The European Union, the United States and Saudi Arabia took the top positions among the largest exporters of fuels and mining products in the world in 2023.

This set of products includes minerals, fuels and non-ferrous metals.

Exports of fuels and mining products

The European Union was the leader in this ranking, with $686 billion.

For the preparation of these statistics, the World Trade Organization (WTO) refers that the participation in the external sales of products of each economy is calculated using world trade, including intra-community trade. 

As for the European Union, which only reports its transactions as a bloc, its coverage is calculated on the basis of world trade, excluding intra-EU trade.

Exporters of fuels

Here are the world’s largest exporters of fuels and mining products, in millions of dollars:

• European Union: 686,000.
• United States: 379,000.
• Saudi Arabia: 269,000.
• Australia: 260,000.
• United Arab Emirates: 236,000.
• Russia: 230,000.
• Canada: 182,000.
• Norway: 130,000.
• Iraq: 106,000.
• India: 106,000.

Energy transition

How and how fast the energy transition will unfold on a global scale is difficult to pinpoint.

From the perspective of the Australian oil company Woodside Energy Group, this transition is likely to vary from country to country, as each is starting from different situations, with different development needs, resources and capabilities. 

However, the magnitude of the transition is more obvious: it will require a massive investment of trillions of dollars, spread over several decades. 

According to the International Renewable Energy Agency (IRENA), it is projected that $150 trillion in cumulative investment will be needed by 2050.

The market for critical minerals and metals is critical to the energy transition. First, clean energy infrastructure depends on these resources. In addition, the availability of raw materials is key. Therefore, the transition to more sustainable energy depends on securing these raw materials.

M2i Global highlights that nickel, lithium, cobalt and graphite are used in batteries. Rare earth minerals, such as neodymium and samarium, are essential for wind turbine magnets and electric motors.

In short, without these resources, the transition will be difficult. And so it is also important to open up for exports of fuels and mining products.