Top 5 Countries Which Are Known As Top Global Buyers

by negiramya

It is not unusual to find products from other countries on the market shelves of our own owing to the imports. Customers have more options and can make better choices due to globalization governing the trades. 

Most countries import goods due to the unavailability of those products in their country, cheaper cost, the market gap, and the superior quality of imported goods. It also opens trade opportunities for smaller nations. 

If you are an exporter, it’s essential for you to have a sound knowledge of global buyers or importers. These nations import rigorously. The range of commodities they buy is usually wide and varied. 

Top 5 Global Importers & Buyers

There is a lot of insight to be gained from learning what other countries or businesses are doing in the global trade market. Moreover, you may find the top global buyers list to be useful in case you’re looking for sales or export opportunities. 

Here is a list of 5 countries that are known to top the list often based on historical data.

1. USA

The US tops the global buyers list more often than any other country. It thrives on imports. In 2020, the total worth of the imported goods stood at US$ 2.408 trillion. In terms of value, the largest chunk of goods came in from Asia (45.1%). 

The second highest was the North American continent (except the USA). Following are the most imported commodities: 

CommodityImport Value (in USD billions)
Machinery361.6
Electrical equipment343.5
Vehicles254.4
Pharmaceuticals139.5
Mineral-based fuels130.1

2. China 

China bagged the second position in most of the global buyers online lists. It imported US$ 2.056 worth of goods from all over the world in 2020. In terms of value, 56.3% of the total imports came from other Asian countries. 

The European Union accounted for the second-largest with supplying 8.5% of the total imports. Following are the most imported commodities: 

CommodityImport Value (in USD billions)
Electrical equipment548.7
Mineral-based fuels267.7
Machinery192
Ores, ash, slag180
Optical, medical, and technical apparatus99.1

3. Germany 

Germany is considered to be a very developed and social market for imports, making it the third spot on the global buyers list. The land of engineers, poets, and thinkers imported US$ 1.172 worth of commodities from different domains in 2020. 

62.8% of the total import requirements were met by other countries of the European Union and 23.3% by North America. Here are the most imported commodities by Germany. 

CommodityImport Value (in USD billions)
Machinery149.7
Electrical equipment149.1
Vehicles122.9
Mineral-based fuels78.4
Pharmaceuticals65.8

4. Japan

The next country on the list, as per global buyers online resources, is Japan. A total of US$ 634.6 billion worth of goods came into Japan in 2020. Other Asian countries contributed 59.6% of the total imports while 15.7% of the total imports came from the European Union. 

With a total population of 124.8 million, the humongous amount of imports equals $5,000 product demand per person in 2020. Here are the top commodities that were imported by Japan.

CommodityImport Value (in USD billions)
Mineral-based fuels105.3
Electrical equipment96.8
Machinery 67.1
Pharmaceuticals28.6
Optical, medical, and technical apparatus25.9

5. The United Kingdom 

The United Kingdom occupied the fifth spot on the list of global buyers in 2020. A total of US$ 630.1 billion worth of commodities were imported. 53.7% of the total import needs were met by fellow countries of the European Union and 26.1% by Asian countries. 

With a rather smaller population of 67.3 million people, on average, each citizen residing in the UK created a demand for imported items worth US$ 9400. Here’s what formed the bulk of the imports. 

CommodityImport Value (in USD billions)
Gems and precious metals108.4
Machinery70.2
Vehicles58
Electrical equipment and machinery55.8
Mineral-based fuels34

Why Is Import Data Important For Global Buyers?

Imports are essential for the economy of any nation, be it the one buying or the one selling the goods. It helps the supplying countries to utilize their trade surplus. And, the importing nations avail several benefits as well. 

The right balance between the two is important so that none of the trading partners is exploited. Hence, the top global buyers play a key role in international trade and help the developing and under-developed countries to grow their economies. 
Furthermore, gaining insights from import data can help reevaluate the business strategies that a country employs. But it’s not theoretical. Rather, import data based on what’s actually working for top global buyers online as opposed to what should be working.

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