Quick Answer: Which Country Has The Largest Trade Deficit?

What China produces the most?

Searchable List of China’s Most Valuable Export ProductsRankChina’s Export Product2019 Value (US$)1Phone system devices including smartphones$224,069,819,0002Computers, optical readers$148,463,426,0003Integrated circuits/microassemblies$102,187,884,0004Processed petroleum oils$38,345,208,0006 more rows•Dec 13, 2020.

Does China rely on the US?

The U.S. and China have been major trading partners for years, and they rely on each other’s supply chain for input into goods and services consumed within their borders.

What if the US stopped buying from China?

What would happen to China’s economy if America completely stopped buying it’s exported products? … Around 4% of China’s GDP and 3% of America’s GDP would temporarily disappear and then reappear as increased Chinese exports to Europe/Russia/Africa/India and increased US imports from those regions.

Why is US trade deficit so high?

GAO found that: (1) the most important cause of the increased U.S. trade deficit was the sharp rise in the value of the dollar, which caused the prices of U.S. goods to rise compared to the prices of foreign goods; (2) the strong U.S. economic recovery caused U.S. consumption of goods, including imports, to rise, while …

Which country import the most?

the U.S.In 2019, the U.S. were the leading import country in the world with an import value of about 2.57 trillion US dollars. Import and export are generally important pillars of a country’s economy. The trade balance of a country shows the relationship between the values of a country’s imports and exports.

Who has the best economy in the world?

The Top 25 Economies in the WorldUnited States.China.Japan.Germany.India.United Kingdom.France.Italy.More items…

What would happen if US stopped trading with China?

If China stops buying goods from the US, it must be a heavy strike on the US economy, especially for its agricultural industry. … So if a 25 percent tariff applies, the U.S. soybean exports to China could drop by $1.4 billion to $7.7 billion and would result in a potential farm-level loss of 33 cents to $1.76 per bushel.

Which country has highest trade deficit with India?

India incurred the highest trade deficits with the following countries.China: -US$51.2 billion (country-specific trade deficit in 2019)Saudi Arabia: -$20.9 billion.Iraq: -$19.6 billion.Switzerland: -$16.4 billion.South Korea: -$11.4 billion.Indonesia: -$11.3 billion.Qatar: -$8.5 billion.Kuwait: -$7.8 billion.More items…•

Who is India’s biggest exporter?

Largest trading partners with IndiaRankCountryExports1United States57.72China16.613United Arab Emirates28.814Saudi Arabia6.3920 more rows

Who buys the most from China?

China’s Top Trading PartnersUnited States: US$418.6 billion (16.8% of China’s total exports)Hong Kong: $279.6 billion (11.2%)Japan: $143.2 billion (5.7%)South Korea: $111 billion (4.4%)Vietnam: $98 billion (3.9%)Germany: $79.7 billion (3.2%)India: $74.9 billion (3%)Netherlands: $73.9 billion (3%)More items…•

Does China have a trade deficit with any country?

Similarly, China has a large bilateral surplus with the U.S., even though China’s overall balance of trade is near zero. To put it another way, almost all of China’s surplus with the U.S. is being counterbalanced with bilateral trade deficits that China runs with other countries.

Who is the second largest exporter in the world?

List of countries by exportsRankCountry% of GDP1China18.4%2United States11.7%3Germany47.0%4Japan18.5%91 more rows

What does India import the most?

Crude oilSearchable List of India’s Most Valuable Import ProductsRankIndia’s Import Product2019 Value (US$)1Crude oil$102,306,491,0002Gold (unwrought)$32,161,590,0003Coal, solid fuels made from coal$23,049,175,0004Diamonds (unmounted/unset)$22,028,199,0006 more rows•Dec 31, 2020

Who is China’s biggest trade partner?

List of largest trading partners of ChinaNo.Country / RegionExportsTotal2,263.31United States429.72European Union375.13Japan137.217 more rows

Is the US trade deficit bad?

In the simplest terms, a trade deficit occurs when a country imports more than it exports. A trade deficit is neither inherently entirely good or bad. A trade deficit can be a sign of a strong economy and, under certain conditions, can lead to stronger economic growth for the deficit-running country in the future.

Which country has the largest trade deficit with the United States?

ChinaThe Largest U.S. Deficit Is With China More than 42.1% of the U.S. trade deficit in goods is with China.

Which countries have the highest deficits?

According to the OECD, the U.S. leads member countries in general government deficit as a percentage of Gross Domestic Product (GDP) at 6.6 percent in 2018, with the next five countries – Israel, Japan, Spain, France, and the U.K. – all having deficits below 4 percent of GDP.

Who is the biggest exporter in the world?

ChinaChina led the world in exports in 2019. China was followed by the United States, with exports valued at 1.64 trillion US dollars, and Germany, with exports valued at 1.49 trillion US dollars.