Business

The world’s most lucrative exports

Last year, goods worth $24.5 trillion (£19.5tn) were exported around the globe. But what do some of the world’s biggest countries make the most money from?

From oil to eggs, read on to discover the most lucrative exports in 45 key nations, as revealed in the latest data from World’s Top Exports.

Saudi Arabia – mineral fuels, including oil

No prizes for guessing this one. According to World’s Top Exports’ latest data, mineral fuels including oil made up a colossal 83.8% of total Saudi exports in 2022, generating $268.5 billion (£214bn) in the process.

United Arab Emirates – mineral fuels, including oil

Much like Saudi Arabia and Qatar, mineral fuels, including oil, are the most lucrative export in the United Arab Emirates.

In 2022, the UAE shipped out $213.4 billion (£169bn) worth of oil, accounting for a phenomenal 68.6% of the nation’s total exports.

Iran – plastics, plastic articles

Mineral fuels have long been Iran’s top export. However, in 2023 the nation made almost twice as much money from exporting plastics and plastic articles as it did from shipments of “black gold”.

Iran, one of the world’s most polluted countries, made $3.5 billion (£2.8bn) from plastic in 2023 and $1.8 billion (£1.4bn) from mineral fuels, including oil.

Egypt – mineral fuels, including oil

Egypt makes a significant chunk of its export income by selling oil on the international market.

In fact, mineral fuels (including oil) represented 37.3% of its total exports in 2022, according to World’s Top Exports’ latest data. That amounts to around $18 billion (£14.3bn).

China – electronics

The world’s largest exporter of goods – as well as the leading exporter of mobile phones – China made almost $3.4 trillion (£2.7tn) in export sales last year.

Electrical machinery and equipment had the largest market share, accounting for 27% or $899 billion (£716bn) of its total exports. Top among these were smartphones and computers.

Poland – machinery, including computers

Like many highly industrialized countries, Poland derives a large portion of its export earnings from trading in machinery, including computers.

Last year, the European nation made $50 billion (£40bn) from the sector, which constituted 13.1% of its total shipments.

India – mineral fuels, including oil

India exported goods worth $360 billion (£287bn) in 2022, the most recent year for which World’s Top Exports has available data.

Topping the list of its biggest exports two years ago were mineral fuels (including oil), which brought $42.6 billion (£34bn) into the country.

India was also a world leader in the export of diamonds, with gems and precious metals accounting for 11% of the nation’s total exports.

Ireland – pharmaceuticals

Pharmaceuticals accounted for 34.2% of Ireland’s total exports in 2023. That equates to around $71.7 billion (£57bn).

According to World’s Top Exports, the total value of Ireland’s exports – which was $209.5 billion (£167bn) last year – works out at around $39,900 (£31.8k) per capita.

France – machinery, including computers

Think of France and you might find yourself daydreaming about cheese and fine wine. However, the country actually makes the most money from decidedly less glamorous commodities: machinery, vehicles (including aircraft and spacecraft), and pharmaceuticals, to be precise.

Machinery, including computers, represented 11.6% of the country’s total exports in 2023, bringing in $73.6 billion (£58.7bn).

Brazil – mineral fuels, including oil

Mineral fuels (including oil) made up 16.2% of Brazilian exports last year, bringing $55.1 billion (£43.9bn) into the South American country. That’s a slight dip from 2022 when mineral fuels comprised around 17% of exports and brought in $56.9 billion (£45.3bn).

Brazil’s top trading partners are China, the US, and Argentina. China imported a whopping 30.7% of Brazil’s total exports in 2023.

Spain – vehicles

Producing almost two million cars in 2023, Spain attributed 15.8% of its export revenue last year to its auto industry.

This percentage has been falling since 2016, when vehicles accounted for 17.6% of the country’s exports. Despite this, Spain’s vehicle revenue has actually increased from $50.8 billion (£40.5bn) to $67.1 billion (£53.5bn) over the last seven years.

Greece – mineral fuels, including oil

The Greek economy is still struggling to recover from the 2008 financial crisis. When it comes to exports, its biggest earners are mineral fuels (including oil), which represented 32.3% of the country’s total exports or $17.8 billion (£14.2bn) in 2023.

