Which are the top OECD countries with highest current account surpluses in 2017? Insider Monkey gives the aswer in their latest article. When taken into consideration the sheer value of the trade deals they have, the US leads by far because while its exports are high, its imports are much higher. You might wonder which countries are benefiting from this huge volume of US imports. It should be noted that this isn’t the same as the budget deficit or surplus. The list of countries by budget deficit/surplus would be led by far by the small Timor-Leste out near Indonesia. On the list of the budget deficit by country for 2016, Timor-Leste’s deficit runs at close to 90% of the entire GDP.
Now without a further ado let’s see what Insider Monkey has investigated for us. We have picked three top OECD countries with highest current account surpluses in 2017.
The first one is Italy. Italy isn’t a very large country, but it already runs a trade surplus of over $47 billion, and a current account surplus of 2.6% of its GDP. The largest chunk of the country’s exports is represented by machinery, mechanical appliances, nuclear reactors, boilers and parts for these, followed by the automotive industry and the section of economy that builds electrical machinery and equipment, sound recorders and reproducers and TVs. When it comes to imports, Italy buys cars, mineral fuels and oils, as well as whatever falls into the “machinery, mechanical appliances, nuclear reactors, and boilers” category.
The next country is Norway. The country likes to export loads of mineral fuels and oils, fish, crustaceans and other aquatic animals, as well as machinery and mechanical appliances. Norway imports the same type of machinery and mechanical appliances, vehicles, and electronic devices. At last, but not least we are mentioning Slovenia. Next up is Slovenia with a trade surplus of close to $3 billion, and a current account surplus of 6.7% of the GDP. The country exports vehicles, electronics, and machinery and mechanical appliances, as well as pharmaceutical products. Their import list looks exactly the same, although the fourth position is occupied by mineral fuels and oils.
For any further useful information, read Insider Monkey’s article about top 15 OECD countries with highest current account surpluses in 2017.