How much do major economies rely on exports for growth

Exports remain a key component of many national economies, with some countries heavily reliant on trade to drive growth.

A new ranking of global economies based on the share of goods exports in their nominal GDP in 2023 reveals the varying degrees of export dependency across nations. The data, sourced from U.N. Comtrade and compiled in a J.P. Morgan Asset Management report, underlines how trade strategies shape national economic resilience and vulnerability.

Read also: Top 10 most improving places to do business and why

Countries with high export-to-GDP ratios tend to benefit during periods of strong global demand but are more exposed to disruptions in trade flows. Conversely, economies with lower export shares are often more reliant on domestic consumption, making them more insulated but potentially slower to grow from global trade booms.

The report comes at a time of growing uncertainty in global trade. U.S. President Donald Trump’s imposition of steep reciprocal tariffs—some reaching 145% on Chinese imports—has unsettled markets. China has responded with a 125% levy on U.S. goods. A 90-day pause on some tariffs, announced on April 9, 2025, has offered temporary relief, but the broader implications for global supply chains and trade partnerships remain significant as economies brace for shifts in 2025.

Read also: Top 10 countries where workers are thriving most– Study

According to a report by J.P. Morgan Asset Management, here are the export dependencies of major economies

1. South Korea – 38% of GDP from Exports

South Korea leads the list, with exports making up 38% of its nominal GDP in 2023. The country’s economy is built around the production and export of electronics, automobiles, and machinery. Its global reach has been shaped by large firms with strong footprints in international markets.

2. European Union – 37% of GDP from Exports

The European Union, taken as a single economic entity, follows closely with 37%. Many EU member states are heavily integrated into global value chains. Germany, the Netherlands, and Ireland are among the bloc’s strongest exporters, contributing to the region’s overall dependence on trade.

Read also: Top 10 fastest-growing African economies in 2025

3. Mexico – 33% of GDP from Exports

Mexico’s economy depends significantly on exports, which account for 33% of its GDP. Much of this trade is tied to its partnership with the United States, through the United States-Mexico-Canada Agreement (USMCA). Key exports include vehicles, electronics, and machinery.

4. Canada – 26% of GDP from Exports

Canada earns about a quarter of its GDP from exports. With 26%, its trade profile is shaped by natural resources, energy, and manufactured goods. The U.S. remains its biggest trading partner.

Read also: 5 lowest-ranked destinations for opportunity in 2024

5. United Kingdom – 23% of GDP from Exports

Exports made up 23% of the UK’s GDP in 2023. Services, particularly in finance and insurance, form a large share of the country’s export earnings. The UK’s trade patterns have evolved following its exit from the European Union.

6. Japan – 18% of GDP from Exports

Japan’s economy shows moderate export reliance, with exports contributing 18% to GDP. Key sectors include automotive, electronics, and industrial machinery. Despite its large industrial base, Japan also has a strong domestic market.

Read also: Nigeria’s top 10 states for ease of doing business

7. China – 14% of GDP from Exports

China’s share of exports in its GDP stood at 14%. While it is the world’s largest goods exporter, its economy is increasingly driven by domestic demand and services. The country has shifted focus towards internal growth while maintaining global trade links.

8. United States – 11% of GDP from Exports

At the bottom of the ranking is the United States, with only 11% of GDP coming from exports. The U.S. has a large and diversified economy with strong domestic consumption. It remains a key global trader, but its economy is less dependent on exports than others.