That’s a huge increase from 2016, when oil brought in just $8.4 billion (£6.7bn), though a slight dip from 2022 when Greece made $21 billion (£16.7bn) from the so-called “black gold”.

Argentina – cereals

Argentina’s most lucrative exports are cereals, including corn. This product group contributed $8.1 billion (£6.5bn) to the country’s economy in 2023, representing 12.1% of Argentina’s total exports.

Brazil, China, and the US were the biggest buyers.

Colombia – mineral fuels, including oil

Around 28% of Colombia’s exports were destined for the United States last year, and the most lucrative product group was mineral fuels, including oil.

These exports represented a significant 50.5% of the Latin American country’s outgoings and brought in $25 billion (£19.9bn).

South Africa – gems and precious metals

The mining industry is a key part of South Africa’s economy, and its gold and diamonds are famed around the globe.

It’s little surprise, then, that gemstones and precious metals were collectively its biggest export in 2023, constituting 17.7% of the total, or $19.5 billion (£15.5bn).

Qatar – mineral fuels, including oil

Unsurprisingly, oil-rich Qatar counts mineral fuels (including oil) as its most lucrative export.

This sector brought in $95.3 billion (£75.9bn) in 2022, the most recent year for which World’s Top Exports has data, and represents a massive 87.7% of the nation’s total shipments.

Japan – machinery including computers

The home of no less than Honda, Mitsubishi, Nissan, and Toyota, Japan exported $156.7 billion (£125bn) worth of vehicles in 2023.

Japan had been the world’s biggest car exporter for years. However, in recent years it’s been overtaken by Germany and China, with the People’s Republic revving up both its vehicle production and overseas sales

Canada – mineral fuels, including oil

Last year, Canada exported goods worth a grand total of $568.3 billion (£453bn), a dip of 5.1% from 2022.

Mineral fuels, including crude oil, were its most lucrative export and accounted for 25.2% of total sales; this figure is down from 30.2% the year before. Vehicles, machinery, gems, and wood make up the rest of Canada’s top five.

Mexico – vehicles

The world’s seventh largest automobile manufacturer in 2023 (according to Statista), Mexico makes an impressive sum from its exports of vehicles.

In 2022, the country sold $136.1 billion (£108bn) worth of cars and trucks, representing 23.5% of its total shipments.

United Kingdom – gemstones, precious metals

According to World’s Top Exports, the UK’s top export in 2023 – somewhat surprisingly – was precious metals and gemstones.

(It’s worth noting this doesn’t correlate with official data from the UK government, which claims cars took the top spot between February 2023 and February 2024.)

The data from World’s Top Exports suggest that precious metals and gemstones accounted for 16.7% of the UK’s total exports last year, bringing in $86.6 billion (£69bn).

Italy – machinery, including computers

Machinery, including computers, is Italy’s biggest export.

The European nation exported $116.8 billion (£93.1bn) worth of the technology last year, which accounted for 17.3% of its shipments. Nearby Germany and France were two of its biggest customers.

Australia – mineral fuels, including oil

Australia exported $370.9 billion (£296bn) worth of goods in 2023.

Of the grand total, 34% was generated by mineral fuels, including oil. These commodities brought in $125.9 billion (£100bn), making them the most lucrative export Down Under.

Malaysia – electrical machinery

While you might expect Malaysia’s most lucrative exports to be clothing or palm oil, 38.1% of the country’s 2023 revenue actually came via electrical machinery, which generated $119.1 billion (£95bn).

Almost three-quarters of its total shipments were destined for its fellow Asian nations, with China and Singapore its two biggest markets.

Germany – vehicles

The largest economy in Europe, Germany exported a whopping $293.6 billion (£234bn) worth of vehicles last year.

Back in 2022, Germany was the world’s leading exporter of cars by a significant margin, providing around 20% of the world’s supply.

Chile – ores, slag, and ash

Chile made $28.6 billion (£22.8bn) from exports of ores, slag, and ash last year, which accounted for 28.5% of its total outgoing products.

