The tariffs and trade barriers have hurt both countries, and with bilateral trade sputtering, many are left wondering if the peak of globalization is well behind us.
This article was published as a part of Visual Capitalist's Creator Program, which features data-driven visuals from some of our favorite Creators around the world.
Markets
Swiss Watches: Market Share by Brand in 2023
In this graphic we rank the top Swiss watch brands, based on their estimated 2023 market share.
Swiss Watches: Market Share by Brand in 2023
This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.
Swiss watches are renowned for their precision, craftsmanship, and quality. In this visualization, we rank the top Swiss watch brands based on their estimated 2023 market share, which comes from data provided by LuxeConsult and Morgan Stanley.
Rolex Dominates the Swiss Watch Market
Sales of Rolex watches are believed to have surpassed 10 billion Swiss francs ($11.2 billion) for the first time in 2023, significantly outpacing rivals like Cartier CHF 3.1 billion ($3.5 billion) and Omega CHF 2.6 billion ($2.9 billion).
Additionally, Rolex has strengthened its dominant position in the market, capturing a remarkable 30.3% retail market share.
Brand | Market Share (%) |
---|---|
Rolex | 30.3 |
Cartier | 7.5 |
Omega | 7.5 |
Patek Philippe | 5.6 |
Audemars Piguet | 4.9 |
Longines | 3.4 |
Richard Mille | 3.1 |
Vacheron Constantin | 2.7 |
Tissot | 2.5 |
Breitling | 2.4 |
IWC | 1.9 |
Hublot | 1.9 |
Jaeger-LeCoultre | 1.7 |
TAG Heur | 1.7 |
Other | 22.9 |
In 2023, the Swiss watch industry achieved record sales totaling CHF 26.7 billion ($30 billion). The “Big Four” watch brands—Rolex, Patek Philippe, Audemars Piguet, and Richard Mille—achieved a combined 43.9% market share last year, compared to a pre-Covid 2019 market share of 36.9%.
Also noteworthy is that Vacheron Constantin joined the billionaires’ club as the 8th brand to surpass CHF 1 billion in sales, reaching CHF 1.097 billion ($1.23 billion).
In conclusion, premium watches priced over CHF 25,000 ($28,000) drove 69% of the market’s growth in 2023, and constituted 44% of the total value of Swiss watch exports. Despite this significant value contribution, this segment represents only 2.5% of the total volume in terms of units sold.
See Related Infographics
If you enjoyed this content, check out The World’s Biggest Fashion Companies by Market Cap, or Ranked: Gen Z’s Favorite Brands in 2023.
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