Planning to sell your products in international export markets, we highlight ten fastest growing export markets in 2018.
Fastest Growing Export Markets – 2018
Exports are the key towards economic growth. Exporting local products to international export markets allow business enterprises to add a diversified revenue stream, in addition to the vital economic contribution. The global demand for quality products help business enterprises expand their activities beyond geographical boundaries.
Fastest Growing Export Markets
Export Business in thriving, even the richest countries have to import goods in order to keep their economy going. Market Research is the key for success of any export business. You need to understand the needs of your product in target markets to be able succeed.
After analyzing 2014-2015 export data, we have compiled a list of fastest growing export markets in the world.
1- United States of America (USA) – Export Market
Imports – 2014: $2.380 trillion (US Dollars)
America is financial headquarter of the world and the largest economy in the world. United States of America still remains the most lucrative market for international exporters. The well developed infrastructure, abundant natural resources and high productivity make United States an ideal market for international exporters. It will continue to be one of the largest export markets in the world due to high demand for internationally manufactured products.
Main Imports: consumer goods, capital goods, industrial supplies, crude oil, automotive vehicles and components, computers & accessories and food & beverages.
Major Exporters: China 18.7%, Canada 14.2%, Mexico 12.2%, Japan 6.4% and Germany at 4.8%.
2- China – Export Market
Imports – 2014: $1.960 trillion (US Dollars)
The Asian Giant China has the fastest growing and second largest economy in the world. The most populous country in the world, China is the second most profitable international export market for international exporters as it imports large quantities of foreign products to keep its economy going.
Main Imports: electrical and other machinery, oil, mineral fuels, optical and medical equipment, metal ores, plastics and organic chemicals.
Major Exporters: Japan 11.2%, South Korea 9.3%, United States 6.8%, Germany 5.3% and Australia 4.6%.
3- Germany – Export Market
Imports – 2014: $1.319 trillion (US Dollars)
The European Giant Germany has a highly developed economy. Germany lacks natural raw materials so it is bound to import internationally produced products to keep its industry going. In terms of demand for internationally produced products Germany is the third best export market in the world.
Main Imports: machinery, data processing equipment, vehicles, chemicals, oil, gas, metals, electric equipment, foodstuffs, pharmaceuticals and agricultural products.
Major Exporters: Netherlands 8.4%, France 7.6%, United States 5.7%, Italy 5.2%, United Kingdom 4.7%, Belgium 4.2%, Austria 4.1% and Switzerland 4.1%.
4- Japan – Export Market
Imports – 2014: $811.9 billion (US Dollars)
The industrial superpower of Asia, Japan is bound to import international products to make up for the deficiency of natural resources. It is the largest importer for agricultural products in Asia. In terms of imports Japan is the fourth largest export market in the world.
Main Imports: petroleum, liquid natural gas, garments, semiconductors, coal and audio and visual equipment, fish and fishery products.
Major Exporters: China 21.5%, United States 8.9%, Australia 6.6%, Saudi Arabia 5.9%, United Arab Emirates 5% and South Korea 4.7%.
5- United Kingdom (UK) – Export Market
Imports – 2014: $686 billion (US Dollars)
The financial headquarter for Europe; United Kingdom has one of the strongest economies in the world. Although United Kingdom is an exporter of high quality products worldwide but still it imports large number of goods to balance its increasing consumer demands.
Main Imports: manufactured goods, machinery, fuel and food items.
Major Exporters: Germany 13.2%, China 8.7%, Netherlands 7.5%, United States 6.1%, France 6%, Norway 5% and Belgium 5%.
6- France – Export Market
Imports – 2014: $634 billion (US Dollars)
The European Economic Giant France has the sixth largest economy in the world. It’s an industrial country where the economy is growing exponentially creating high potential for foreign exporters to undermine this profitable market.
Main Imports: machinery and equipment, vehicles, crude oil, aircraft, plastics and chemicals.
Major Exporters: Germany 19.41%, Belgium 11.61%, Italy 7.97%, Netherlands 7.15%, Spain 6.68%, United Kingdom 4.9%, United States 4.72% and China 4.44%.
7- South Korea – Export Market
Imports – 2014: $542.9 billion (US Dollars)
The economy of South Korea has been growing exponentially for the last four decades with global integration making it high-tech industrialized economy. South Korea is one of the few developed countries that survived the global economic recession. Despite having a small territory, South Korea today has one of the most vibrant economies in the world. It’s one of the most lucrative markets for international exports.
Main Imports: machinery, electronics, electronic equipment, oil, steel, transport equipment, organic chemicals and plastics.
Major Exporters: China 16.5%, Japan 13%, United States 8.5%, Saudi Arabia 7.1% and Australia 5%.
8- India – Export Market
Imports – 2014: $508.1 billion (US Dollars)
The South Asian Country India is the second most populous country in the world. Despite facing many major challenges such as corruption, intolerance, crime, poor infrastructure, illiteracy, poverty, increasing population, unemployment India still has the tenth largest economy in the world. India is the eighth largest export market in the world.
Main Imports: crude oil, raw expensive stones, machinery, fertilizer, iron, steel and chemicals.
Major Exporters: China 12.1%, United Arab Emirates 8.3%, Saudi Arabia 5.8%, United States 5.1% and Switzerland 4.7%.
9- Netherlands – Export Market
Imports – 2014: $488.8 billion (US Dollars)
The Netherlands is one of the richest and most developed countries in the world. The economy is growing, it has developed agriculture and industry infrastructure. In terms of imports, Netherlands rank on the ninth spot in the context of international export markets.
Key Imports: machinery and transport equipment, chemicals, clothing, food items and fuel and its allied products.
Major Exporters: Germany 16.6%, China 10.1%, Belgium 8.7%, United States 7.5%, United Kingdom 5.8%, Russia 5.4% and France 4.4%.
10- Canada – Export Market
Imports – 2014: $482.1 billion (US Dollars)
The second largest country in the world, Canada has a decent economy. Canada has a developed economy and developed infrastructure, high demands for foreign products make it a good international export market.
Key Imports: vehicles, machines & engines, oil, electronic equipment, plastic, fertilizers, manufactured products.
Major Exporters: United States (US) 54.3% China 11.5% Mexico 5.6%.
Export Markets 2018
It’s a challenge to produce quality products that could be exported in international markets. Studying target market is essential for export business planning. Overall the economic growth of a country is highly influenced by its exports and mostly the developing countries end up making more exports than their imports creating a trade surplus.