The South American nation also made megabucks – $20.4 billion (£16.3bn), to be precise – trading in copper ores, which is no surprise given it’s the world’s number-one copper producer by a considerable margin.

Switzerland – gemstones, precious metals

Affluent Switzerland makes a mint selling everything from chocolate to clocks.

However, the country generates the most money by trading gemstones and precious metals. These sparkling outgoings made up 30.3% of its total exports last year, with a value of $127.2 billion (£101bn).

Austria – machinery, including computers

Austria is another wealthy European country that counts machinery, including computers, among its biggest exports.

The sector generated $38.2 billion (£30.4bn) last year, representing 17.1% of its total shipments.

Russia – mineral fuels, including oil

All eyes have been on the Russian economy since the country invaded Ukraine in February 2022. Global sanctions and trade embargoes have meant many nations are shunning Russian exports – but that didn’t stop the country from making $348.3 billion (£273bn) from mineral fuels, including oil, by the end of that year.

World’s Top Exports doesn’t have data for Russia for 2023, but the nation is thought to have made record profits from exporting oil last year, with China its biggest trading partner.

Just as the Russian Federation is reliant on the money it makes from oil, many countries are equally reliant on the nation’s oil and gas reserves for energy, resulting in an ongoing stand-off between Putin and the West.

Pakistan – knit or crochet clothing, accessories

Pakistan’s biggest exports in 2022, the latest year for which World’s Top Exports has data, were knit or crochet clothing and accessories.

The South Asian country shipped out $5.9 billion (£4.7bn) worth of the items, predominantly to the US and mainland China. This category was closely followed by textiles and worn clothing, which brought in $5.8 billion (£4.6bn).

New Zealand – dairy, eggs, and honey

New Zealand is highly reliant on its agricultural sector, which accounts for almost all of its 10 most lucrative exports. At the top of the list are dairy, eggs, and honey, which collectively represented $12.2 billion (£9.7bn), or 30.7%, of its total trade last year.

The world’s biggest exporter of dairy products is the New Zealand-based firm Fonterra.

Bangladesh – knit or crochet clothing, accessories

One of the world’s largest exporters of clothing, Bangladesh derives an enormous 92.5% of its total export income from the apparel and textile industries.

Within this, knit or crochet clothing is its most lucrative export, generating $31 billion (£24.7bn) in 2022, the latest year for which World’s Top Exports has data.

Philippines – electrical machinery

A total of $78.9 billion (£62.9bn) worth of goods came from the Philippines in 2022, the latest year for which World’s Top Exports holds data.

Of that, $43.6 billion (£34.7bn) was generated from the export of electrical machinery and equipment, which accounted for 55.2% of all the country’s shipments.

Business

How women can participate better in family finances

Across the Gulf, more women are joining family financial discussions, yet many remain on the sidelines of long-term planning. Tradition, trust or limited access often hinder their participation in financial decision making, leaving families vulnerable when life takes a turn. Open conversations about money are the first step towards building financial awareness and long-term confidence.

Time to talk

If one partner manages the family’s finances alone, the other may be less equipped to handle significant life changes such as marriage, divorce, bereavement, inheritance, or transitions in a family business. Many families only make important financial decisions when something goes wrong, leading to rushed choices, emotional stress and strained relationships.

A recent succession planning survey in the Gulf by Lombard Odier underlined this tension. Many families know how important it is to prepare for the future, yet half still choose to put off these vital conversations. Nearly two thirds of wealthy families in the region confirm that they don’t have a clear succession plan in place. With the region on the brink of its first major transfer of wealth across generations, proactive financial planning is no longer a nice-to-have but more of a must-have.

Here are five practical ways women in the region and beyond can take charge of their financial well-being:

1. Have open conversations

In parts of the Middle East, separation of property applies, and joint ownership is not presumed unless explicitly agreed in a marriage contract. Keeping both names on key documents and having open conversations about future help to build trust.

Legal frameworks also matter as they can vary significantly across jurisdictions, with some countries applying different inheritance rules depending on an individual’s faith or religious affiliation. This means that spouses can have wills that reflect their personal wishes, but it also underscores the importance of knowing which rules apply to one’s circumstances. Financial confidence begins with awareness.

