the Group of Seven (G7) countries are economic powerhouses that contribute significantly to the global economy.
The Group of Seven (G7) is a powerful alliance of some of the world’s largest economies, including the United States, Canada, Japan, Germany, France, Italy, and the United Kingdom. Together, these countries account for more than 40% of global GDP and trade. One of the key drivers of their economic growth is their ability to export a wide range of goods and services to the world.
Let’s take a closer look at the biggest exports of each G7 country and explore how these exports contribute to the global economy.
Gross domestic product (GDP) is a measure of the total value of goods and services produced within a country’s borders in a given period. It is a key indicator of a country’s economic health and is used to compare the relative economic performance of different countries.
Biggest exports of each G7 country
The United States of America is the world’s largest economy, with a GDP of over $21tn. It is also one of the world’s largest exporters, with a wide range of goods and services sold to markets all over the world. The country’s most significant export is refined petroleum, which is used in a variety of industries, including transportation, manufacturing, and agriculture.
Between January and June 2022, the United States exported almost six million barrels of petroleum products every day. This was the highest quantity of petroleum products the country has exported in the first half of a year since 1973. Compared to the same period in 2021, petroleum product exports grew by 11%, which was the fastest growth rate since 2017. The USA also benefits from a strong technology industry that leads the way in things such as automation and design.
Japan is the world’s third-largest economy and is a major exporter of cars, auto parts, and electronic devices. Japan’s biggest exports include cars, vehicle parts, integrated circuits, and related machinery. The country’s auto industry is one of the largest in the world, with companies like Toyota, Honda, and Nissan exporting millions of vehicles each year. Japan is also a major exporter of electronic devices, with companies such as Sony, Panasonic, and Toshiba exporting a wide range of products, from televisions to smartphones.
Germany is the world’s fourth-largest economy and, like Japan, is a major exporter of cars, machinery, and chemical products. In 2022, Germany’s main export product was motor vehicles and parts, which accounted for 15.5% of its total exports. This includes cars, trucks, and automotive parts. Germany has a strong reputation for producing high-quality vehicles and is home to several major automobile manufacturers, such as Volkswagen, BMW, and Mercedes-Benz.
France’s main export is in the aerospace industry, which includes aircraft and related parts, engines, helicopters, and satellites. The French aerospace industry is one of the largest in the world, with major companies such as Airbus, Safran, and Dassault Aviation headquartered in the country. In 2022, the aerospace industry accounted for around 10% of France’s total exports, making it the country’s leading export product. France’s alcohol exports come second after aerospace goods.
In the United Kingdom, precious metals production remains the largest contributor to the country’s export industry. In fact, the industry generated a whopping £22.8bn in revenue in 2022 alone. The refining of precious metals, such as gold, silver, and platinum, is a critical aspect of this industry. These metals are then used in various applications, including the manufacturing of jewelry and motor vehicles, as well as in computer and associated peripheral equipment.
On the other side of the globe, Canada’s largest export is crude petroleum, which accounted for $120bn of the country’s total exports in 2022. As a major producer and exporter of oil, Canada has vast oil sand deposits in the province of Alberta. Almost all of Canada’s crude petroleum exports go to the United States, accounting for 98.5% of the country’s total exports in this sector. However, other significant export destinations for Canadian crude petroleum include China, South Korea, and the United Kingdom.
Italy is one of the largest economies in the world, with a GDP of $1.886tn. Italy’s top five exports are technical machinery and computers, vehicles, pharmaceuticals, electrical machinery and equipment, and plastic products. Technical machinery and computers are the biggest export, accounting for over 18% of Italy’s total exports. Vehicles come in second at 7.7%, followed by pharmaceuticals at 7.2%.
As we can see, the Group of Seven (G7) countries are economic powerhouses that contribute significantly to the global economy. Their ability to export a wide range of goods and services is a key driver of their economic growth. These exports not only contribute to the economies of each country but also have a significant impact on the world economy.