Top Asian Nations With the Most Active Foreign Trade Transactions
Asia is the biggest continent across all the continents present on earth and contains 48 major and recognized countries. The continent covers 30% of the total land area available on Earth with a total land area of approximately 50 million km2.
In the current dynamic and ever-changing world, it becomes mandatory for every nation to keep the health of its economy in the best condition so that it can attract lots of opportunities and profitable avenues towards itself. When it comes to improving the health of the economy, the most popular way that every country chooses is none other than foreign trade. By performing regular foreign transactions, a country can enjoy multiple benefits such as the fulfillment of demands of its citizens, increasing employment, and building competition in the foreign market to gain consideration.
Today, in this blog we are going to focus on the nations that are situated on the Asian continent and analyze how much trade is done by the complete continent in a year, following which we will see which Asian nation contributes the most to the foreign trade.
ASIAN TRADE INSIDER NEWS – MUST READ
Asia is the biggest continent across all the continents present on earth and contains 48 major and recognized countries. The continent covers 30% of the total land area available on Earth with a total land area of approximately 50 million km2. This makes Asia one of the most important continents that contributes the most to global development and growth.
The Asia Trade Data is experiencing steady growth with respect to its imports and exports, both within and outside the continent. As trade is growing, other problems such as poverty, unemployment, and economic non-integration are reducing rapidly.
With respect to trade and foreign integration, the Asian continent has shown a positive increase in its values. As per Asia Trade Data for the year 2022, all the Asian countries collaboratively imported goods worth USD 9.04 trillion and exported goods worth USD 10.06 trillion.
Let’s observe the past 5-year trends with respect to total imports and exports to and from Asia to other countries.
TOTAL IMPORTS AND EXPORTS TO AND FROM ASIA (2018-2022)
IMPORTS TO ASIA
EXPORTS FROM ASIA
USD 7.48 trillion
USD 7.96 trillion
USD 15.44 trillion
USD 7.26 trillion
USD 7.70 trillion
USD 14.96 trillion
USD 6.80 trillion
USD 7.47 trillion
USD 14.27 trillion
USD 8.83 trillion
USD 9.59 trillion
USD 18.42 trillion
USD 9.04 trillion
USD 10.06 trillion
USD 19.10 trillion
From the table, it can be deduced that the trade to and from Asia is rising at a steady pace. Although a small decline was observed in the year 2020 due to the coming of Covid-19, quickly the chart again got positive, and as a result in the past 5 years, the Asian Trade Data has gone up by 23.7%.
TOP PRODUCTS IMPORTED AND EXPORTED TO AND FROM ASIA TO OTHER COUNTRIES
Although numerous items are imported by Asian nations throughout the year, as per Import Export data statistics of Asia, the top 6 products that got imported to the Asian countries in the year 2022 were:
- Electric machines and appliances like sound recorders, and TVs. (USD 2.06 trillion)
- Mineral fuels and oils like crude oil (USD 1.65 trillion)
- Natural and precious stones (USD 402.26 billion)
- Ores and slag (USD 302.83 billion)
- Light automobiles (USD 295.47 billion)
- Plastic products (USD 253.13 billion)
Other major items in this list were optical and precision tools, followed by iron and steel, and organic chemicals and compounds.
Just like the countries of Asia imported various products from the world, they also exported some of the most crucial products to other nations also. As per the Export Import Data report and statistics, the other top 5 items that were exported from Asian countries to the world in the year 2022 were:
- Electric machines and gadgets (USD 2.55 trillion)
- Mineral fuels and oils (USD 1.31 trillion)
- Mechanical gadgets and appliances (USD 1.17 trillion)
- Light automobile (USD 481.96 billion)
- Plastic products (USD 352.29 billion)
- Natural and precious stones and pearls (USD 286.82 billion)
Other important nations that were on this list are namely organic chemicals, optical and precision tools, and clothing and apparel.
ACTIVE ASIAN COUNTRIES THAT CONTRIBUTE THE MOST TO ASIAN TRADE DATA
As discussed before, Asia is the biggest continent with 48 countries, it is obvious that the continent is more vibrant than every other continent on this earth. This makes it clear why numerous items are traded within and outside Asia from Asian countries. Below mentioned are some of the most active trading countries of Asia that drive Asia Trade Data significantly.
China is the biggest contributor to the total trade data of Asia. it is ranked at position 1 as in the year 2022, the total imports and exports to and from China were 2.71 trillion (29.9% of total Asian Imports) and 3.59 trillion (35.9% of total Asian Exports). As per China Trade Data for the past few years, it is the biggest trader of electronics, machinery, and automobiles.
The second largest country that has a major stake in total trade in Asia is Japan. The total imports and exports to and from Japan are approximately 1.41 trillion in the year 2022. Numerous types of products are traded to and from Japan every year to various parts of the globe.
Here comes the 4th biggest contributor to the total trade of the continent. Due to its rapid expansion and growth strategies, the Vietnam Trade Data is also increasing. The nation attracts lots of foreign investors to the nation due to the availability of cheap and efficient labor in the nation. As per Vietnam Import Data for the year 2022, the nation imported goods worth USD 356.19 billion. On the other hand, the exports made from Vietnam as per Vietnam Export Data were USD 310.23 billion.
Turkey is also one of the most active members in the Asian continent which performs import and export transactions on a regular basis with almost all the countries. On digging deep into Turkey Trade Data for the year 2022, the total amount of imports mentioned in Turkey Import Data was approximately USD 363.71 billion and on the other hand, the value mentioned in Turkey Export Data was USD 254.17 billion. The contribution of Turkey is commendable.
If we are talking about the most active members, then how can we forget to add Indonesia to that list? So last but not least, Indonesia is also an active member that contributes significantly to the Asian Trade Data and has a stake of 3% in total exports and 2.8% in total imports for the year 2022. All these figures are collected from Indonesia Trade Data reports and other authentic sources.
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