Shared responsibilities

Many women take on caregiving roles that limit their income-generating work, often leaving a gap in long-term financial planning. This can have lasting financial consequences in the form of lower savings, leaving women potentially more exposed to financial imbalances later in life.

Many families may overlook that unpaid work, such as caregiving or managing household affairs, also create economic value. Recognising these contributions through financial arrangements – for example, through savings, insurance or agreed transfers – can help to close the gaps that emerge when one partner steps back from paid work.

Steps for women to build financial resilience

Here are five practical ways women in the region and beyond can take charge of their financial well-being:

1. Have open conversations

2. Establish clear financial governance

Sound financial practice is for both partners to review the family’s overall financial situation at least once a year. Even if one spouse takes care of the investments or large acquisitions on behalf of the family, the other should be aware and involved, and all major purchases or loans documented.

3. Partnership finance

Financial resilience starts with both partners understanding how assets and debts are managed. Run a combination of own and joint bank accounts and stay involved with joint assets and liabilities.

4. Create a fair financial transfer model

A classical role distribution often involves women in a family-care role, setting them back on their wealth creation path. Agreeing on a fair financial transfer model that assigns value to the household work of the spouse entrusted with this role helps.

5. Engage the next generation

Healthy and frequent communication within a family is essential. Regular family meetings provide a structured opportunity for updates, discussions and the voicing of concerns. Establishing clear, shared goals can unite generations around a common vision.

The national

Business

UAE shoppers make most of White Friday sales to stretch their budgets

Smart choices can help UAE residents turn White Friday deals into long-term value

White Friday sales are in full swing across the UAE, stretching from late November into the first few days of December. It mirrors Black Friday in the West, but shoppers here approach it differently.

Amazon.ae, Expedia.ae and other major retailers and online travel operators are rolling out major deals, yet residents are becoming more selective and more strategic. You may notice this shift in your own habits — choosing products that last, add real value or make daily life easier.

These aren’t isolated choices. They reflect clear trends seen across millions of transactions. Joint research from Flowwow and Admitad highlights just how sharply UAE shoppers differ from the regional average.

Not falling for impulse buys

Across the MENA region, November online purchases rose 10%, but White Friday drove the real climb: GMV — the total value of everything bought online before discounts and fees — jumped 40%, and the number of orders increased 20%. Within this surge, UAE residents stood out for making higher-value purchases without falling into impulse spending.

Average order value, or AOV (the average amount shoppers spend per order), rose across MENA from $33.5 (Dh123) to $38 (Dh140). In the UAE, AOV moved from $95 (Dh349) to $103 (Dh378) — 2.7 times higher than the regional average. Bigger spends here reflect a preference for well-considered purchases that hold up longer and reduce replacement costs.

Electronics spending rose 22%, while fashion climbed 21%. Many residents used White Friday to upgrade work devices, refresh wardrobes or tick off items they’ve planned to buy.

Everyday choices hit budgets

The sharpest growth came from categories tied to daily life. Instead of grabbing eye-catching deals, shoppers focused on home, family and wellbeing. This shift shows a mindset that treats White Friday as a chance to make the coming months smoother and more affordable.

For example, spending on home and garden items climbed 18%. Families also directed more towards children’s items, sports gear, beauty and wellness products. Toys, hobbies and even automotive accessories saw steady growth. When you look at these movements together, a pattern emerges: people are investing in everyday upgrades rather than random sale items that don’t last.

Another telling signal comes from how shoppers saved money. Only 14% relied on coupons, but 21% used cashback and loyalty rewards — tools that add ongoing value. Coupons vanish. Cashback accumulates. It’s a subtle but powerful budgeting shift.

Gifting early now an advantage

Flowwow’s UAE data reflects the same habits. The platform saw GMV surge 96%, orders rise 72% and average spend reach Dh350. Much of this came from gifting — but gifting done early, thoughtfully and within planned budgets.

Lifestyle and gift items dominated spending this season, with shoppers showing a strong preference for thoughtful, meaningful purchases. Non-floral gifts such as edible bouquets and balloons surged by 180%, while beauty products climbed 150% and confectionery rose 70%.

