Special Report

Most Self-Sufficient Economies in the World

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25. Peru
> Imports as % of GDP, 2020: 21.10%
> Imports in current US$, 2020: $42.63 billion – #61 highest of 189 countries
> Annual imports growth, 2020: -14.92% – #44 largest decline of 170 countries
> Exports as % of GDP, 2020: 22.33% – #55 lowest of 190 countries
> Exports in current US$, 2020: $45.12 billion – #57 highest of 189 countries
> GDP in current US$, 2020: $202.01 billion – #50 highest of 190 countries

Peru, with a population of about 33 million, primarily exports minerals and metals like copper, iron, lead and zinc and imports mainly petroleum. Its top export and import markets are China and the United States, the latter with which Peru signed a free trade agreement in 2009 that boosted its exports of agricultural products to North America.

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24. Uruguay
> Imports as % of GDP, 2020: 21.00%
> Imports in current US$, 2020: $11.26 billion – #92 lowest of 189 countries
> Annual imports growth, 2020: -10.81% – #66 largest decline of 170 countries
> Exports as % of GDP, 2020: 25.37% – #67 lowest of 190 countries
> Exports in current US$, 2020: $13.61 billion – #88 highest of 189 countries
> GDP in current US$, 2020: $53.63 billion – #83 highest of 190 countries

Uruguay’s primary exports are livestock and vegetables and imports mainly petroleum. Its largest bilateral trading partners are China and Brazil. Uruguay (with a population of about 3.5 million) is a founding member of Mercosur — the South American common market — and through this organization the country has trade deals with the European Union and Mexico.

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23. Ecuador
> Imports as % of GDP, 2020: 20.75%
> Imports in current US$, 2020: $20.51 billion – #76 highest of 189 countries
> Annual imports growth, 2020: -7.88% – #47 smallest decline of 170 countries
> Exports as % of GDP, 2020: 22.53% – #56 lowest of 190 countries
> Exports in current US$, 2020: $22.26 billion – #72 highest of 189 countries
> GDP in current US$, 2020: $98.81 billion – #65 highest of 190 countries

China and the South American country with a population of about 18 million said in February they would reach a bilateral trade deal by the end of the year. Ecuador has free trade or preferential trade agreements with other Latin American countries and the European Union. The country’s imports are valued at nearly 21% of GDP, while its exports are valued at over 22% of GDP.

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22. Egypt, Arab Rep.
> Imports as % of GDP, 2020: 20.65%
> Imports in current US$, 2020: $75.43 billion – #44 highest of 189 countries
> Annual imports growth, 2020: -17.89% – #26 largest decline of 170 countries
> Exports as % of GDP, 2020: 13.11% – #19 lowest of 190 countries
> Exports in current US$, 2020: $47.87 billion – #53 highest of 189 countries
> GDP in current US$, 2020: $365.25 billion – #30 highest of 190 countries

Egypt’s imports are valued at 21% of GDP, while its exports are valued at a far lower 13% of GDP. The country’s trade deficit has declined on a Annual basis so far in 2021 thanks to an increase in exports of commodities like fertilizers, plastics, fresh fruit, and clothing. Egypt has a population of about 102 million and has free trade agreements with other African countries, other Arab countries, the European Union, Turkey, and the South American trading bloc Mercosur.

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21. Russian Federation
> Imports as % of GDP, 2020: 20.56%
> Imports in current US$, 2020: $305.01 billion – #19 highest of 189 countries
> Annual imports growth, 2020: -11.98% – #60 largest decline of 170 countries
> Exports as % of GDP, 2020: 25.52% – #68 lowest of 190 countries
> Exports in current US$, 2020: $378.64 billion – #20 highest of 189 countries
> GDP in current US$, 2020: $1,483.50 billion – #11 highest of 190 countries

Russia recently negotiated a deal to boost wheat exports to China that it hopes would grab a larger share of the lucrative Chinese market from Western producers. By far, Russia’s primary export is fuels (petroleum oils, coal and natural gas), which make up more than half of all exports. The country of about 144 million has free trade agreements with several former Soviet states.

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