Top 20 Highest Trade Surplus Countries in 2023

In 2023, several countries recorded high trade surpluses due to their expansive export sectors. These sectors include natural resources like oil and gas, high-value goods, and advanced technologies such as semiconductors.

A trade surplus occurs when a country exports more goods and services than imports. Thus, trade surpluses can boost countries’ economies by providing financial stability and supporting economic growth. On the other hand, a trade deficit occurs when a country’s imports exceed its exports.

Several factors can contribute to countries posting trade surpluses. Firstly, countries with solid manufacturing bases often have a comparative advantage in producing low-cost goods for export.

Government policies like subsidies and tax breaks can also boost exports. In addition, a weaker domestic currency can make exports more competitive in global markets. Furthermore, barriers like Quotas, tariffs, VAT, and others can limit imports.

Top 20 Highest Trade Surplus Countries in 2023

Below are the top 20 countries with the highest trade surplus in 2023.

China (Highest Trade Surplus Country: $823 billion)

In 2023, China recorded the highest trade surplus at $823.2 billion. The trade surplus came from exports totalling about $3.380 trillion and imports of roughly $2.557 trillion. Being a manufacturing powerhouse renowned for its electronics and machinery exports enabled China to post an excellent trade surplus annually. In addition, a weaker Chinese currency, the Yuan, also makes China’s exports cheaper and more competitive globally. Thus, It boosted its trade balance. China’s key trading partners in 2023 included the United States, the European Union, and ASEAN countries.

Germany ($225.8 billion)

Germany exported $1.688.4 trillion in goods in 2023 while importing $1.462.6 trillion, leaving a trade surplus of $225.8 billion. The country is widely recognized for its prowess in manufacturing and engineering. The country’s highly developed automobile industry, machinery production, and chemical exports contribute to its considerable trade surplus. As a result, German brands like BASF, Bayer, Mercedes, BMW, Bosch, and Siemens are globally recognized for their quality and sell substantially worldwide. Also, Germany’s top trading partners include the United States, China, European Countries, and Japan.

Russia ($120.1 billion)

In 2023, it exported $423.9 billion worth of goods, mainly oil, natural gas, and other energy exports, to China, India, Turkey, and Asia. Also, it imported $303.8 billion, giving it a trade surplus of $120.1 billion. Russia’s position as a significant oil, gas, and metals producer & exporter gives it an actual trade advantage. In addition, timber, fertilizers, machinery and equipment, and even weapons add to Russia’s export portfolio. Unfortunately, there have been disruptions to Russia’s oil & gas exports to Europe due to sanctions following its invasion of Ukraine. Russia has adapted to sanctions by diversifying its trade ties by focusing on China, India, the Middle East and Central Asia.

Saudi Arabia ($111.23 billion)

Saudi Arabia exported $322.3 billion, primarily oil and petroleum products, in 2023 while importing roughly $211.0 billion. Thus, it posted a high trade surplus of $11.2 billion. Saudi Arabia runs large trade surpluses because it is one of the world’s top oil producers and exporters. However, it has sought to diversify its exports beyond crude oil in recent years. Key trading partners of Saudi Arabia include China, the United States, India, Japan, and South Korea.

The Netherlands ($92.52 billion)

In 2023, the Netherlands shipped $934.6 billion in machinery, chemicals, and agricultural products. With imports of $842.1 billion, its trade surplus totalled $92.5 billion. With its strategic location and well-developed infrastructure, the Netherlands is a gateway for goods entering and leaving Europe. Its main export partners include Germany, Belgium, France, the UK, and the United States.

Brazil ($87 billion)

In 2023, Brazil exported $339.7 billion worth of goods, mainly hard & soft commodities. Also, it imported $252.7 billion, giving it a high trade surplus of $87 billion. The country is a significant producer and exporter of commodities like crude oil, iron ore, bauxite, and manganese. Also, the surplus was driven by solid agricultural exports, notably beef, corn, and soybeans. Furthermore, it also produces niobium, cobalt, nickel, vanadium, lithium, copper, and others. Thus, its position as a critical commodity producer and exporter gives it a natural trade advantage. China is Brazil’s largest trading partner, followed by the United States, Netherlands, Mexico, Chile, and Spain.

Australia ($83.1 billion)

In 2023, it exported $370.9 billion of goods, mainly commodities, to its top trading partners. Also, it imported $287.7 billion, giving it a trade surplus of $83.1 billion. The country’s trade surplus is driven by its exports of commodities like iron ore, coal, heat, barley, liquefied natural gas, gold, bauxite, and manganese. Furthermore, it also makes and exports cobalt, nickel, zinc, salt, lead, coal, and others. Thus, its position as a major commodity producer and exporter gives it a natural trade advantage. Australia conducts the most trade with China, followed closely by Japan, South Korea, India, the United States, and Taiwan.

Norway ($78.6 billion)

It exported $173.9 billion, mainly oil & gas, to its European neighbours in 2023 while importing about $95.3 billion. Thus, it posted a high trade surplus of $78.6 billion. Norway’s massive trade surplus in 2023 resulted from European countries sharply reducing their energy imports from Russia and increased purchases of oil & gas from Norway following Russia’s invasion of Ukraine. However, Norway’s economic terrain is not solely reliant on petroleum. Its vast coastline fuels a thriving seafood industry. Key trading partners of Norway include the UK, Germany, the Netherlands, Sweden, France, and Belgium.

