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Top 5 Fastest Growing Economies and Their Major Export Destinations Around the World
In today’s global world, many countries are growing fast and becoming strong in trade. They are not just buying goods from others, but also selling more to other countries. These countries are called
In today’s global world, many countries are growing fast and becoming strong in trade. They are not just buying goods from others, but also selling more to other countries. These countries are called "fastest growing economies." In this article, we will learn about five such countries that are doing very well in exports and the countries they export to.
1. India
India is among the world's most dynamic and rapidly expanding economies. In recent years, India has made big progress in trade and exports. India recently became the fifth largest economy in the world, even bigger than the United Kingdom.
What India Exports: India exports many different types of goods. Some of the top items are:
- Mineral fuels like oil and coal
- Machinery and equipment
- Valuable gems and metals such as gold and diamonds.
- Organic chemicals
- Iron and steel
- Agricultural products like rice, wheat, and spices
Who Buys From India: India exports the most to these countries:
- United States (18.1%)
- United Arab Emirates (6.4%)
- China (5.8%)
- Bangladesh, Hong Kong, Singapore, UK, Netherlands, Germany, Nepal, Belgium, Saudi Arabia
About 46% of Indian exports go to other Asian countries. 20% goes to North America and 19% to Europe. Due to the war in Ukraine, many European countries need food grains and fuel, and India is filling that gap.
India may also increase trade with countries like France, Italy, and Poland. These countries are looking for new partners for food, steel, and energy, and India is a good option.
2. Brazil
Brazil is the biggest country in South America, and it is growing fast. It had a 4.6% growth in GDP and earned $280.8 billion from exports in 2021.
What Brazil Exports: Brazil is rich in natural resources. It exports:
- Iron ore and other minerals
- Oil seeds like soybeans
- Meat (especially beef and chicken)
- Sugar
- Wood pulp and paper
- Machinery
Who Buys From Brazil:
- China (31.3%)
- United States (11.2%)
- Argentina, Netherlands, Chile
Asia buys more than half (51.9%) of Brazil’s exports. Europe buys 16%, and the rest goes to North and South America.
Brazil is now sending more coffee, spices, wood, and even shoes to countries like Italy, France, and Germany. As Europe needs more food and raw materials due to the war, Brazil is becoming a major supplier.
3. Turkey
Turkey is growing fast with a 33% rise in exports in one year. In 2021, it earned $225 billion from exports.
What Turkey Exports:
- Cars and trucks
- Machinery
- Iron and steel
- Jewelry
- Clothing and knitwear
- Famous Turkish carpets
Who Buys From Turkey:
- Germany (8.6%)
- United States (6.6%)
- United Kingdom, Italy, Spain, Iraq, France, Netherlands
Europe is Turkey’s largest market. Over 55% of Turkey’s exports go to Europe. Asia buys around 25% of its exports.
Turkey is also working to increase trade with the UAE and Kazakhstan. A new trade route called the “Trans-Caspian International Transport Route” will help Turkey trade more with Europe and Asia. Turkey is strengthening its relationship with Israel, which could further enhance trade.
4. South Korea
South Korea has come a long way. In 2021, it exported goods worth $644.5 billion — the highest ever. Despite the pandemic, exports grew by 25.8% in one year.
What South Korea Exports:
- Semiconductors (chips used in electronics)
- Mobile phones and electronics
- Ship parts
- Car parts and vehicles
- Plastics
- Medical tools and chemicals
Who Buys From South Korea:
- China (25.3%)
- Vietnam, Hong Kong, Japan, Taiwan
- United States (14.9%)
- India, Singapore
Most (about two-thirds) of South Korea’s exports go to Asian countries. But it is trying to grow its market in Europe and North America too. One popular category is K-beauty (Korean beauty products), which is loved in many countries and is growing fast.
5. Netherlands
Though small in size, the Netherlands is one of the biggest exporters in Europe. In 2021, it exported goods worth $691.8 billion — a 25.5% increase from 2020.
What Netherlands Exports:
- Electronics like computers and phones
- Medical devices
- Plastics
- Chemicals
- Iron and steel
Who Buys From Netherlands:
- Germany (22.8%)
- Belgium (10.8%)
- France, Italy, Spain, Poland
- United States (4.8%)
Europe buys almost 75% of Dutch exports. Germany is the biggest buyer. The Netherlands also has agreements with countries like India to increase trade. This makes the Netherlands a gateway for Indian goods into Europe.
Thanks to new trade deals like the CETA agreement with Canada, the Netherlands is also growing its business in North America.
Conclusion
All these five countries — India, Brazil, Turkey, South Korea, and the Netherlands — are growing fast because they are selling more products to the world. They have skilled workers, good products, and are building strong relationships with many countries. With new trade deals, technology, and better global connections, these countries will continue to grow and help the world economy move forward.
These countries are also good examples for other developing countries that want to grow their trade and improve their economy.