Markets
The Top 50 Largest Importers in the World
The Top 50 Largest Importers in the World
In 2022, global imports climbed to $25.6 trillion in value, or about the size of the U.S. GDP.
As an engine of growth, global trade broadens consumer choices and can lower the cost of goods. For businesses, it can improve the quality of inputs and strengthen competitiveness.
This graphic shows the 50 largest importers, with data from the World Trade Organization.
Which Countries Import the Most Goods?
With $3.4 trillion in imports in 2022, the U.S. is the largest importer globally.
Even though higher inflation and market uncertainty loomed over the economy, U.S. imports increased 15% annually, with China as its top goods importing partner.
| Country | Value 2022 | Share | Annual % Change |
|---|---|---|---|
| 🇺🇸 U.S. | $3,376B | 13.2% | 15.0% |
| 🇨🇳 China | $2,716B | 10.6% | 1.0% |
| 🇩🇪 Germany | $1,571B | 6.1% | 11.0% |
| 🇳🇱 Netherlands | $899B | 3.5% | 19.0% |
| 🇯🇵 Japan | $897B | 3.5% | 17.0% |
| 🇬🇧 UK | $824B | 3.2% | 19.0% |
| 🇫🇷 France | $818B | 3.2% | 14.0% |
| 🇰🇷 South Korea | $731B | 2.9% | 19.0% |
| 🇮🇳 India | $723B | 2.8% | 26.0% |
| 🇮🇹 Italy | $689B | 2.7% | 22.0% |
| 🇭🇰 Hong Kong SAR | $668B | 2.6% | -6.0% |
| 🇲🇽 Mexico | $626B | 2.4% | 20.0% |
| 🇧🇪 Belgium | $621B | 2.4% | 18.0% |
| 🇨🇦 Canada | $582B | 2.3% | 15.0% |
| 🇪🇸 Spain | $493B | 1.9% | 18.0% |
| 🇸🇬 Singapore | $476B | 1.9% | 17.0% |
| 🇹🇼 Taiwan | $436B | 1.7% | 14.0% |
| 🇦🇪 UAE | $425B | 1.4% | 12.0% |
| 🇵🇱 Poland | $381B | 1.5% | 11.0% |
| 🇹🇷 Turkey | $364B | 1.4% | 34.0% |
| 🇻🇳 Viet Nam | $359B | 1.4% | 8.0% |
| 🇨🇭 Switzerland | $356B | 1.4% | 10.0% |
| 🇦🇺 Australia | $309B | 1.2% | 18.0% |
| 🇹🇭 Thailand | $303B | 1.2% | 14.0% |
| 🇲🇾 Malaysia | $294B | 1.1% | 24.0% |
| 🇧🇷 Brazil | $290B | 1.1% | 25.0% |
| 🇷🇺 Russia | $242B | 0.9% | -21.0% |
| 🇮🇩 Indonesia | $237B | 0.9% | 21.0% |
| 🇨🇿 Czech Republic | $236B | 0.9% | 11.0% |
| 🇦🇹 Austria | $232B | 0.9% | 6.0% |
| 🇸🇪 Sweden | $202B | 0.8% | 8.0% |
| 🇸🇦 Saudi Arabia | $188B | 0.7% | 23.0% |
| 🇭🇺 Hungary | $163B | 0.6% | 14.0% |
| 🇮🇪 Ireland | $146B | 0.6% | 21.0% |
| 🇵🇭 Philippines | $144B | 0.6% | 26.0% |
| 🇿🇦 South Africa | $136B | 0.5% | 19.0% |
| 🇷🇴 Romania | $132B | 0.5% | 14.0% |
| 🇩🇰 Denmark | $127B | 0.5% | 5.0% |
| 🇵🇹 Portugal | $115B | 0.4% | 17.0% |
| 🇸🇰 Slovak Republic | $113B | 0.4% | 9.0% |
| 🇮🇱 Israel | $110B | 0.4% | 16.0% |
| 🇳🇴 Norway | $106B | 0.4% | 8.0% |
| 🇨🇱 Chile | $104B | 0.4% | 13.0% |
| 🇬🇷 Greece | $98B | 0.4% | 27.0% |
| 🇫🇮 Finland | $97B | 0.4% | 13.0% |
| 🇧🇩 Bangladesh | $89B | 0.3% | 10.0% |
| 🇪🇬 Egypt | $86B | 0.3% | 27.0% |
| 🇦🇷 Argentina | $82B | 0.3% | 19.0% |
| 🇮🇶 Iraq | $78B | 0.3% | 18.0% |
| 🇭🇷 Croatia | $77B | 0.3% | 27.0% |
| Rest of World | $2,054B | 8.0% | |
| 🌎 World | $25,621B | 100.0% | 13.0% |
As the world’s second-largest economy, China’s imports hit $2.7 trillion in value, although growth slowed in 2022.
Taiwan, China’s top trading partner for imports, is a major provider of electronics products, including semiconductor chips. However, the China-Taiwan trade relationship remains complicated given geopolitical tensions sparking unexpected import bans.
A handful of European countries also fell in the top 10 importers, led by Germany and the Netherlands. Overall, the European Union is the largest importer of agricultural products, fuels and mining products, and automotive products globally.
