Many nations around the world have trade deficits, including the United Kingdom, Mexico, Brazil, and the United States. Vietnam enjoyed a trade surplus of 710 million USD in the first half of 2022, with export-import revenue hitting 371.17 billion USD, up 16.4% against the same period last year. Vehicles and industrial supplies are among the primary imports that the U.S. acquires from Japan. In US Dollar terms, China reported a marginal increase in the trade surplus, as exports and imports showed an unexpected drop. Canada Trade Surplus Drops In August To Lowest 2022 Level By AFP - Agence France Presse October 5, 2022 Order Reprints Print Article Text size Canada's trade surplus fell in August to. The surplus for mineral fuels and related products was $15 billion to $20 billion per month, while for other goods Russia recorded a deficit of about $5 billion/month. and over 1Mio. Russias imports from every country, including China, dropped substantially. In addition, Jens Sudekum, professor of economics at the Dusseldorf Institute for Competition Economics in Germany, told CNBC he expects "the usual trade surplus to reconvene" later on if energy prices come down. Indonesia's exports reached $27.91 billion in August 2022, an increase of 9.17% compared to the previous month. The EU has not introduced limits on Russian gas, but, We have focused on trade-related sanctions imposed on, The US, EU and the UK all announced plans to phase out Russian sources of energy. In fact, over 65% of the trade deficit or $419 billion is because of imports from China. The values reported so far are in US dollars and reflect both quantity changes and price changes. . Statistics showed that exports and imports in the January-October period rose by Sanctions have included prohibitions by several countries of exports to Russia of strategic goods, including high-tech goods and components for use in electronics, telecommunications, aerospace and oil refining, among other sectors. These tables are updated monthly. The rebound of Russias imports in May and June 2022 might have been helped by the ruble's recovery and relative stability, and the fact that some companies initially went further than sanctions in halting business with Russia. Dollars). Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q2 2022, Profit from additional features with an Employee Account. While the U.S. exports vehicles, petroleum, and auto parts, it imports more crude oil and gas from Canada. This marks a significant moment for the German economy, which had reported trade surpluses for several decades. After the 27 June G7 meeting, importing gold from Russia was also prohibited. Strikingly, Russias imports of the five product categories from the EU, US, UK, Japan and South Korea, which imposed sanctions, declined by 76% from February to June 2022. Current Account: Definition and What Influences It. Unfortunately, separating quantity and price is not possible. A trade surplus is an economic measure of a positive balance of trade, where a country's exports exceed its imports. New, Insights into the worlds most important health markets, Figures and insights about the advertising and media world, Everything you need to know about the industry development. Afghanistan is currently the America's 91st largest trading partner, according to the Office of the United States Trade Representative. l "The 20 Countries with The Highest Trade Surplus in 2020 (in Billion U.S. Currently, you are using a shared account. The opposite of a trade surplus is a trade deficit. US sanctions apply not only to goods exported by US companies, but also to goods produced elsewhere using US technologies. Rank Country . Categories that surely include sanctioned items also include non-sanctioned items. Following the G7 meeting on 11 March, G7 countries announced export bans on luxury goods. It creates more jobs for the domestic economy. Countries with positive net exports have a trade surplus, countries with negative net exports have a trade deficit. The country's surplus in December also shattered by a wide margin the record for the highest single month, set only two months earlier. The trade surplus in Germany fell to 9 billion in September of 2022 from 16.1 billion a year earlier. This isnt always sustainable as growing demand tends to push the value of the currency up, making it more expensive for foreign clients to keep buying. Next release: December 6, 2022 Complete Release Schedule. Lower demand for currency makes it less valuable in the international markets. Additionally, countries can also agree on a pegged currency rate that keeps the exchange rate of their currency constant at a fixed rate. The EU said on 8 April it would prohibit coal imports starting from August 2022, and two months later added it would also prohibit imports of crude oil and certain petroleum products, effective from December 2022 and February 2023, respectively (with exceptions for crude oil by pipeline and also for Bulgaria and Croatia). According to annual trade statistics of the Department of Customs (DoC) for the fiscal year 2020/21, the country had a trade surplus with Anguilla, Armenia, Azerbaijan, Bahamas, Bosnia and Herzegovina, Chad, Congo, Estonia, Fiji, Honduras and . Statista. This is a list of the 20 countries and territories with the