How Reliant Is Each U.S. State on Foreign Trade?
Whether it is lashing out on China for unfairly weakening its currency, or calling out “unfair” government subsidies on Canadian softwood lumber, it’s safe to say that re-opening discussions about foreign trade has become a key priority under President Trump.
Is this the right route to take, and does America really need to negotiate new trade deals?
There are arguments either way, but the the reality is that trade agreements like NAFTA are perceived to have a mixed track record of success. Under NAFTA, trade volume has exploded, prices have been lowered, and U.S. reliance on oil imported from the Middle East has decreased, but at the same time, it is clear that manufacturers, especially in the auto industry, have been setting up shop in Mexico. As a result, at least partially, manufacturing jobs hover near all-time lows.
Walking the Tightrope
The biggest challenge with acting on these re-negotiation ambitions is that it’s inherently risky, no matter how you slice it. Any big slip up or ill-advised trade war could have a drastic impact on the economy.
Today’s data visualization, which comes to us from HowMuch.net, highlights this risk in a relatable way by showing the reliance on foreign trade as a percentage of GDP for each state.
Here are the state economies most dependent on foreign trade:
|Rank||State||Foreign Trade||Trade as % of State GDP, 2015|
|3||South Carolina||$70 billion||34.8%|
|8||New Jersey||$152 billion||26.7%|
The state that stands out the most? It’s Michigan, the country’s auto manufacturing hub.
In 2015, a total of $171.8 billion (38.0%) of economic activity in the state was linked to foreign trade. Whether that’s buying aluminum from Canada to build a lighter chassis for Ford F-150s, or it’s one of the 2.6 million vehicles that the United States exports to 200 countries every year – that’s a large chunk of economic activity to muck around with.
Right now, the global economy is built around trade. And regardless of whether re-negotiating trade agreements is the right or wrong thing to do for Trump, the potential risks of any missteps ought to be respected.
Ranked: The World’s Top Diamond Mining Countries, by Carats and Value
Who are the leaders in rough diamond production and how much is their diamond output worth?
Ranked: World Diamond Mining By Country, Carat, and Value
Only 22 countries in the world engage in rough diamond production—also known as uncut, raw or natural diamonds—mining for them from deposits within their territories.
This chart, by Sam Parker illustrates the leaders in rough diamond production by weight and value. It uses data from Kimberly Process (an international certification organization) along with estimates by Dr. Ashok Damarupurshad, a precious metals and diamond specialist in South Africa.
Rough Diamond Production, By Weight
Russia takes the top spot as the world’s largest rough diamond producer, mining close to 42 million carats in 2022, well ahead of its peers.
Russia’s large lead over second-place Botswana (24.8 million carats) and third-ranked Canada (16.2 million carats) indicates that the country’s diamond production is circumventing sanctions due to the difficulties in tracing a diamond’s origin.
Here’s a quick breakdown of rough diamond production in the world.
|5||🇿🇦 South Africa||9,660,233|
|10||🇸🇱 Sierra Leone||688,970|
|18||🇨🇮 Cote D'Ivoire||3,904|
|19||🇨🇬 Republic of Congo||3,534|
Note: South Africa’s figures are estimated.
As with most other resources, (oil, gold, uranium), rough diamond production is distributed unequally. The top 10 rough diamond producing countries by weight account for 99.2% of all rough diamonds mined in 2022.
Diamond Mining, by Country
However, higher carat mined doesn’t necessarily mean better value for the diamond. Other factors like the cut, color, and clarity also influence a diamond’s value.
Here’s a quick breakdown of diamond production by value (USD) in 2022.
|5||🇿🇦 South Africa||$1,538M|
|9||🇸🇱 Sierra Leone||$143M|
|19||🇨🇬 Republic of Congo||$0.20M|
|20||🇨🇮 Cote D'Ivoire||$0.16M|
Note: South Africa’s figures are estimated. Furthermore, numbers have been rounded and may not sum to the total.
Thus, even though Botswana only produced 59% of Russia’s diamond weight in 2022, it had a trade value of nearly $5 billion, approximately 1.5 times higher than Russia’s for the same year.
Another example is Angola, which is ranked 6th in diamond production, but 3rd in diamond value.
Both countries (as well as South Africa, Canada, and Namibia) produce gem-quality rough diamonds versus countries like Russia and the DRC whose diamonds are produced mainly for industrial use.
Which Regions Produce the Most Diamonds in 2022?
Unsurprisingly, Africa is the largest rough diamond producing region, accounting for 51% of output by weight, and 66% by value.
|Rank||Region||Share of Rough|
Diamond Production (%)
|Share of Rough
Diamond Value (%)
However diamond mining in Africa is a relatively recent phenomenon, fewer than 200 years old. Diamonds had been discovered—and prized—as far back as 2,000 years ago in India, later on spreading west to Egyptian pharaohs and the Roman Empire.
By the start of the 20th century, diamond production on a large scale took off: first in South Africa, and decades later in other African countries. In fact between 1889–1959, Africa produced 98% of the world’s diamonds.
And in the latter half of the 20th century, the term blood diamond evolved from diamonds mined in African conflict zones used to finance insurgency or crime.
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