Global Trade Fragmentation
In 2023, the World Trade Organization projects that import volumes will contract as much as 1.2% across North and South America, Asia, and Europe.
In part, this is being driven by slower demand in manufacturing economies.
Whether or not this weaker volume is also being impacted by trade fragmentation remains unclear. One indicator may be seen in the trade of intermediate goods, which are products like wood and steel that are used in the production of a final good.
In the first half of 2023, the share of intermediate goods in world trade dropped to 48.5%, down from its three-year average of 51%. On the one hand, this may suggest that supply chains are contracting. Yet it may also be due to the influence of higher commodity prices, which have a bigger impact on the cost of intermediate goods than on final goods.
Still, other factors have an impact on the flow of trade. These include subsidies, export bans, and legislative policy, such as the $52.7 billion U.S. CHIPS Act, that incentivizes local production of semiconductors.
Considering these factors, broader trends of global de-globalization remain to be seen.
Markets
The European Stock Market: Attractive Valuations Offer Opportunities
On average, the European stock market has valuations that are nearly 50% lower than U.S. valuations. But how can you access the market?
European Stock Market: Attractive Valuations Offer Opportunities
Europe is known for some established brands, from L’Oréal to Louis Vuitton. However, the European stock market offers additional opportunities that may be lesser known.
The above infographic, sponsored by STOXX, outlines why investors may want to consider European stocks.
Attractive Valuations
Compared to most North American and Asian markets, European stocks offer lower or comparable valuations.
| Index | Price-to-Earnings Ratio | Price-to-Book Ratio |
|---|---|---|
| EURO STOXX 50 | 14.9 | 2.2 |
| STOXX Europe 600 | 14.4 | 2 |
| U.S. | 25.9 | 4.7 |
| Canada | 16.1 | 1.8 |
| Japan | 15.4 | 1.6 |
| Asia Pacific ex. China | 17.1 | 1.8 |
Data as of February 29, 2024. See graphic for full index names. Ratios based on trailing 12 month financials. The price to earnings ratio excludes companies with negative earnings.
On average, European valuations are nearly 50% lower than U.S. valuations, potentially offering an affordable entry point for investors.
Research also shows that lower price ratios have historically led to higher long-term returns.
Market Movements Not Closely Connected
Over the last decade, the European stock market had low-to-moderate correlation with North American and Asian equities.
The below chart shows correlations from February 2014 to February 2024. A value closer to zero indicates low correlation, while a value of one would indicate that two regions are moving in perfect unison.
| EURO STOXX 50 | STOXX EUROPE 600 | U.S. | Canada | Japan | Asia Pacific ex. China |
|
|---|---|---|---|---|---|---|
| EURO STOXX 50 | 1.00 | 0.97 | 0.55 | 0.67 | 0.24 | 0.43 |
| STOXX EUROPE 600 | 1.00 | 0.56 | 0.71 | 0.28 | 0.48 | |
| U.S. | 1.00 | 0.73 | 0.12 | 0.25 | ||
| Canada | 1.00 | 0.22 | 0.40 | |||
| Japan | 1.00 | 0.88 | ||||
| Asia Pacific ex. China | 1.00 |
Data is based on daily USD returns.
European equities had relatively independent market movements from North American and Asian markets. One contributing factor could be the differing sector weights in each market. For instance, technology makes up a quarter of the U.S. market, but health care and industrials dominate the broader European market.
Ultimately, European equities can enhance portfolio diversification and have the potential to mitigate risk for investors.
Tracking the Market
For investors interested in European equities, STOXX offers a variety of flagship indices:
| Index | Description | Market Cap |
|---|---|---|
| STOXX Europe 600 | Pan-regional, broad market | €10.5T |
| STOXX Developed Europe | Pan-regional, broad-market | €9.9T |
| STOXX Europe 600 ESG-X | Pan-regional, broad market, sustainability focus | €9.7T |
| STOXX Europe 50 | Pan-regional, blue-chip | €5.1T |
| EURO STOXX 50 | Eurozone, blue-chip | €3.5T |
Data is as of February 29, 2024. Market cap is free float, which represents the shares that are readily available for public trading on stock exchanges.
The EURO STOXX 50 tracks the Eurozone’s biggest and most traded companies. It also underlies one of the world’s largest ranges of ETFs and mutual funds. As of November 2023, there were €27.3 billion in ETFs and €23.5B in mutual fund assets under management tracking the index.
“For the past 25 years, the EURO STOXX 50 has served as an accurate, reliable and tradable representation of the Eurozone equity market.”
— Axel Lomholt, General Manager at STOXX
Partnering with STOXX to Track the European Stock Market
Are you interested in European equities? STOXX can be a valuable partner:
- Comprehensive, liquid and investable ecosystem
- European heritage, global reach
- Highly sophisticated customization capabilities
- Open architecture approach to using data
- Close partnerships with clients
- Part of ISS STOXX and Deutsche Börse Group
With a full suite of indices, STOXX can help you benchmark against the European stock market.
Learn how STOXX’s European indices offer liquid and effective market access.
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