In an ever-globalizing world, certain economies lean hard on export performance. Exports aren’t just “nice to have” — for some nations, they constitute a large share of GDP, and shifts in global demand or trade policy can hit them like a hurricane. Let’s count down (roughly) ten countries where exports are deeply embedded in the DNA, and peek at what they actually export (by HS chapter) to spotlight where their vulnerabilities — and strengths — lie.
Method note: This list is based on publicly available data on exports (goods + services) as percentage of GDP. Some rankings vary by year and source.
1. Luxembourg
Export share: ~ 215 % of GDP (exports of goods & services)
Luxembourg is the poster child of export dependence. (Yes, more than 100% of GDP, because it is a small, highly financialized, open economy.)
Key exports (HS chapters / sectors):
- Financial & professional services (though not captured in HS goods)
- Machinery & equipment
- Steel, iron, metal products
- Chemicals, rubber, glass
Because Luxembourg is so open and small, cross-border flows within the EU (re-exports, intra-EU trade) amplify the export share.
2. Singapore
Export share: ~ 186.6 % of GDP
Key exports (HS chapters):
- HS 85 – Electrical machinery & equipment (the largest slice)
- HS 84 – Industrial machinery / mechanical appliances
- HS 27 – Mineral fuels / oil & gas / petroleum products
- HS 90 – Precision instruments, optics
- HS 71 – Precious stones & metals
- HS 30 – Pharmaceuticals
Because of its role as a trading hub, Singapore often re-exports goods (electronic intermediates, semiconductors), so part of its export volume is in “pass-through” trade.
3. Hong Kong (SAR)
Export share: ~ 176.8 % of GDP
As a major entrepôt, Hong Kong’s goods flows (exports + imports) dwarf its domestic GDP. Many goods pass through Hong Kong en route to China or elsewhere.
Key sectors / HS chapters:
- Electronics and electrical machinery
- Watches, clocks, jewelry
- Optical / precision instruments
- Miscellaneous manufactured goods
4. Djibouti
Export share: ~ 150 % of GDP
A smaller economy with a narrow base: often export share here is propped up by transport, port services, logistics, re-exports, and transit trade in addition to limited merchandise exports.
5. Ireland
Export share: ~ 135 % of GDP
Ireland is in a class of its own. A small open economy with heavy presence of multinational firms. Many exports are high-value pharmaceuticals, medical instruments, computer and electronic goods, and chemicals.
HS highlights:
- Pharmaceuticals / medicines
- Medical devices
- Computer and electronic components
- Organic chemicals
Because a lot of Ireland’s GDP is in “headquarters / R&D / IP / services,” the ratio is inflated by value flows from inward investment.
6. Malta
Export share: ~ 124.6 % of GDP
Malta’s mix is also small-scale: re-exports, shipping, electronics, pharmaceuticals. As with other micro-economies, the leverage effect of trade is large.
7. UAE (United Arab Emirates)
Export share: ~ 108.6 % of GDP
The UAE is more resource-based, relying heavily on hydrocarbons, petrochemicals, and related trade flows.
HS highlights:
- HS 27 – Petroleum and mineral oils (and products)
- HS 29 / 28 – Chemicals, inorganic or organic
- HS 84 / 85 – Machinery / electrical equipment
- HS 39 – Plastics and plastic articles
Because energy exports dominate, fluctuations in oil prices hit the UAE harder than many.
8. Cyprus
Export share: ~ 97 % of GDP
Cyprus is another small, service- and tourism-inclined economy; merchandise export is modest but boosted by re-exports, shipping, logistics, and financial / professional services.
9. Slovakia
Export share: ~ 91 % of GDP
Slovakia is highly integrated into European value chains, especially in automotive, machinery, and electronics.
HS highlights:
- HS 87 – Vehicles and automotive parts
- HS 84 / 85 – Machinery, electrical equipment
- HS 73 / 74 – Iron, steel, metals
The risk: global automotive demand fluctuations or supply chain disruptions.
10. Netherlands / Belgium / other small open economies
After the “top 9” (with microstates and export hubs), fall a cluster of Western European economies with export shares in ~ 80–90 % of GDP. Belgium and the Netherlands are especially trade-intensive.
- Belgium: ~ 84 % export share
- Netherlands also sees high export openness.
Their dominant HS codes: machinery, transport equipment (HS 84–85, 87), chemicals, food/agro, refined petroleum, electronics.
What Patterns Emerge — and What It Means
1. Small, open economies dominate the list
It’s no surprise: microstates or small countries (Luxembourg, Singapore, Malta, Cyprus) tend to show extreme trade-to-GDP ratios because any external trade dwarfs the domestic base.
2. Re-exports and trade hub functions inflate numbers
Singapore and Hong Kong are classic examples. They add “pass-through” trade — components that enter, are processed/packaged, then leave — which counts toward export totals.
3. Heavy exposure to global cycles
When your GDP hinges on external demand, downturns abroad matter. Exporters of commodities (UAE) are vulnerable to commodity price swings; exporters of electronics or autos (Slovakia, Singapore) depend on global capital investment, supply chain health, and consumer demand.
4. Diversity of HS codes matters
Nations that export across multiple HS chapters (machinery, chemicals, electronics, metals) may weather shocks better than those focused too narrowly (e.g. oil). Singapore’s mix of electronics, machinery, chemicals is an advantage. Luxembourg’s, with machinery + financial / high value manufacturing, gives more ballast.
5. Intraregional / intra-EU trade can skew perception
For EU member states or micro-EU economies, trade within the bloc counts as “exports,” so high numbers sometimes reflect regional integration more than global reach.
Tips & Takeaways for Policymakers, Business Leaders, and Analysts
- Monitor leading HS chapters: know your country’s export “bucket” (e.g. HS 85, HS 84, HS 27) so that you know which global cycles will hit you.
- Build buffer zones: for commodity exporters, consider hedging or diversifying into more manufactured goods.
- Value addition > volume: move up the value chain so that your export basket isn’t stuck in low-margin goods.
- Be wary of re-export overreliance: hubs are vulnerable to rule changes, port congestion, or trade sanctions.
- Regional integration is double-edged: intra-bloc trade can boost export share, but it also means your fate is tied closely to neighbors’ demand.
- Watch external dependencies: if 70 % of your exports go to one market, you’re very exposed.
Turn curiosity into action—country by country
Explore verified import and export data by country on import-export-data.com and turn HS codes into a practical plan. Share your HS list; we’ll align it to live customs records and surface the essentials: active buyers and suppliers, shipment lanes and volumes, Incoterms in play, and what markets are actually paying over time. With clear shipment trails and price bands ($/kg, local currency), you’ll benchmark in minutes, spot seasonality and risk signals early, and step into negotiations with documented evidence—not intuition.