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XVIII (Harmonized System 1992 for Section)

2023
World Trade $721BRnk 10 / 21
2023
Top Exporter | Top Importer $108B | $125BUnited States | United States
2023
Product Complexity 1.09Rnk 2 / 21
2022 - 2023
Export Growth (CAGR) -1.38%Rnk 7 / 21
2023
Share of World Trade 3.19%Rnk 10 / 21

About

Overview This page contains the latest trade data of Instruments. In 2023, Instruments were the world's 10th most traded product, with a total trade of $721B. Between 2022 and 2023 the exports of Instruments decreased by -1.38%, from $731B to $721B. Trade in Instruments represent 3.19% of total world trade.

Instruments include Optical, photo, & film equipment; medical instruments, Clocks, watches, & parts, and Musical instruments.

Exports In 2023 the top exporters of Instruments  were United States ($108B), China ($87.5B), Germany ($80.3B), Switzerland ($54.2B), and Japan ($43B).

Imports In 2023 the top importers of Instruments were United States ($125B), China ($68.8B), Germany ($50.9B), Netherlands ($39.1B), and Japan ($28.9B).

Ranking Instruments ranks 2nd in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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The following visualization shows the latest trends on Instruments. Countries are shown based on data availability.

For a full breakdown of trade patterns, visit the trend explorer or the product in country profile.

Explore Latest Trends

* Trade values are converted to USD using each month's exchange rate. For December 2023 data, the exchange rate from December 30, 2023 is used.

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Historical Data

Exporters and Importers

Top Origin (2023)United States$108B
Top Destination (2023)United States$125B

In 2023 Instruments were the world's 10th most traded product (out of 21).

In 2023, the top exporters of Instruments were United States ($108B), China ($87.5B), Germany ($80.3B), Switzerland ($54.2B), and Japan ($43B).

In 2023, the top importers of Instruments were United States ($125B), China ($68.8B), Germany ($50.9B), Netherlands ($39.1B), and Japan ($28.9B).

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Exporters of Instruments (2023)
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Importers of Instruments (2023)
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Market Dynamics

Color
Top Origin Growth (2022 -  2023)Switzerland$4.92B
Top Destination Growth (2022 -  2023)United States$3.57B

Between 2022 and 2023, the exports of Instruments grew the fastest in Switzerland ($4.92B), United States ($3.92B), Mexico ($2.94B), Germany ($2.81B), and France ($1.62B).

Between 2022 and 2023, the fastest growing importers of Instruments were United States ($3.57B), Netherlands ($3.42B), Italy ($2.25B), Germany ($1.47B), and United Kingdom ($1.41B).

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Exporters of Instruments (2022 - 2023)

Importers of Instruments (2022 - 2023)

Market Concentration

Value

This chart shows the evolution of the market concentration of exports of Instruments.

In 2023, market concentration measured using Shannon Entropy, was 4.58. This means that most of the exports of Instruments are explained by 23 countries.

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Value of Exports in Instruments

Net Trade

TOP NET EXPORTER (2023)Switzerland$40.4B
TOP NET IMPORTER (2023)United States$17.4B

This map shows which countries export or import more of Instruments. Each country is colored based on the difference in exports and imports of Instruments during 2023.

In 2023, the countries that had a largest trade value in exports than in imports of Instruments were Switzerland ($40.4B), Germany ($29.3B), China ($18.7B), Mexico ($17.4B), and Ireland ($14.8B).

In 2023, the countries that had a largest trade value in imports than in exports of Instruments were United States ($17.4B), Hong Kong ($14.4B), Netherlands ($11.5B), Spain ($8.51B), and India ($8.26B).

Net Trade (2023)

Disaggregation

Value
Disaggregation

In 2023, the world most traded Instruments, disaggragated by their HS6 level were Optical, photo, & film equipment; medical... ($655B), Clocks, watches, & parts ($57.6B), and Musical instruments ($7.77B)

HS6 Disaggregation for Instruments (2023)
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Country Comparison

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Ranking

This visualization shows the countries that have an important ratio of their trade related to Instruments.
It is possible to select the main countries that export or import Instruments in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Instruments by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALUnited States+ $1.61B
TOP IMPORT POTENTIALChina+ $523M

Instruments’s highest export potential is United States. With an export gap of $1.61B.  Instruments’s highest import potential is China with an import gap of $523M.

See methodology.

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Product Complexity

Diversification Frontier

Specialization

The Complexity-Relatedness diagram compares the risk and the strategic value of a product's potential export opportunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth potential, lower income inequality, and lower emissions.

Relatedness vs Country Complexity (2023)

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