The European Union, China and the United States ranked as the world’s largest exporters of manufactures in 2020, the World Trade Organization (WTO) reported.
First, the European Union’s manufacturing exports totaled $ 4.35 billion, a decline of 6% year-on-year.
As for extra-European Union exports, this was for 1 trillion 792,000 million dollars, which meant a fall of 8% per year.
Manufacturing commonly consists of industrial production, especially the transformation of raw materials into manufactured products, processed products, or finished products for distribution and consumption on a large scale.
After the European Union, China was placed, with exports of manufactures of 2 trillion 423,000 million dollars and a year-on-year increase of 4 percent.
At the same time, the corresponding exports from the United States were $ 915 billion, a decrease of 12% year-on-year.
Exporters of manufactures
Other economies highlighted in this indicator were: Japan (552,000 million dollars), Hong Kong (489,000 million), South Korea (458,000 million), Mexico (325,000 million), Taiwan (323,000 million), Singapore (290,000 million) and the United Kingdom (280,000 million).
Manufacturing activities are characterized by the following characteristics:
- Dependence on raw materials obtained from the primary economic sector.
- Transformation of raw materials into finished and / or semi-finished products.
- Most modern manufacturing industries need energy, skilled labor, huge capital, and modern technology.
- Also most modern manufacturing industries are characterized by a high level of division of labor.
- The production of final products ready for consumption or semi-finished goods that serve as inputs for other industries.
Among the largest importers of manufactured goods are: the European Union (3 trillion 897,000 million dollars), the United States (1 trillion 892,000 million), China (1 trillion 289,000 million).
Some examples of the world’s leading manufacturing companies are General Motors Corporation, General Electric, Procter & Gamble, General Dynamics, Boeing, Pfizer, Precision Castparts, Volkswagen Group, Siemens, Michelin, Toyota, Yamaha, Panasonic, Mitsubishi, LG, and Samsung.