Countries With The Largest Increases In Export Volume Since 2000

The export volume index is derived from the United Nation Commission on Trade and Development's (UNCTAD) volume index series. Export volume index represents the ratio of export value index to the corresponding unit value index. UNCTAD estimates the unit value index from the previous years reported index values demonstrated by consistent countries under UNCTAD quality control. To improve the data coverage for the countries, UNCTAD has constructed several price indices at the three-digit product classification of Standard International Trade Classification using UNCTAD statistics of commodity prices. Economies whose data are not published by UNCTAD, the export volume index in the International Monetary Fund's international financial statistics are used. Some countries have experienced marked increase in export volume since 2000. Some of the countries with the largest increases in export volume since 2000 are briefly discussed below.

Sierra Leone

Sierra Leone is ranked 136th largest among export economies in the world, and is one of the poorest developing countries in Africa. Sierra Leone’s import and export are relatively even, bringing into play a more balanced system of trade. The country mainly exports iron, tin, diamond, titanium, and aluminum ores. China and Belgium are the main export destination for Sierra Leone’s products. Export activities are controlled by the Sierra Leone Investment and Export Promotion Agency. Export activities such as market intelligence and linkage, trade facilitation and information gathering by SLIEPA have contributed to an increase in export volume. According to UNCTAD, Sierra Leone experienced a significant increase in export volume with an index of 10261.7%

Panama

Panamanian export destinations are mainly the United States, Germany, China, Costa Rica, the Netherlands, and Vietnam. The country exports mainly seafood, fruits, wood, animal feeds, meat, and paper. Panama primarily promotes exports to markets that can afford preferential access to its goods to increase volume and quality of export goods. Panama has experienced a significant increase in the export value since 2000. The country experienced an export volume index of 1230.2% making it the second country with the highest export volume index increase in the world. The ease of export and the quality of export continues to promote export volumes from Panama. The fair export prices for Panama goods also contributed to the increase in export volumes to the international market.

Eritrea

Eritrea is considered to be a significant gateway into the international market. Though the country is recovering from decades of war and civil unrest, Eritrea is slowly attracting investors, especially from the European Union. Eritrea has also increased the value and volumes of goods to the international market over the last decade. Eritrea export volume index has increased since 2000 according to UNCTAD report on trade statistics. The country recorded an export index increase of 1200.1% since 2000. The country’s export volume is expected to increase further as the government continues to put in place favorable trade regulations and the increased production.

Other countries that have also experienced a high increase in export volume index include Mozambique, China, Cambodia, Albania, Burkina Faso, Chad, and Azerbaijan. These countries had more than 500% increases in their respective export volume indices since 2000. The increase in export volume is attributed mainly to the increased production, quality of export and the fair export prices in the international market