In an increasingly connected world, people and businesses are more likely to have contact with other countries. It is important to be educated on the status of industries around the world, and what makes up the economies of the countries that may be encountered through trade and business expansion. Today we’re going to look at some of the strongest industries in three areas of the world: Asia, Europe, and Australia.
First, within Asia, we’ll look at three different countries: China, Iran, and India. China has the largest GDP in Asia, at 13.608 Trillion dollars. The main industries in China are mining, steel, iron, and textile manufacturing. Iran relies heavily on the oil industry, which makes up 80% of its total exports. The second biggest industry in Iran is textiles. Finally, India is an Asian country with recent growth in GDP. The strongest industries in India are clothing, textiles, and chemical production.
Next, within Europe, the industries in Germany, Poland, and Sweden will be our focus. Germany has the largest economy in Europe, and it makes up 28% of Europe’s total GDP. Its main industries are tourism, banking, manufacturing, and construction. Poland has a GDP of 585.783 billion dollars, and its main industries are pharmaceuticals, agriculture, and mining. Finally, Sweden, an export-focused country, engages in the timber, hydropower, and iron ore industries.
Finally, in Australia, a country with a GDP of 1.432 Trillion dollars, the service industry makes up over 70% of the country’s GDP. This industry interacts and overlaps with many of the other top industries in the country. Tourism is also a large industry in Australia due to its status as a travel destination. Finally, healthcare is an important contributor to GDP. Australia’s healthcare system was ranked as the second-best healthcare system in the world in 2017.
The world is full of diverse industries that can change, shift, and grow with time. One of the best tools a person or business can be equipped with as they become more global is knowledge. Becoming educated about industries outside one’s own country is an excellent way to start learning about the world of international business.