largest surplus in current account balance (CAB) . A trade deficit of $68.2 billion with Germany is the third largest trade deficit of the U.S. Bans on imports from Russia a focus on fossil fuels. A debtor nation has negative net investment after recording all of the financial transactions it has completed worldwide. This marks a significant moment for the German economy, which had reported trade surpluses for several decades. The extra-territorial nature of US sanctions could help explain the generalised drop in Russias imports since March 2022, even from countries that have not applied sanctions. The largest exports of the United States were cars, food, and commercial aircraft. The U.S. also has a $20 billion trade deficit with Canada. Quick Analysis with our professional Research Service: Toplists & Rankings: Best Employers Portal. V A trade surplus represents a net inflow of domestic currency . That included 312.82 billion . and Russia propped up the exports in July. "Germany's vaunted trade surplus is gone," Carl Weinberg, chief economist at High Frequency Economics, said in a note Tuesday, adding that "higher prices for imports of energy, food and materials are goosing up the import bill.". When imports exceed exports, a countrys currency demand in terms of international trade is lower. The United States has the largest trade deficit in the world. In 2021, U.S trade of goods amounted to nearly $4.6 trillion and Canada, Mexico, and China were America's largest trading partners. Accessed November 08, 2022. https://www.statista.com/statistics/256642/the-20-countries-with-the-highest-trade-surplus/, WTO. Countries can manage a portfolio of investments in foreign accounts to control the volatility and movement of the currency. Russias mineral fuel exports to the EU have declined from a peak in February 2022. The decline has been faster than the overall decline in Russian mineral fuels exports; thus the EU share dropped from 62% to 52% (February to June). A worker arranges shipping containers used to transport commodities using heavy equipment at Tanjung Priok Port, Jakarta, on April 14, 2022. Typically a trade surplus indicates a sign of . Russias energy exports have diverted towards India and China, though the EU still accounted for more than half of Russian energy export revenues in June 2022. However, the imports bill went up by 27.8% from a year ago and it was no longer offset by its sales abroad. Get full access to all features within our Corporate Solutions. WASHINGTON: Afghanistan registered a trade surplus of $79 million with Pakistan, one of its largest trading partners, from July 2021 to June 2022, according to the latest report by an official US . f Early estimates suggest the trade in services surplus widened by 0.7 billion to 36.3 billion in the three months to August 2022, driven by a 3.0 billion increase in services exports.. The U.S. has imported $346 billion worth of goods from Mexico, including vehicles and auto parts. But Russian exports to the EU show major variations, driven by changes in mineral fuel exports, suggesting major price effects, including the drop in prices in early 2020 when the COVID-19 crisis hit, and a sustained increase in prices since then. T All rights reserved. Slightly more than half of the increase in Russias trade surplus is due to drastically falling Russian imports, which could ultimately undermine Russias productive capacity. Investopedia does not include all offers available in the marketplace. In, WTO. By. A Division of NBCUniversal. It could also reflect the difficulties Russian companies have in paying for imports, partly because several Russian banks have been sanctioned, making it more difficult for their clients to make payments abroad, and partly because, since the war started, Russian companies must convert 80% (recently reduced to 50%) of hard currency revenues to rubles with the Bank of Russia. Nevertheless, for Figure 4, we selected some categories which could be dominated by sanctioned items. Balance Of Trade - By Country - was last updated on Saturday, November 5, 2022. As for changes in the destination of Russian goods other than mineral fuels, there has been a clear increase in Turkeys overall weight (from 21% in February 2022 to around 31% in June), while Russias exports to the UK have stopped almost completely (Figure 9). Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. As a Premium user you get access to the detailed source references and background information about this statistic. In fact, the euro dropped to its lowest level in two decades against the U.S. dollar Tuesday morning as more investors price in a higher chance of economic turmoil down the line. If you are an admin, please authenticate by logging in again. Vietnam's export revenue in 2022 is expected to reach an estimated 368 billion USD, a year-on-year rise of 9.46%, according to a report by the Ministry of Industry and Trade (MoIT). This runs counter to the idea that Russias large trade surplus reflects the inefficiency of western sanctions. The weight of products can be a good proxy for quantities only if the shares of different products in total trade do not change and there are no quality changes. Which Factors Can Influence a Country's Balance of Trade? Germany's exports in the month of May were still 