Export-to-GDP Ratio Ranks 141st Among 192 Countries
The World Bank’s World Development Indicators (WDI) include export-to-GDP ratios for 192 countries and regions. The global figure is 29.11%, while Japan’s is 22.77%. Ranked from highest to lowest, Japan comes 141st.
At the top are Luxembourg (191.53%), San Marino (185.99%), and Hong Kong (181.79%). Ratios above 100% occur because processing and re-export trade form the core of these economies, with transactions accumulating as imported goods are modified and exported again. At the bottom are Sudan (0.72%), Haiti (3.40%), and Ethiopia (5.54%).
Japan also ranks 161st in imports as a share of GDP, at 23.64%. Its ranking is lower than for exports.
Although Japan is often described as a “trade-oriented nation,” measured by trade dependence, it falls within the bottom 20% of countries worldwide.
This Ranking Also Reflects the Size of the Economy
When measured as a share of GDP, the ratio appears smaller when the domestic economy—the denominator—is larger. Countries with small domestic markets have no choice but to send their production abroad, resulting in higher ratios, while countries with large domestic markets have lower ratios.
Luxembourg, San Marino, and Hong Kong, which rank near the top, all either have small populations or urban economies. Japan’s 141st place does not mean that it “does not trade”; it also reflects the large scale of the economy circulating domestically.
The picture changes when looking at actual amounts, but that is not visible if one looks only at the ranking table for ratios.
Manufacturing Depth Ranks 17th Among 203 Countries
In terms of manufacturing value added as a share of the economy, Japan ranks 17th among 203 countries and regions, at 20.58%. This is more than 5 percentage points above the global figure of 14.99%.
At the top are Puerto Rico (44.14%), Liechtenstein (34.17%), and San Marino (31.77%). At the bottom are Bermuda (0.33%), the Turks and Caicos Islands (0.45%), and the Federated States of Micronesia (0.51%), with regions centered on tourism and finance appearing prominently.
Although manufacturing’s share is among the highest in the world, Japan’s export-to-GDP ratio is near the bottom. This reflects a structure in which much of what is produced is consumed domestically.
Inward Foreign Direct Investment Ranks 25th Among 204 Countries
In terms of direct investment flowing in from abroad, Japan ranks 25th among 204 countries and regions, at approximately 162 billion dollars. The global total is approximately 1 trillion 5,228 hundred million dollars, making Japan’s share around 1%.
At the top are the United States (297.1 billion dollars), Singapore (135.1 billion dollars), and Hong Kong (125.8 billion dollars), which are 8 to 18 times Japan’s figure. At the bottom are Switzerland (-108.4 billion dollars), Liechtenstein (-87.2 billion dollars), and Hungary (-62.2 billion dollars), all with negative figures. Direct investment becomes negative when withdrawals exceed inflows, so figures can fluctuate sharply in financial centers.
For a country that ranks among the world’s largest economies, the amount of incoming investment is relatively modest.
High-Tech Export Ratio Ranks 44th Among 186 Countries
In terms of high-tech products as a share of manufactured exports, Japan ranks 44th among 186 countries and regions, at 17.55%. This is below the global figure of 24.76%.
At the top are the Cayman Islands (85.52%), Samoa (76.67%), and Hong Kong (75.57%). Here too, it is important to note that regions engaged in re-export trade tend to rank highly. Since the denominator is the value of manufactured exports, the composition of re-exported goods directly appears in the ratio.
What Becomes Visible When the 5 Indicators Are Viewed Together
| Indicator | Japan’s figure | Ranking (total) | Global figure |
| Manufacturing value added (share of GDP) | 20.58% | 17th (203) | 14.99% |
| Inward foreign direct investment | 162 billion dollars | 25th (204) | 1 trillion 5,229 hundred million dollars (total) |
| High-tech export ratio | 17.55% | 44th (186) | 24.76% |
| Exports (share of GDP) | 22.77% | 141st (192) | 29.11% |
| Imports (share of GDP) | 23.64% | 161st (192) | 28.18% |
The capacity to produce ranks among the world’s highest, while the proportion sent abroad ranks near the bottom. These two facts are not contradictory. In countries with large domestic markets, trade dependence measured as a share of GDP will inevitably appear low.
When reading international comparisons of trade, it is useful to first examine which countries appear at the top of the ratio rankings. If Luxembourg, San Marino, and Hong Kong are clustered there, the ranking is not a list of “countries with thriving trade,” but a ranking of “economies where trade is large relative to the domestic market.” Japan’s 141st place must also be understood as its position on that same scale.
Sources
- Manufacturing, value added (% of GDP) (World Bank World Development Indicators NV.IND.MANF.ZS)
- Foreign direct investment, net inflows (BoP, current US$) (same source BX.KLT.DINV.CD.WD)
- High-technology exports (% of manufactured exports) (same source TX.VAL.TECH.MF.ZS)
- Exports of goods and services (% of GDP) (same source NE.EXP.GNFS.ZS)
- Imports of goods and services (% of GDP) (same source NE.IMP.GNFS.ZS)
All figures are based on the latest year recorded for each indicator (2024).