Among the countries or regions that exported the most manufactured goods in the world in 2023 were the European Union, China and the United States.
Globally, manufacturing exports include goods produced in factories, such as cars, semiconductors, computers, textiles and telephones.
Of the top 10 exporters of manufactured goods, five are Asian countries.
Manufactured goods in the world
According to the International Monetary Fund (IMF), economic activity in the euro region appears to have bottomed out.
According to the April 2024 estimates, a small increase of 0.9% is forecast for 2024. The increase will predictably be driven by higher activity in the services sector and an unexpected increase in net exports during the first half of the year.
In addition, growth is expected to reach 1.5% by 2025.
This forecast is based on stronger consumption, thanks to rising real incomes.
Higher investment is also expected, as financing conditions have eased and monetary policy is on a gradual tightening path this year. However, lingering weaknesses in manufacturing suggest a slower recovery in countries such as Germany.
Here are the top manufacturing exporters in the world in 2023, in billions of dollars, according to the World Trade Organization (WTO):
- European Union: 5,598 (3.9 percent year-on-year).
- China: 3,105 (-6.5 percent).
- United States: 1,225 (2.4 percent).
- Japan: 600 (-3.4 percent).
- South Korea: 543 (-6.4 percent).
- Hong Kong: 511 (-8.6 percent).
- Mexico: 463 (4.3 percent).
- Taiwan: 402 (-8.6 percent).
- Singapore: 353 (-6.1 percent).
- United Kingdom: 331 (5.8 percent).
International trade
The IMF projects global trade growth to recover to around 3.25 percent per year in 2024-25. This is an improvement after almost no growth in 2023.
It also expects trade to come back in line with global GDP growth.
However, the recovery in the first quarter is anticipated to be moderate, due to continued weakness in manufacturing.
Although international trade restrictions have increased and affect trade between distant geopolitical blocs, the global trade-to-GDP ratio is projected to remain stable.