Home and garden items grew 50%, reflecting a growing interest in practical upgrades and home comfort. Even within gifting categories, certain products stood out: indoor plants jumped 83%, gourmet gift sets soared 285%, and edible bouquets rose 61%, showing how residents leaned into presents that feel personal and festive.

If you’ve ever waited until mid-December and felt the financial pinch, these trends explain why many UAE residents now shop earlier. Buying gifts ahead of the rush spreads spending, prevents panic buys and locks in better prices.

Add travel to White Friday mix?

Many UAE residents also use the White Friday period to organise upcoming travel, especially with long booking windows and seasonal rate drops. One example this year includes hotel discounts of up to 50% on Expedia.ae between November 20 and December 2, with stays allowed until December 30, 2026 — a timeline that appeals to travellers planning well in advance.

A spokesperson for Expedia Group Brands observed broader destination choices among UAE travellers this winter, noting: “This winter, UAE travelers are embracing variety like never before, from tropical escapes in Thailand, festive European cities in Madrid and Amsterdam to ski adventures in St. Moritz. To make the most of these trips, timing is key; staying on February 3 or 15 can unlock the best rates, while bundling flights and hotels can save hundreds.”

The range of discounted hotels includes city properties in London and Paris as well as resort stays in Antalya, offering travellers a snapshot of the types of international options often discounted at this time of year.

Turn sales to budgeting wins

You can mirror the same habits that now define UAE spending patterns:

Identify what you’ll genuinely need over the next six months — White Friday pricing often beats New Year or Ramadan deals.
Compare marketplace prices first. With 74% of all online purchases in the region happening on marketplaces, competition keeps prices tight.
Use loyalty points and cashback as part of a longer-term savings strategy.
Finalise your holiday gift list early to avoid inflated December prices.
Check long-window travel offers if you have fixed travel plans for 2025 or 2026.

UAE sales to soar further

This year’s White Friday is expected to be strong again: UAE GMV may rise 14%, order volumes 11%, and gifting alone could climb 65%. With 65% of the UAE population under 35, digitally native shoppers are driving the market forward. Nearly half of all purchases now happen on mobile, and marketplace activity keeps growing.

For your personal finances, this means the next few days offer prime opportunities — but only if what’s in your cart supports your real needs. What purchases would meaningfully improve your day? Which gifts bring joy without stretching your budget? With the sales still running into the first days of December, you have room to choose value, not noise.

Gulf News

Business

Saudia, flynas review A320 fleet after Airbus issues major global safety directive

Saudia has confirmed it is reviewing required updates to its Airbus A320-family aircraft after the manufacturer issued a global safety directive — a sweeping recall affecting more than half of the world’s A320 fleet.

In a statement, the airline said it is “assessing any potential impact on flight schedules” and will contact affected guests directly if changes are needed.

Travellers are urged to keep their contact details updated and monitor notifications for real-time updates.

Similarly, flynas has received a directive from Airbus regarding A320 aircraft currently operating with multiple airlines worldwide. As a precaution, a software and technical recalibration will be carried out on part of the Flynas fleet.

The airline said in a statement that this may result in longer turnaround times for a limited number of flights and cause some delays to the operating schedule. Passengers whose flights could be affected will be contacted directly via SMS or email and can also monitor flight status on the airline’s website.

Flynas emphasised that these measures are part of its ongoing commitment to maintaining the highest standards of safety.

Global recall among the largest in Airbus history

The directive follows Airbus’ Friday announcement mandating immediate repairs to 6,000 A320-family jets, in one of the largest recalls in the manufacturer’s 55-year history.

The bulletin affects over 350 operators globally and comes during one of the busiest travel weekends of the year in the United States. At the time the directive was issued, around 3,000 A320 aircraft were airborne worldwide.

According to Airbus, the required fix largely involves reverting to earlier software versions and is considered straightforward, though it must be completed before aircraft can resume normal operations, except for limited ferry flights to maintenance centres.

Airlines across multiple regions, including Saudia and flynas, are assessing operational impacts as the recall triggers worldwide disruption.

Gulf News