Luxembourg tops list of world's most trade-dependent countries; India ranks 139th

Luxembourg has emerged as the world's most trade-dependent country, with exports and imports of goods and services equivalent to around 350% of its gross domestic product (GDP), according to a ranking published by Visual Capitalist. San Marino and Singapore occupy the second and third positions, respectively, highlighting how smaller economies often rely heavily on international trade.

The ranking, based on World Bank data, compares countries by the combined value of their exports and imports as a percentage of GDP. Most figures are from 2025, while some countries use data from 2022 to 2024. The analysis covers 170 countries and excludes territories such as Hong Kong.

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Top 10 most trade-dependent countries

Luxembourg tops the list with a trade-to-GDP ratio of nearly 350%, followed by San Marino at 341% and Singapore at 320%. Ireland ranks fourth at 240%, while Malta completes the top five with 219%.

Here are the 10 most trade-dependent countries:

1. Luxembourg: 350%

2. San Marino: 341%

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3. Singapore: 320%

4. Ireland: 240%

5. Malta: 219%

6. Djibouti: 206%

7. United Arab Emirates: 199%

8. Vietnam: 190%

9. Cyprus: 189%

10. Seychelles: 172%

The dominance of smaller economies reflects their dependence on overseas markets, imports and international supply chains. Sixteen of the 20 most trade-dependent countries have populations below 10 million.

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Luxembourg benefits from its financial services industry, while Singapore serves as a major international trading and re-export hub. Djibouti's strategic location and port infrastructure also support its role in regional trade, particularly for landlocked Ethiopia.

Where does India stand?

India ranks 139th among the 170 countries in the analysis, with exports and imports accounting for approximately 46% of GDP. The figure places India among economies where domestic consumption and production play a substantial role alongside international trade.

China, despite being the world's largest goods exporter, records a trade-to-GDP ratio of around 38%, ranking near the bottom of the list. The United States stands at 25%, reflecting the importance of its large domestic market.

A lower trade-to-GDP ratio does not necessarily indicate weaker international trade. Large economies can record trillions of dollars in exports and imports while remaining relatively less dependent on overseas markets as a share of their total economic output.

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Countries least dependent on trade

At the other end of the ranking, Sudan has the lowest trade-to-GDP ratio at approximately 2.4%, followed by Haiti at 16%. Venezuela and the United States are both around 25%, while Pakistan and Bangladesh record approximately 27% and 28%, respectively.

The figures demonstrate that trade dependence varies significantly across economies. While smaller countries often depend on international markets to meet domestic demand and sustain economic activity, larger economies can rely more heavily on internal consumption.