Taiwan ($73.4 billion)

Taiwan exported $432.3 billion in goods and imported $359 billion, leaving a trade surplus of $73.4 billion. It runs high trade surpluses mainly due to its strong semiconductors, computer hardware, and electronic components exports. As a result, it is part of the global tech supply chain. Taiwan’s leading export trade partner is China, followed by the United States, Hong Kong, Japan, and Singapore. Unfortunately, tensions with China remain a long-term risk factor for Taiwan’s trade outlook.

Qatar ($66.4 billion)

In 2023, it exported $97.4 billion worth of goods, mainly Liquified Natural Gas (LNG), to its top trading partners in Asia and Europe. Also, it imported $30.9 billion worth of goods, giving it a trade surplus of $66.4 billion. Qatar is the largest LNG producer and exporter. Stable energy prices and long-term export contracts with key partners such as Japan, South Korea, and Europe supported Qatar’s positive trade balance. Also, China is Qatar’s largest export partner, followed by India, Japan, South Korea, and the UK.

Ireland ($62.4 billion)

Ireland exported $209.5 billion in goods, primarily pharmaceuticals, chemicals, machinery, and computer services. Imports totalled $147.1 billion, giving a high trade surplus of $62.4 billion. The surplus was driven mainly by export growth in pharmaceuticals, medical devices, and technology services. In addition, the country’s favourable tax policies and skilled workforce have attracted countless multinational corporations, resulting in a positive trade balance. Key trading partners include the United States, the UK, and other European countries.

Switzerland ($56.1 billion)

In 2022, it shipped $420.2 billion in goods, including pharmaceuticals, machinery, watches, metals, and chemicals. It imported $364.1 billion, resulting in a $56.1 billion trade surplus. Switzerland’s trade surplus comes from exporting high-value goods and services in finance, chemicals, pharmaceuticals, and precision instruments. In addition, Switzerland’s export trade partner in 2023 was the United States, followed by Germany, China, Italy, and France.

Singapore ($52.8 billion)

In 2023, Singapore’s exports totalled $476.3 billion, while imports hit $423.4 billion, resulting in a trade surplus of $52.8 billion. Singapore’s trade surplus was influenced by its strong export sector, which is driven by electronics, pharmaceuticals, petrochemicals, and financial services. In addition, the country’s strategic location, efficient logistics, and advanced financial services sector also contributed to its trade surplus. Its key trading partners are China, the United States, Hong Kong, Indonesia, and Malaysia.

Kuwait ($48.0 billion)

Kuwait exported $85.4 billion worth of goods, primarily oil and petroleum products, in 2023, while imports totalled $37.4 billion. Thus, it posted a trade surplus of $48.0 billion. Elevated oil prices, plus robust oil supplies, supported Kuwait’s trade surpluses. The oil price surge due to the Russia-Ukraine war also supported its positive trade balance in 2023. Kuwait relies on imports from major players like China, the United States, Japan, South Korea, and Germany.

Malaysia ($47.1 billion)

Malaysia exported $312.8 billion in goods in 2023. With imports of $265.8 billion, its trade surplus hit $47.1 billion. The country’s surplus was driven mainly by the export of electrical & electronic products, tin, rubber, palm oil, liquefied natural gas (LNG), and petroleum products. Also, one of three countries controlling the Strait of Malacca, international trade plays a significant role in Malaysia’s economy. China, the United States, Singapore, Hong Kong & Japan are the top destinations for the country’s exports.

United Arab Emirates ($39.1 billion)

The UAE exported $487.8 billion in goods in 2023 while importing $448.7 billion, leaving a trade surplus of $39.1 billion. With its diverse economy and strategic location, the UAE has emerged as a significant trade hub in the Middle East. The surplus was mainly driven by strong oil and gas exports. The country’s non-oil sectors, such as gold, machinery, and aluminium, also contributed to its export growth. The UAE’s key trading partners included China, India, Egypt, Saudi Arabia, and the European Union.

Italy ($37.3 billion)

Italy exported $677 billion in goods in 2023. With imports of $640 billion, its trade surplus hit $37.3 billion. Italy’s trade surplus strength lies in its industrial machinery, fashion, pharmaceuticals, and food products, which helped maintain a positive trade balance. Also, its crucial export markets in 2023 included Germany, the United States, and France.

Indonesia ($37 billion)

Indonesia exported $258.9 billion in goods in 2023. With imports of $221.9 billion, its trade surplus hit $37 billion. Indonesia’s strong exports of oil and gas, minerals, electrical appliances, palm oil, and rubber products support its positive trade balance. In addition, Indonesia’s trading partners include China, Japan, the United States, Singapore, and South Korea.

Vietnam ($28.01 billion)

Vietnam recorded a high trade surplus of about $28.01 billion in 2023 after exports hit $353.8 billion and imports totalled $325.8 billion. The electronics, textiles, and agriculture sectors drove Vietnam’s trade surplus. Consequently, the trade surplus helped strengthen Vietnam’s foreign exchange reserves and stabilize its exchange rate​. Its key trading partners include the United States, China, South Korea, and Japan.

Oman ($26.4 billion)

Oman exported $62.7 billion in goods in 2023 while importing $36.4 billion, leaving a trade surplus of $26.4 billion. Oman is a significant exporter of oil. Its economy is built around the oil sector, with crude oil, refined petroleum, and natural gas making up most of its exports.