China, the United States and Germany rank as the world’s top product exporters in 2023, according to a WTO report.

At the top, China’s external sales fell 5%, at an annual rate, to $3.38 trillion.

Mostly, Chinese exporting companies sold telephones, computers, electronic integrated circuits, automobiles, electric accumulators, semiconductors and auto parts.

For its part, the United States exported goods with a customs value of $2 trillion, 020 billion in 2023, a year-on-year decrease of 2 percent.

What were the main products exported by the United States? Petroleum, petroleum oils, gas, automobiles, auto parts, electronic integrated circuits, telephones, and medical devices and instruments.

Third, Germany increased its product exports 1 percent from 2022 to 2023, to $1 trillion 688 billion.

Exports from Germany were mainly automobiles, medicines, auto parts, aircraft, integrated electronic circuits and petroleum oils.

Product exporters

This was followed by the Netherlands ($935 billion, -3% year-on-year), Japan ($717 billion, -4%), Italy ($677 billion, +3%) and France ($648 billion, +5 percent).

According to the Malaysian Ministry of Finance’s Economy Outlook 2024, global growth is expected to moderate in 2023 and 2024 following slow growth in advanced economies, a volatile financial market due to tightening monetary policy, prolonged geopolitical tensions, and increasing climate changes.

However, inflation continues to weaken as markets move toward supply chain stabilization.

In addition, global trade is expected to increase in 2024, along with improved trade activity in advanced economies and emerging market and developing economies.

Mexico

The WTO reported that merchandise exports from South Korea fell 8% in 2023 to $632 billion.

At the same time, Mexican foreign sales were US$593 billion, a year-on-year increase of 3 percent.

Finally, Hong Kong exported US$574 billion worth of goods, representing a year-on-year decline of 6 percent.

Of this total, 21 billion dollars corresponded to domestic exports and 553 billion dollars to re-exports.