Exports play a crucial role in economies around the world by influencing economic growth, development, the balance of payment, and levels of employment. Export is an element of international trade whereby a country produces goods and ships them to another country for sale. The sale of export goods in a country adds to the producing country’s gross output. Export products can also be used to exchange for other goods needed by the exporting countries. The value of export goods entering the international market is calculated using the current value of export converted to US dollar according to the United Nation Commission Trade and Development guidelines. Some countries have experienced a substantial decrease in relative export values. Among these countries include those listed and briefly discussed below.
Northern Mariana Islands
The Northern Mariana Islands’ export economy is ranked 218th in the world. In 2014, the country experienced a negative trade balance when its imports significantly outweighed its export. Northern Mariana Islands export value was $ 1.9 million while import value was $213 million leading to a trade deficit of $ 114 million. The country’s Gross Domestic Product (GDP) was $733 million in 2010, making it one of the world’s smallest economies. Northern Mariana Islands export sector is mainly comprised by textiles and handicrafts. Given the slow economic growth and weak exports in Northern Mariana Islands, the country’s export value index relative to 2000 is only 0.2%, the largest decrease in the world.
Aruba has a small and open economy which is characterized by a minimal presence of manufacturing industries. Exports are weak representing an export value index of 9.4% relative to 2000. Aruba’s major trading partners include the US, Netherlands, and Venezuela. Aruba total value of export value was $116 million while the import value was $1284 million. The country’s main exports include live animals and animal product, electric and transport equipment. Aruba continues to struggle for market share in the international market. Its expenditure on imports also continues to escalate because of their expenditure on high-tech equipment.
Bermuda’s export economy is ranked 192nd in the world with an annual export value of $53 million, compared to a much larger import value of $3.17 billion. The disparity in the import-export value has led to a negative trade balance of $3.12 billion in the country. Bermuda mainly exports petroleum gas, hard liquor, packaged pharmaceutical, human blood donated for transfusions, and fruit juice. The country’s top export destinations are US, Australia, Israel and New Zealand. The low export in Bermuda has affected its activities in the international market and lowered its overall annual gross output. According to United Nation Commission on Trade and Development, Bermuda’s Export value index relative to the year 2000 is 23.5% ranking the country among the countries experiencing the greatest decrease in exports relative to the year 2000.
Other countries with some of the largest decreases in relative export value indices include Curacao (35.8%), Syria (43.2%), Macao (48.9%), Palau (52.1%), Guam (55.8%), the Central African Republic (55.9%), and Dominica (72.0%). These counties have relatively low export values compared to imports because of their poor economies. Their trade balances are significantly affected by the significant differences in import and export values. Though these countries trade with bigger economies such as the United States, the United Kingdom, Israel, and Western European countries, little or no export growth is experienced.