Economy

Ranked: The Top 10 Countries With the Largest Trade Surplus

Published

1 week ago

March 12, 2025

Dorothy Neufeld

Graphics/Design:

Sabrina Lam

See this visualization first on the Voronoi app.

Ranked: The Top 10 Countries With the Largest Trade Surplus

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Key Takeaways

China has the largest trade surplus globally, at $593.9 billion in 2023, falling from its record high of $665.1 billion in 2022.
Europe’s biggest exporter, Germany, ranks second, driven by its automotive exports.
Five of the world’s largest trade surpluses are in Europe, followed by two in Asia.

Global trade dynamics are coming under fire in Trump’s new trade war, amid retaliatory responses from China and Canada.

This graphic shows the countries with the largest trade surplus in 2023, based on the most recently available data from the World Bank as of March 4, 2025.

China’s $594 Billion Surplus in Trade

Fueled by an export boom, China’s trade surplus is the largest globally at $593.9 billion in 2023.

In just two decades, it has skyrocketed from $33.7 billion. In 2023, China’s trade surplus was greater than the next three countries combined, standing as the top trading partner to 60 countries globally.

Since the pandemic, China’s merchandise exports have ballooned by $1 trillion, with the country increasingly exporting to Southeast Asian countries amid growing trade tensions with America and other nations. At a time of sluggish GDP growth and weak domestic demand, China has particularly focused on manufacturing as an engine of economic growth.

Rank	Country	Net Trade Balance 2023 (B)
1	🇨🇳 China	$593.9
2	🇩🇪 Germany	$249.9
3	🇮🇪 Ireland	$168.6
4	🇸🇬 Singapore	$154.8
5	🇸🇦 Saudi Arabia	$126.9
6	🇨🇭 Switzerland	$124.9
7	🇷🇺 Russia	$121.6
8	🇧🇷 Brazil	$92.3
9	🇳🇱 Netherlands	$92.0
10	🇦🇺 Australia	$83.4

As the table above shows, Germany ranks in second, driven by exports of cars ($174 billion) and vehicle parts ($69.4 billion).

In 2023, the automotive industry made up 17% of Germany’s total exports, with the top export destination being America. However, with potential U.S. tariffs looming over the European Union, German carmakers may look to diversify into other foreign markets, especially as the industry faces mounting challenges.

Meanwhile, Saudi Arabia ranks in fourth globally, supported by its vast oil reserves. In 2023, it remained the world’s top crude petroleum exporter, with China, India, and Japan as its largest buyers.