According to the World Bank (WB), imports accounted for 57% of Moldovan GDP in 2024, a far cry from the highest in the world.
But it is not small either, as the entire volume of world imports is approximately 28% of GDP.
“In dozens of countries, imports exceed 50% of GDP, especially in advanced trading countries and in countries with small economies. While high rates are common in major trading centers such as Singapore and Hong Kong, they may also indicate a greater reliance on imported food and commodities,” the WB analysts wrote.
Risks and policies
Import dependence has become a central issue in foreign policy as many countries seek to reduce risks in their supply chains.
Critical minerals and advanced semiconductors are among the priority areas. In addition, European countries are increasing their use of renewable energy to reduce dependence on Russian oil. Overall, imports account for 46% of EU GDP.
Hong Kong has the world’s highest import-to-GDP ratio of 178%, largely due to its role as a major re-export center.
More than half of these re-exported goods originate from China, passing through Hong Kong before being shipped to the rest of the world. In total, the value of Hong Kong’s re-exports exceeds half a trillion dollars.
Singapore, which ranks 4th, with an import-to-GDP ratio of 144%, is also a key re-export center – or transshipment point.
Luxembourg ranks second (160%), San Marino third (155%), and Djibouti fifth (115%).
Causes of dependence
Some island nations such as Cyprus, Cuba and Taiwan tend to be more dependent on imports due to limited domestic production. In Cuba, up to 80% of food is imported, mostly from the Netherlands and Spain.
Taiwan is also highly dependent on energy imports, with most of its oil coming from the Middle East. The country also imports billions of dollars worth of petroleum products from Russia, which are critical components in the production of semiconductors.
In North America, Mexico has the highest import-to-GDP ratio at 38%, followed by Canada with 33%.
Despite having $3.4 trillion in imports in 2024, the U.S. has the sixth lowest import dependency in the world at 14%, given the sheer size of its economy and diversified domestic production.
Also at the bottom of the list are Sudan (1%) and Venezuela (9%), where ongoing crises and corruption have severely disrupted trade flows.
Among our neighbors, Romania ranks 93rd with 42% of GDP, Ukraine 83rd (48%), and Russia 166th (18%).
