Which Regions Have Potential Growth in Import Export Business 2024?

06 September 2024

The potential for import-export business in 2024 varies by region, depending on factors like emerging market trends, infrastructure, trade policies, and economic stability. In Asia, China is the biggest economy, while India is becoming an emerging economy due to several steps taken towards boosting local manufacturing of goods. Likewise, Asia, several other countries in other regions are experiencing enhanced trade, while there are some countries who are struggling with ongoing Red Sea crisis and other disruptions. What will be the import-export scenario of global countries in 2024? Let’s try to find out from the most updated international trade data.

Asia

There is an impact of Russia-Ukraine war and Red Sea crisis on supply chain of commodities in the region. On the other hand, Pakistan, Afghanistan, and Bangladesh are coping up with the worst economic crisis in the history. Here is a look at trade of top Asian countries reported in 2023 and first half of 2024.

****Value USD Billion

North America

In North America, Mexico and the United States are only the major economies, contributing to the world’s exports and imports. According to Mexico trade data, exports totalled USD 592 billion and imports totalled USD 598 billion in 2023. Visualize stats and understand the country’s import and export scenario.

****Value USD Billion

According to US trade data, total exports and imports of the United States were USD 2,019 billion and USD 3,172 billion respectively. US export import data gives an overall market picture for decision making. Let’s understand the stats from graphics.

*****Value USD Billion

Europe

Europe is majorly hit from supply chain disruptions due to Russia-Ukraine war and Red Sea crisis. As per global trade data, Europe’s total exports in 2023 approximately were USD 8,594 billion and imports were USD 23,553 billion. Here is a list of top European countries with their import and export values.

*****Value USD Billion

*****Europe Aggregation is approx.

Middle East

The Red Sea crisis in the Middle East has severely affected the flow of shipments from and to Asia, Europe and other regions. Middle East countries recorded approximately worth imports of USD 1,172 billion and exports of USD 1,330 billion. Here is a list of top Middle East countries with their values.

****Value USD Billion

*****United Arab Emirates, Saudi Arabia, Iraq and Qatar have mirror data.

*****Middle East Aggregation is approx.

South America

Argentina and Brazil are major import and export countries in South America. Brazil’s trade of commodities is more then that of Argentina, as per global trade data. Chile is also one of the top trade countries in South America. Here’s data visualization of these countries.

Africa

In the African continent, Nigeria and South Africa are the net import and export countries. According to Africa trade data, Nigeria’s total trade was USD 120 billion in 2023 and total trade of South Africa was USD 217 billion. This data visualization will help you understanding the exports and imports of Nigeria and South Africa reported in 2023 and Jan-Jun 2024.

****Value USD Billion

The year 2024 is certainly going to be hardship for global regions, particularly for Asia and Middle East countries due to Red Sea crisis and Russia-Ukraine war. So, countries are looking for alternatives to make a balance between demand and supply of commodities. Access Export Genius to get global trade data and intelligent market insights. Visit Export Genius to access global trade data of every region.