Mapping the World's Largest Importers
International trade has taken place since the establishment of the earliest civilizations. To foster a healthy economy and market, the exchange of goods and services across borders is a necessary transaction to ensure an increasing standard of living, jobs, and marketplace variety. In recent years, international trade has grown in value as a growing share of GDP has been dedicated to both imports and exports.
Every nation in the world, ranging from big and small, invests a large chunk of their budget to import products from other economies. Countries rely heavily on their imports as a means to nurture their economy.
The map below, provided by howmuch.net, pulls data from the WTO’s international trade outlook to illustrate the value of each country’s imports.
The chart below shows the world’s top importers as of 2018.
The United States is the world’s largest importer with China trailing closely behind. Despite the current state of conflict between the two superpowers; it is the countries that import the most goods that can afford the imposition of tariffs and retaliation strategy. The full impact on these statistics and the potential casualties from the predicted ripple effect are yet to be determined.
Recently, the unpredictable future of global trade partners has become more cautious and some of the world’s largest economies are slowing down. With no compromise in sight, the escalation of the trade war has led many to believe that a recession is in the near future. Although the United States employment rate remains low, momentum has slowed as tensions continue to rise.