Just like a world trade center, the top 10 products being exported oversea are going to be listed in this content for your understanding. The world has since the advent of technological innovations and scientific discoveries been made a global village where hands reach hands and men from across all corners of the world can easily communicate or interact without the stress of pre-civilization periods.
Imports and exports are business methods that incorporate the activities of sending and receiving goods and products irrespective of location or physical points of sales. Exports are goods and services that are produced in one country and sold to buyers in another. Exports, along with imports, make up international trade.
Put more simply, an export in international trade is a good produced in one country that is sold into another country or a service provided in one country for a national or resident of another country. The seller of such goods or the service provider is an exporter; the foreign buyers is an importer.
For instance, according to the Observatory of Economic Complexity at the Massachusetts Institute of Technology, the United States exported $1.42 trillion and imported $2.21 trillion in goods in 2016. This made the US the second biggest exporter in the world behind China and the biggest importer in the world ahead of economic giants such as China, Germany, the United Kingdom, and Hong Kong.
Top 10 Products Being Exported Oversea
Without stress, and judging by what is all existently financially viable in the world of today, you can easily guess the list of top 10 products being exported oversea is the best. Yes! They are! But there are actually more.
- Cars ($1,350B)
- Refined Petroleum ($825B)
- Integrated Circuits ($804B)
- Vehicle Parts ($685B)
- Computers ($614B)
- Pharmaceuticals ($613B)
- Gold ($576B)
- Crude Petroleum ($549B)
- Telephones($510B)
- Broadcasting Equipment ($395B)
But here are what you may consider truly mostly exported products:
1. Global Oil & Gas Exploration & Production
Exports for 2023: $1,275,2B
Operators in the Global Oil and Gas Exploration and Production industry find and extract crude oil and natural gas from oil and gas reserves across the world. Over the five years to 2022, the prices of crude oil and natural gas have fluctuated despite steady growth in production, which has caused revenue fluctuations.
Slowing global demand alongside continually rising supply caused prices to plummet prior to the period and in 2020, before rapid growth in both 2021 and 2022. Overall, industry revenue is forecast to grow an annualized 12.3% to $5.0 trillion over the five years to 2022.
2. Global Pharmaceuticals & Medicine Manufacturing
Exports for 2023: $650,6B
Over the five years to 2022, pharmaceutical manufacturers have benefited from an aging population in developed economies and a growing middle class in emerging economies, which has provided a larger customer base for operators in the Global Pharmaceuticals and Medicine Manufacturing industry.
Many manufacturers have also tapped into regional demand for pharmaceuticals that may differ from developed markets and have expanded their global presence to tap into regional market needs and develop relationships with government entities that can accelerate drug approval or implement high reimbursement rates.
3. Global Car & Automobile Manufacturing
Exports for 2023: $463,2B
The Global Car and Automobile Manufacturing industry started the five years to 2022 flat out with consumers, business and government spending more than ever on passenger vehicles amid stable macroeconomic growth and historically low interest rates. Significant improvements on the technological front, particularly in regard to hybrid and electric vehicles, internal combustion engine fuel efficiency, infotainment development and autonomous driving capabilities, have also spurred demand from a more affluent private sector for new vehicles.
4. Global Apparel Manufacturing
Exports for 2023: $444,6B
Demand for the Global Apparel Manufacturing industry is highly dependent on disposable income and the overall economic well-being of the region in consideration. Over the past decade, the industry has benefited from an increasing number of consumers opting to buy more garments at lower prices, driving both industry revenue and profit.
This trend has been sustained by significant offshoring of apparel manufacturing from industry establishments in developed countries to developing economies, which has significantly lowered production costs, reducing the overall price of apparel and making apparel products increasingly affordable to an expanding consumer base. Consequently, international trade is of paramount importance.
5. Global Plastic Product & Packaging Manufacturing
Exports for 2023: $401,0B
The Global Plastic Product and Packaging Manufacturing industry has experienced mixed results over the five years to 2021. It has benefited from increasing consumption of plastic across the world, as rising capacity worldwide has resulted in strong growth in overall plastic production.
Plastic goods are substituted for a variety of materials such as wood, paper, metals and glass, as it is often more price competitive while offering better performance. However, despite rising consumption and production during most of the current period, industry revenue is expected to decline an annualized 0.2% to $489.2 billion over the five years to 2021.
Read Also: How to Start Solar Panel Manufacturing Business
6. Global Auto Parts & Accessories Manufacturing
Exports for 2023: $364,2B
Revenue for the Global Auto Parts and Accessories Manufacturing industry has decreased at a CAGR of 6.3% over the past five years – including stagnating in 2023 alone – and is expected to total $1.9 trillion in 2023, when profit is set to drop to 5.3%. The auto parts aftermarket has helped generate revenue as average vehicle ages have increased.
Demand for this segment tends to rise with the number of vehicles in use, and therefore, as more individuals take to the roads, demand for replacement parts increases.
7. Global Consumer Electronics Manufacturing
Exports for 2023: $339,2B
Revenue for the Global Consumer Electronics Manufacturing industry is expected to grow at an annualized rate of 1.7% to $1.6 trillion over the five years to 2022, including an increase of 4.6% in 2022 alone. Innovative products, falling prices, growing household incomes and rising consumer sentiment have supported demand for consumer electronics.
However, the industry experienced revenue declines in 2020 amid the COVID-19 (coronavirus) pandemic, which caused a decline in global electronics consumption due to disruptive effects on global supply chains and economic activity.
8. Global Iron Ore Mining
Exports for 2023: $265,4B
The Global Iron Ore Mining industry’s financial performance has been strong over the five years to 2021. Industry revenue is a function of global demand conditions, and volatility in the world price of iron ore during the period has led to several years of double-digit rises.
Due to a slight decrease in global production and increasing demand, industry revenue is projected to increase an annualized 20.1% to $374.6 billion over the five years to 2021, including an estimated rise of 40.8% in 2021 alone. The growth in 2021 can be mainly attributed to the recovering demand trends after the peak it reached recently.
9. Global Semiconductor & Electronic Parts Manufacturing
Exports for 2023: $225,9B
In the Global Semiconductor and Electronic Parts Manufacturing industry, demand for downstream consumer electronics, automobiles, computers and industrial machinery has risen, as global per capita income and internet connectivity have increased over the five years to 2022 and have driven downstream demand.
However, fluctuating product and input prices have led to oscillations in industry revenue, resulting in revenue declining before the current period, only to recover in 2017 and 2018 as memory prices soared before sharply falling again in 2019. In 2020, while the COVID-19 (coronavirus) pandemic led to widespread global economic damage, industry revenue grew.
10. Global Paper & Pulp Mills
Exports for 2023: $190,0B
Operators in the Global Paper and Pulp Mills industry produce a variety of pulp and paper products that are then sold to manufacturers of various paper goods across the world. Goods such as paper packaging are ubiquitous across the world for use in facilitating the transfer of goods.
The increased digitization of the global economy and growth in internet usage across the globe have cut into demand for newsprint and other forms of paper. However, the industry has benefited from growth in developing economies, such as China, which has increase as a share of the global industry over the five decades.