11.7% higher than a year ago, according to the country's statistics office, though 0.5% lower from the previous month. Michael Boyle is an experienced financial professional with more than 10 years working with financial planning, derivatives, equities, fixed income, project management, and analytics. Each economy operates differently and those that historically import more, such as the U.S., often do so for a good reason. Design and development by Soapbox. These 34 countries accounted for around 75% of Russias exports and imports in 2019. To use individual functions (e.g., mark statistics as favourites, set Trade between countries and importing things when it makes sense financially can be seen as a positive. -212. V Bloomberg reported that 1991 was the last time the country reported a monthly trade deficit. ", WTO, The 20 countries with the highest trade surplus in 2020 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/256642/the-20-countries-with-the-highest-trade-surplus/ (last visited November 08, 2022), The 20 countries with the highest trade surplus in 2020, Available to download in PNG, PDF, XLS format, Value of automotive products imports in key countries worldwide 2020, External merchandise trade value in Russia 2012-2021, External merchandise trade volume in Russia 2012-2021, Services trade volume in Russia 2009-2020, Share of external trade calculations in Russia 2021, by currency and flow, Major trade partners of Russia 2021, by value, Leading import partners of Russia 2021, by value, Trade turnover in Russia 2010-2021, by country group, Volume of trade between Russia and African countries 2013-2020, Trade revenue of Russia with African countries 2020, by partner, Major goods trade partners of Russia in APAC in 2021, by turnover share, Merchandise trade value of Russia with BRICS 2021, by country and flow, Trade turnover of Russia with the CIS 2010-2021, Trade turnover of Russia with the EAEU 2014-2021, Merchandise export value from Russia to the CIS 2014-2021, Merchandise import value in Russia from the CIS 2014-2021, Merchandise export value from Russia to CIS 2021, by country, Merchandise import value in Russia from the CIS 2021, by country, Import value in Russia from the EAEU 2015-2021, by country, Export value in Russia to the EAEU 2015-2021, by country, Export value in Russia 2020-2021, by product category, Import value in Russia 2020-2021, by commodity group, Mineral fuels and oils export value in Russia 2012-2021, Energy export revenue in Russia 2019-2022, Cereal export volume in Russia 2000/2001-2021/2022, Machinery and equipment import value in Russia 2000-2020, High-complexity goods import share of GDP in Russia 2013-2020, Share of services exports in Russia 2018-2020, by type, Share of trade revenue with non-sanctioning countries in Russia 2013-2021, GDP impact of trade restrictions with Russia 2022, by country, Value of foreign direct investment inflows in Russia 2010-2021, Number of foreign companies in Russia 2017-2021, by entity type, Number of German companies in Russia 2013-2021, Share of Russia in extra-EU energy import value 2020-2021, by product, Thermal coal imports from Russia worldwide 2020, by region, Food and agricultural imports in Russia 2000-2021, Share of the main exporting countries in global export trade 2014, Distribution of spring, air and gas guns exports from Sweden 2016, by country, Distribution of military weapons exports from Norway 2016, by country, Distribution of military weapons exports from Sweden 2016, by country, Distribution of ammunition exports from Denmark 2016, by country, Distribution of ammunition exports from Norway 2016, by country, Distribution of cotton export market in Saudi Arabia 2016 by leading destination, South Carolina's exports as a percentage of total U.S. exports 2007-2011, Pennsylvania's exports as a percentage of total U.S. exports 2007-2011, Oklahoma's exports as a percentage of total U.S. exports 2007-2011, New Jersey's exports as a percentage of total U.S. exports 2007-2011, Global distribution of cinnamon exports 2015, by country, Global cinnamon export value 2013-2015, by country, California's exports as a percentage of total U.S. exports 2007-2011, World export share of Luxembourg 2007-2017, Share of exported starches from Australia 2019, by country of destination, India's share of global reactive dyes exports 2008-2017, Transatlantic Trade and Investment Partnership, The 20 countries with the highest trade surplus in 2020 (in billion U.S. dollars), Find your information in our database containing over 20,000 reports, Find a brief overview of all Outlooks here, Tools and Tutorials explained in our Media Centre. Next release: December 6, 2022 Complete Release Schedule Zimbabwe. Balance of trade is the difference between the value of a country's exports and the value of its imports; it is the largest component of a country's balance of payments. There was a sudden jump with the start of the war. r (July 23, 2021). WTO. Russian gas exports to the EU have reduced, but the trend is less clear for coal and oil. While in most cases trade balances highly affect currency fluctuations, there are a few factors countries can manage that make trade balances less influential. The EU, UK, Japan and South Korea also announced bans on exports to Russia of various strategic