Asia is bounded by more than 5 oceans in different directions, the Arctic Ocean to the north, the Pacific Ocean to the east, the Indian Ocean to the south, and the Red Sea to the west. The global giant with 60% of the world's population is advancing its strategic growth with 30% of the earth's land.

The steady growth trajectory of the nation has reached the value of $37 trillion in 2023 with a growth rate of 5% from the previous years. The steady growth of the country is mainly because of its strategic location, vast domestic production, and low labor costs. The total import and export trade value of Asia in 2023 is $8 trillion and $10 trillion.

Top 10 Asia Export Products of 2023

The top ten products that hold a share in the total trade value of exported products of Asia in 2023 are mentioned below,

• Electronics (HS code - 96) – 800 billion US dollars of electronics are exported.

• Textile and Clothing (HS code – 62) – 500 billion US dollars of textiles and clothing are exported.

• Machinery (HS code – 84) – 400 billion US dollars of machinery are exported.

• Automobiles (HS code – 87) – 300 billion US dollars of automobiles are exported.

• Chemicals (HS code – 29) – 200 billion US dollars of chemicals are exported.

• Precious goods (HS code – 71) – 150 billion US dollars of precious goods are exported.

• Plastic products (HS code – 95) – 100 billion US dollars in plastic products are exported.

• Iron and steel (HS code – 72) – 80 billion worth of US dollars of iron and steel products are exported.

• Furniture (HS code – 94) – 60 billion US dollars of furniture are exported.

• Agricultural products (HS code – 84) – 50 billion US dollars of agricultural products are exported.

Top 10 Export Destinations of Asia 2023

The Asia Export Data lists the below-mentioned as the top export destinations, accounting for the majority of the share in the economic growth.

• China – With its rapidly growing economy, China tops the top ten export destinations in Asia. The growing nation exports products like electrical machinery, textiles, and furniture worth 2.9 trillion US dollars in 2023.

• Japan – Japan is the highest importer of motor vehicles, electrical machinery, and agricultural products. The exported value of products from Japan accounts for 600 billion US dollars.

• South Korea – South Korea holds the third position on the list with an overall trade value of 580 billion US dollars in 2023 with products like precious goods, semiconductors, and electric devices.

• Singapore - Singapore exports 450 billion worth of products in 2023 with top imports like petroleum products and refineries.

• Hong Kong – Hong Kong used to export telecommunication equipment and machinery from Asia with a total value of 430 billion US dollars in 2023.

• Kuwait – Due to the expanded import of crude oil from Asia, Kuwait holds the sixth position in the list with an overall value of 300 billion US dollars.

• Taiwan – The high-tech specified industries of Taiwan require more tech-specified products for 280 billion worth of products in 2023.

• United Arab Emirates – The UAE exports crude oils and petroleum products at a higher rate from Asia, worth 279 billion US dollars in 2023.

• India – This economically diverse country holds the ninth position of the top ten export destinations of Asia. It exported products like electronics and textiles worth 250 billion US dollars in 2023.

• Vietnam – Winding up, Vietnam is in the tenth last position of the top ten export destinations with an overall value of 240 billion US dollars in 2023 with products like electronics and textiles.

Top 10 Imported Products of Asia 2023

As per the Asia Import Data, the top ten imported products of the nation that contribute to the economic growth of the continent are as follows,

• Electronic equipment (HS code – 96) – Import value 1.2 trillion US dollars.

• Machinery (HS code – 84) – Import value 800 billion US dollars.

• Mineral fuels (HS code – 27) – Import value 700 billion US dollars.

• Vehicles (HS code – 87) – Import value 500 billion US dollars.

• Pharmaceuticals (HS code – 29) Import value 400 billion US dollars.

• Optical and medical instruments (HS code – 90) Import value 350 billion US dollars.

• Plastic (HS code – 95) – Import value 300 billion US dollars.

• Organic chemicals (HS code – 29) Import value 200 billion US dollars.

• Iron and steel (HS code – 72) Import value 150 billion US dollars.

• Textiles (HS code – 62) Import value 100 billion US dollars.

Top 10 Import Destinations of Asia 2023

The Asia customs data enlists the below-mentioned ten countries as the top ten import destinations of Asia.

• China – One of the world’s largest economies China exported electronic products, machinery, and textiles to Asia worth 3.2 trillion US dollars in 2023.

• Japan – With a total import trade value of 832 billion US dollars of oil coal and iron ore Japan holds the second position.

• South Korea – The import value of products in South Korea is 548 billion US dollars, and tech-specific commodities are the highest imports.

• India – India holds the top fourth position with a revenue rate of 493 billion US dollars with products like automobiles and electronics.

• Hong Kong – Hong Kong is a vital trade partner of Asia and accounted for 487 billion US dollars in import of petroleum products in 2023.

• Singapore – The total import trade value of Asia with Singapore accounts for 417 billion US dollars with textiles as the top import.

• Taiwan – Taiwan exports electronic equipment and computers to Asia worth 362 billion US dollars in 2023.

• Thailand – The import trade value of Asia with this growing economy is 305 billion US dollars.

• Malaysia – Malaysia with its strategic trade resources accounts for 258 billion US dollars of the total import of Asia with refineries at the top.

• Vietnam – Last but not least Vietnam is the top tenth import destination of Asia with an import trade value of 228 billion US dollars.

FAQ’s

Que. Who is the top import and export partner of Asia?
Ans. China is the top import and export partner of Asia.

Que. What is the GDP of Asia in 2023?
Ans. The GDP of Asia in 2023 is 37 trillion US dollars.

Que. Where you can get information about the export-import trade in Asia?
Ans. At Import Globals, you can get information about the export-import trade in Asia.

www.importglobals.com; info@importglobals.com