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Trade plays vital role in Asia’s development

Trade as an engine of growth has played a vital role in Asia’s trade industry development. Asia is considered to be the fastest growing economic region and the largest continental economy.

According to history, Asia was one of the primary birthplaces of world civilization. The first phase of their transition from nomadic to settle life involved farming, irrigation and domestication of livestock and as time passes by, as they reach the developing stage, they later invented the wheel, paper, gunpowder, printing, compass and Arabic numerals.

Knowing that rice is one of the most essential part our daily living, it is good to know that we live in a continents, well even country, that is basically rich in rice. As a matter of fact, in a data posted at www.worldstopexports.com in, India is the number one supplier of rice globally.

From a continent perspective, Asia is the top rice supplier globally. Accounting as the highest dollar value worth of rice exports during 2015. Asian countries amounted to $15.6 billion of almost three-quarters (73.7%) of all rice exports.

Below are the 15 countries that exported the highest dollar value worth of rice during 2015:

  1. India: US$6.4 billion (30.1% of total rice exports)
  2. Thailand: $4.5 billion (21.4%)
  3. United States: $2.1 billion (9.7%)
  4. Pakistan: $1.9 billion (9.1%)
  5. Vietnam: $1.6 billion (7.5%)
  6. Italy: $591.8 million (2.8%)
  7. Uruguay: $377.4 million (1.8%)
  8. Brazil: $350.2 million (1.7%)
  9. Cambodia: $335.1 million (1.6%)
  10. Australia: $301.2 million (1.4%)
  11. China: $267.4 million (1.3%)
  12. Belgium: $242.3 million (1.1%)
  13. Guyana: $212.1 million (1%)
  14. Netherlands: $191.3 million (0.9%)
  15. Spain: $168.5 million (0.8%)

Most of the world’s major technological achievements originated in Asia, indeed Asia has made and still making great contribution in the world economy.

Talking about technology, Asia will always be on top of the line. Since Japan and China are two of the technology buster in the world.

In a data gathered by the Observatory of Economic Complexity (OEC), Japan reached $714 billion exports and $754 billion imports in 2014 which made them the 4th largest exports economy and the most complex economy according to the Economic Complexity Index (ECI).

As we are all informed about, Japan is the top exporter of cars and other vehicle parts. They have a total of $93.3 billion car export and $33.9 billion vehicle parts export.

Their exporting countries are China amounting to $131 billion exports, the United States with $128 billion, South Korea with $52.5 billion and Hong Kong with $36 billion. Japan’s top import origins are China amounting to $166 billion exports, the United States with $67.5 billion, Australia with $43.1 billion, Saudi Arabia with $42.5 billion and the United Arab Emirates with $37.5 billion exports.

On the other hand, China is also one of the largest export economy and the 37th most complex economy according to ECI. China mostly exports Computers, Broadcasting equipments and telephones resulting to a $2.37 trillion exports in 2014.

Products from China are exported to the United States, Hong Kong, Japan, Germany and South Korea while China import products from South Korea, the United States, Japan and Germany.

Asia is also the top exporter of gases including petroleum gas and crude petroleum. All exporters are from the Middle East.

Saudi Arabia is the top exporter of crude petroleum in China, Japan, the United States and India. It is the 15th largest export economy in the world and the 26th most complex economy according to ECI. In 2014, they were able to export $ 306 billion and imported $ 146 billion.

Also, from the Middle East, Qatar is the top exporter of Petroleum gas. They were able to export $ 125 billion making them the 35th largest exporter in the world. Countries like Japan, South Korea, India, Singapore and China.

Though Asia is not the top exporter for the Refined Petroleum, Qatar and Saudi Arabia still export this product globally. The United States is the top exporter of refined petroleum, exporting it to Canada, Mexico, China, Japan and Germany.

The trades of Asian countries globally is a true mark of developing and improving economy. As Asia is the fastest growing economy in the world, it is more evident that countries in Asia may be small but obviously rich in products worth exporting in other countries. FAYE PABLO

(Image: silkroutes.net)

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