goods, including high-tech goods and components for use in sectors including electronics, telecommunications, aerospace and oil refining. Before joining Bruegel, Catarina worked at the European Central Bank in the Directorate General Market Operations, the department responsible for the implementation of Monetary Policy. Indonesia booked its 28th consecutive trade surplus of US$5.76 billion, Indonesia's Central Statistics Agency (BPS) reported on Thursday, September 15, 2022. #24. FILE - Cars and trucks for export are parked at a port in Yantai in eastern China's Shandong Province, Tuesday, Jan. 4, 2022. The trade surplus in Germany fell yo 9 billion in September of 2022 from 16.1 billion a year earlier.Exports were up 20.3% year-on-year to reach a new record high of 142.4 billion and imports rose at a faster 30.7% to also top an all-time high of 133.4 billion.On a seasonally adjusted basis, th Other products added to the lists of sanctioned goods of various countries include wood, machinery, cutting-edge goods such as quantum computers, iron and steel, and spirit drinks. Bureau of Economic Analysis. Darvas, Z. and C. Martins (2022) Russias huge trade surplus is not a sign of economic strength, Bruegel Blog, 8 September, Miquel Oliu-Barton and A paid subscription is required for full access. The country's workforce is highly qualified and skilled, proving to be instrumental in organizational growth. This list includes some non-sovereign entities, but only sovereign territories are ranked. Last Update: October 15, 2022. The country's Imports climbed by 6.8% vs. 6.0% expected and 5.2% prior. By May, US imports of Russian mineral fuels had declined to zero (Figure 5). You need at least a Starter Account to use this feature. In October, the country's total export and import value was estimated at $58.27 billion, up 0.1 per cent month on month and 5.7 per cent year on year, the GSO said on October 29. Simone Tagliapietra, Russias huge trade surplus is not a sign of economic strength, In the second quarter of 2022, Russia recorded its, The much bigger drop in Russias non-fossil fuel imports than in its exports of these goods could reflect sanctions (though most sanctions did not take immediate effect; see the annex). Categories in the 2-digit level classification for the Standard International Trade Classification (SITC) we use do not correspond precisely to sanctioned products. 2022 CNBC LLC. Get in touch with us now. Trading Economics provides data for 20 million economic indicators from 196 countries including actual values, consensus figures, forecasts, historical time series and news. In 2021, the countries with the highest trade surplus were: China, Germany, Ireland, Russian Federation, and Singapore. The report prepared for the US Congress by the office of the Special Inspector General for Afghanistan . We will issue an updated Russian trade dataset after the July 2022 data becomes available in mid-September. In addition, Ukraine, an important exporter of wheat and other food-related items, has not been able to send its products abroad at the same rate as before the war. You can learn more about the standards we follow in producing accurate, unbiased content in our. Global tensions and a rise in nationalism have painted a picture of importers being losers. . 4 min read BEIJING (AP) China's politically volatile global trade surplus surged to $676.4 billion in 2021, likely the highest ever for any. In many cases, a trade surplus helps to strengthen a countrys currency relative to other currencies, affecting currency exchange rates; however, this is dependent on the proportion of goods and services of a country in comparison to other countries, as well as other market factors. Jul/22. Germany just like many other European nations has been paying more for energy and food, particularly in the wake of Russia's invasion of Ukraine. u There was even a significant increase in Russias imports from Turkey in almost all product categories. When focusing solely on trade effects, a trade surplus means there is high demand for a countrys goods in the global market, which pushes the price of those goods higher and leads to a direct strengthening of the domestic currency. f *Figures are estimates.Figures ahve been rounded. Picture Alliance | Picture Alliance | Getty Images, Germany not expected to allow the repricing of gas contracts until later this month, analyst says, even attacked by former President Donald Trump, the euro dropped to its lowest level in two decades. These include white papers, government data, original reporting, and interviews with industry experts. September 2022 Trade in Goods and Services. The latter can be an indirect and imperfect proxy for quantity: a kilo of paper weighs the same as a kilo of gold, but their values differ greatly. Industry-specific and extensively researched technical data (partially from exclusive partnerships). Image source: New York Times. Gross domestic product is the monetary value of all finished goods and services made within a country during a specific period. o a The U.S. goods trade surplus with Panama was $4.9 billion in 2020, a 48 percent decrease over 2019, and U.S. exports to Panama were $5.76 billion, a decrease of 34 percentfrom the previous year.
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