The most imported economy in the world

Trade lines around the world are becoming increasingly complex. Sanctions imposed on Russia for the invasion of Ukraine immediately affected the movement of oil, semiconductors and to some extent money. Russian oil exports have fallen sharply. The ability to import goods from most Western economies has been severely reduced. The impact of energy prices is beginning to manifest itself, especially in Europe.

Despite the ability to make everything from cars to commercial aircraft, even large economies like the United States rely on imports. The United States relies on electronic components for its long list of consumer and business technologies. Some foods not produced in the United States are also imported. The world economy is heavily dependent on trade and Hong Kong is highly dependent on imports.

The COVID-19 epidemic has affected the world in many ways, including world trade. Many countries whose economies have been hit hardest by epidemics rely heavily on international trade. Some are low-income countries like Somalia, while others are geographically smaller but have higher per capita incomes like Luxembourg. (Somalia is one of the poorest countries in the world.)

To find the world’s most traded economy, Wall Street ranked countries 24/7 in terms of imports as a percentage of GDP. World Bankகூடுதல் Additional data on last year and current value of US Dollar are available from the World Bank. Exports and imports of goods and services include goods, freight services, telecommunications services, banking services, insurance, royalties and license fees, but excludes factors such as the cost of employee benefits, investment returns, or international remittances.

Smaller countries that do not have natural and human resources are more dependent on trade because of their size. Large countries, due to their state of economic growth, may be dependent on trade as they move towards industrialization and diversification. Dependence on trade is driving these economies into a slump in world trade.

Hong Kong’s imports are estimated at $ 606 billion, or 175% of GDP, at $ 347 billion. China’s specialized administration exports the same amount, accounting for more than 351% of GDP. This means that despite having 35 major economies in terms of GDP, it ranks second with a trade value of $ 1.2 trillion. Part of Hong Kong’s trade consists of freight or goods carried across the country. (Find out if Hong Kong is one of the 25 richest countries in the world.)

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