Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
The US Exports: Overview
In 2021, Canada and Mexico accounted for 33.3% of total exports from the US followed by China (8.6%) and Japan (4.3%). Major importing partners of the US include China accounting for 18.5% of total US imports followed by Mexico (13.2%) and Canada (12.4%) in 2021.
According to the Bureau of Economic Analysis (BEA), the export of goods in the US increased from $4.8 billion to $441.6 billion in Q3 2021, compared to Q2 2021. Amid global uncertainty regarding the Omicron variant, along with the reimposition of restrictions, Global Data forecasts the growth of exports and imports growth to slow down to 3.3% and 2.7%, respectively, in 2022.
The US Exports as a % of GDP
Exports as a % of GDP of the US was 10.1% in 2021, while US exports as a % of GDP grew by 2.6% year on year basis in 2021 and between 2010-2021, the exports as a % of GDP in the US decreased by 17.5%. The exports as a % of GDP were highest in the year 2012 and 2013 (13.6%), and lowest in the year 2020 (9.9%).
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer