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XVI (Harmonized System 1992 for Section)

2023
World Trade $5.94TRnk 1 / 21
2023
Top Exporter | Top Importer $1.63T | $911BChina | United States
2023
Product Complexity 1.55Rnk 1 / 21
2022 - 2023
Export Growth (CAGR) -1.58%Rnk 8 / 21
2023
Share of World Trade 26.3%Rnk 1 / 21

About

Overview This page contains the latest trade data of Machines. In 2023, Machines were the world's 1st most traded product, with a total trade of $5.94T. Between 2022 and 2023 the exports of Machines decreased by -1.58%, from $6.04T to $5.94T. Trade in Machines represent 26.3% of total world trade.

Machines include Electrical machinery and electronics and Machinery, mechanical appliances, & parts.

Exports In 2023 the top exporters of Machines  were China ($1.63T), Germany ($430B), United States ($412B), Chinese Taipei ($371B), and South Korea ($288B).

Imports In 2023 the top importers of Machines were United States ($911B), China ($521B), Hong Kong ($407B), Germany ($387B), and Mexico ($205B).

Ranking Machines ranks 1st in the Product Complexity Index (PCI).

Latest Trends

Latest Data

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The following visualization shows the latest trends on Machines. 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)China$1.63T
Top Destination (2023)United States$911B

In 2023 Machines were the world's 1st most traded product (out of 21).

In 2023, the top exporters of Machines were China ($1.63T), Germany ($430B), United States ($412B), Chinese Taipei ($371B), and South Korea ($288B).

In 2023, the top importers of Machines were United States ($911B), China ($521B), Hong Kong ($407B), Germany ($387B), and Mexico ($205B).

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

Color
Top Origin Growth (2022 -  2023)Germany$29.4B
Top Destination Growth (2022 -  2023)United Arab Emirates$18.1B

Between 2022 and 2023, the exports of Machines grew the fastest in Germany ($29.4B), Vietnam ($19.9B), Netherlands ($13.3B), India ($13B), and France ($10.4B).

Between 2022 and 2023, the fastest growing importers of Machines were United Arab Emirates ($18.1B), India ($14.6B), Mexico ($14B), Turkey ($13.1B), and Germany ($12.9B).

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Exporters of Machines (2022 - 2023)

Importers of Machines (2022 - 2023)

Market Concentration

Value

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

In 2023, market concentration measured using Shannon Entropy, was 4.38. This means that most of the exports of Machines are explained by 20 countries.

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Value of Exports in Machines

Net Trade

TOP NET EXPORTER (2023)China$1.11T
TOP NET IMPORTER (2023)United States$499B

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

In 2023, the countries that had a largest trade value in exports than in imports of Machines were China ($1.11T), Chinese Taipei ($235B), South Korea ($133B), Vietnam ($120B), and Japan ($101B).

In 2023, the countries that had a largest trade value in imports than in exports of Machines were United States ($499B), Hong Kong ($357B), Canada ($70.1B), United Arab Emirates ($65.4B), and Australia ($62.1B).

Net Trade (2023)

Disaggregation

Value
Disaggregation

In 2023, the world most traded Machines, disaggragated by their HS6 level were Electrical machinery and electronics ($3.35T) and Machinery, mechanical appliances, & parts ($2.59T)

HS6 Disaggregation for Machines (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 Machines.
It is possible to select the main countries that export or import Machines in the world, or by continent, as well as select the measure of interest.

Top 10 Exporters Countries of Machines by percentage of total exports

Potential Exports

Potential Exports

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TOP EXPORT POTENTIALIndia+ $33.1B
TOP IMPORT POTENTIALVietnam+ $15.3B

Machines’s highest export potential is India. With an export gap of $33.1B.  Machines’s highest import potential is Vietnam with an import gap of $15.3B.

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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