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In a global market, it’s common to see countries focused on producing specific goods based on their competitive advantages and the resources they have available. And because of this, the goods that countries are importing and exporting are wildly diverse.
Petroleum is the top import in 128 nations, but it’s been a tough two years for international business due to pandemics. So as trade gets going again, the BusinessFinancing.co.uk team wanted to find out which other goods were the most imported from every country.
Petroleum is the most imported product in 128 countries. The top 4 importers of fossil fuels are China, the United States, India, and South Korea.
Every country’s top exports
Fifty-nine countries of the world export petroleum around the world more than any other product.
Oil accounts for more than 1.3% of the total global GDP. Since 2019, the United States has surpassed Saudi Arabia as the top oil exporter globally.
Global sales from gold exported by all countries totaled $395 billion in 2020, up in value by an average of 20.8% since 2016.
North America
Six countries in North America export petroleum more than any other product.
Only two countries have surgical instruments as their top export, and they’re both from North America – Costa Rica and Dominica.
South America
Four South American countries (Bolivia, Colombia, Ecuador, and Venezuela) export Petroleum more than any other product.
Guyana is the only country in the world exporting Drilling Platforms more than any other product.
Europe
17 countries export Petroleum more than any other product.
Only two countries in Europe have a food product as their top export – Ukraine with Corn and Moldova with sunflower seeds.
The Middle East and Central Asia
13 out of 23 countries export Petroleum more than any other product.
Syria is the only country in this region exporting olive oil more than any other product. Only one other country has a food product as their top export – Palestine with dates.
The rest of Asia and Oceania
Petroleum is the top export in six countries as is Tuna. Bras are the top export in only one country globally – Sri Lanka.
Africa
Petroleum is the top export in 13 African countries, as is Gold. Coffee is big business in Ethiopia – it generated over $130 million in the month of Ginbot 2021 (May 9 – June 7). The country exported over 32 tonnes of the stuff to the international market in that month alone.
