Even the richest nations in the world do not have it all. Thus, they have to import some of the items that they lack. Here are the 10 biggest importing countries in the world.
10. India – $488.6 billion
India has the tenth largest economy in the world in terms of nominal gross domestic product and the third largest in terms of purchasing power parity. It is considered as one of the 20 major economies in the world. It is part of BRICS, a group of emerging economies that also includes Brazil, Russia, China and South Africa. It has experienced a rapid increase in growth and in per capita income. Some of the goods it imports are crude oil, raw expensive stones, machinery, fertilizer, iron, steel and chemicals. Its main import partners are China at 12.1 percent, the United Arab Emirates at 8.3 percent, Saudi Arabia at 5.8 percent, the United States at 5.1 percent and Switzerland at 4.7 percent.
9. Netherlands – $514.1 billion
The Netherlands is one of the richest nations on earth. It is one of the founders of the European Union, the Organization for Economic Cooperation and Development and the World Trade Organization. Some of its import goods include machinery and transport equipment, chemicals, clothing, food items and fuel and its allied products. Its main import partners are Germany at 16.6 percent, China at 10.1 percent, Belgium at 8.7 percent, the United States at 7.5 percent, the United Kingdom at 5.8 percent, Russia at 5.4 percent and France at 4.4 percent.
8. South Korea – $525.2 billion
South Korea has proven its resiliency in navigating economic waters, boasting of one of the largest economies in the world despite its small territory, excessive population number and a highly belligerent neighbor in North Korea. It is one of the few developed countries in the world to have survived the global financial crisis. It has graduated from being a major recipient of official development assistance to becoming a major donor. Some of its import goods include machinery, electronics, electronic equipment, oil, steel, transport equipment, organic chemicals and plastics. Its main import partners are China at 16.5 percent, Japan at 13 percent, the United States at 8.5 percent, Saudi Arabia at 7.1 percent and Australia at 5 percent.
7. Italy – $541.2 billion
Italy owns a highly diversified industrial economy characterized by a developed infrastructure and a high gross domestic product per capita. It is a member of the Group of Seven (G7) and Group of Eight (G8) of the richest countries in the world. It is also part of the European Union and the Organization for Economic Cooperation and Development. It mostly imports items such as engineering products, chemicals, transport equipment, energy products, minerals and nonferrous metals, textiles and clothing, food, tobacco and beverages. Its main import partners are Germany at 16.68 percent, France at 8.82 percent, China at 6.53 percent, the Netherlands at 5.63 percent, Spain at 4.3 percent, Russia at 4.12 percent and Belgium at 4.08 percent.
6. United Kingdom – $654.9 billion
The United Kingdom has one of the most globalized economies in the world. Its capital, London, is also considered along with New York as one of the largest financial centers in the world. It is a member of the Commonwealth of Nations, European Union, G7, G8, G20, the World Bank, the International Monetary Fund, Organization for Economic Cooperation and Development and World Trade Organization. It imports mostly manufactured goods, machinery, fuel and food items. Main import partners include Germany at 13.2 percent, China at 8.7 percent, the Netherlands at 7.5 percent, the United States at 6.1 percent, France at 6 percent, Norway at 5 percent and Belgium at 5 percent.
5. France – $684.6 billion
France owns one of the largest economies in Europe and the world. Though it did suffer during the global economic recession, it quickly recovered compared to other developed nations. Aside from having one of the largest gross domestic products, it also scores high in human development index. Some of the goods that it imports are machinery and equipment, vehicles, crude oil, aircraft, plastics and chemicals. Its main partners are Germany at 19.41 percent, Belgium at 11.61 percent, Italy at 7.97 percent, the Netherlands at 7.15 percent, Spain at 6.68 percent, the United Kingdom at 4.9 percent, the United States at 4.72 percent and China at 4.44 percent.
4. Japan – $794.7 billion
Japan has not been blessed with an abundance of natural resource and thus, has had to rely on imports to make up for the deficiency. It is one of the top three importers of agricultural products in the world, coming in after the United States and the entire European Union. It is also the largest importer of fish and fishery products. Some of the other goods that it imports include petroleum, liquid natural gas, clothing, semiconductors, coal and audio and visual equipment. Its main import partners are China at 21.5 percent, the United States at 8.9 percent, Australia 6.6 percent, Saudi Arabia 5.9 percent, the United Arab Emirates at 5 percent and South Korea at 4.7 percent.
3. Germany – $1.339 trillion
Germany has a highly developed economy despite being poor in raw materials. Some of the goods it imports are machinery, data processing equipment, vehicles, chemicals, oil, gas, metals, electric equipment, foodstuffs, pharmaceuticals and agricultural products. Main partners are China at 9.7 percent, the Netherlands at 8.4 percent, France 7.6 percent, the United States at 5.7 percent, Italy 5.2 percent, the United Kingdom 4.7 percent, Belgium 4.2 percent, Austria 4.1 percent and Switzerland 4.1 percent.
2. China – $1.743 trillion
China has more than a billion people so it has to import from other countries to keep its economy going. Main import goods include electrical and other machineries, oil, mineral fuels, optical and medical equipment, metal ores, plastics and organic chemicals. Main partners are Japan 11.2 percent, South Korea 9.3 percent, the United States 6.8 percent, Germany 5.3 percent and Australia 4.6 percent.
1. United States – $2.314 trillion
The United States has the largest national economy in the world. It imports items like consumer goods, capital goods, industrial supplies, cude oil, automotive vehciles and components, computers and accessories and food and beverages. Main partners include China at 18.7 percent, Canada 14.2 percent, Mexico 12.2 percent, Japan 6.4 percent and Germany at 4.8 percent.