The Economies Most Dependent on International Trade
Key Takeaways
- A higher trade-to-GDP ratio means an economy relies more on international trade.
- Hong Kong has the highest ratio because it acts as a re-export hub, primarily between Mainland China and the rest of the world.
Fueled by tariffs, the trade war has threatened economic ties in 2025. But which economies are most exposed to these shifts in international trade?
This graphic was created in partnership with Terzo for our Markets in a Minute series, which features quick economic insights for executives. We explore which countries and jurisdictions rely the most on trade to power their economies.
The Biggest International Trade Dependencies
A key measure of how much an economy depends on international trade is the trade-to-GDP ratio. The ratio is the total of a country’s exports and imports of goods and services, divided by its GDP.
Importantly, a higher ratio means a country’s growth, production, and value chains are more entwined with global flows. As a result, changes in tariffs and trade wars can have a bigger impact.
Here is a table that shows economies with the highest ratios. We’ve limited our ranking to jurisdictions with a 2024 GDP of $300 billion or more.
| Economy | Trade-to-GDP Ratio |
|---|---|
| Hong Kong | 359% |
| Singapore | 322% |
| Ireland | 253% |
| United Arab Emirates | 202% |
| Vietnam | 165% |
| Belgium | 158% |
| Netherlands | 156% |
| Malaysia | 137% |
| Thailand | 137% |
| Switzerland | 134% |
Source: World Bank. Note: Trade-to-GDP ratios can exceed 100% because trade is measured as exports plus imports, while GDP counts exports but subtracts imports.
Hong Kong has the highest ratio of over 350%, meaning trade flows through the area are more than three times the size of its economy. Due to its free trade policies, Hong Kong acts as a re-export hub, particularly between Mainland China and the rest of the world.
Singapore ranks second in international trade dependency. The city-state’s strategic location, strong logistics infrastructure, and global market connections have established its role as a main trading hub.
When it comes to U.S. tariffs, some trade-dependent countries have been hit harder than others. Imports from Vietnam, Thailand, and Switzerland are all set to generate some of the highest tariff revenues for America.
Reacting to the Trade War
Given the high exposure to geopolitical shifts and tariffs, how do these economies plan to stay resilient?Industry experts say Hong Kong must evolve from a simple re-export hub to a supply chain services manager by offering support in areas like finance, law, and insurance. Hong Kong also plans to build up its airport infrastructure as another competitive advantage amid the trade war.
Meanwhile, Ireland is looking to mitigate U.S. tariffs by offering companies grants and other support to look into new market opportunities outside the U.S.