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Charted: Silver Price Rallies Over Time (1965–2026)

2026-02-05 03:08:04

See more visuals like this on the Voronoi app.

This chart highlights four major silver price rallies between 1965 and 2026

Charted: Silver Price Rallies Over Time (1965–2026)

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • Silver has experienced several rallies over the past 60 years, often driven by supply shocks and macroeconomic stress.
  • The 2025–2026 rally stands out as the strongest on record in nominal terms, with prices temporarily surpassing $120 per ounce.
  • At time of publishing, silver has recently been trading within the $80 to $90 range, still well over a double of where it was just months ago.

Unlike gold, silver plays a dual role as both a monetary metal and an industrial input, making it especially sensitive to shifts in supply, demand, and investor sentiment.

This chart highlights four major silver price rallies between 1965 and 2026, showing how quickly prices can surge during periods of economic stress or market disruption. Prices shown are not adjusted for inflation, and 2026 figures reflect data as of February 2, 2026.

The data for this visualization comes from Macrotrends and Kitco.

The Hunt Brothers and the 1980 Silver Spike

Maybe the most notorious silver rally occurred between 1979 and 1980. During this period, billionaire brothers Nelson and William Hunt attempted to corner the silver market by amassing physical silver and futures contracts.

Period / Rally Start Price (USD) Intrayear Peak Price Percentage Gain
1979–1980 Hunt Brothers $7.69 $49.45 543%
2009–2011 Post-Financial Crisis $12.59 $49.47 293%
2020 Pandemic Rally $14.16 $29.26 107%
2025–2026 All-time High $29.00 $121.67 320%

At their peak, the Hunts controlled nearly one-third of global silver supply. Prices surged from $7.69 to $49.45 per ounce in just one year, a gain of 543%. The rally ultimately collapsed after regulatory intervention, leading to sharp losses and long-lasting market reforms.

Post-Financial Crisis Momentum (2009–2011)

Silver’s next major rally followed the 2008 global financial crisis. As central banks introduced aggressive monetary stimulus and interest rates fell, investors sought hard assets as a hedge against currency debasement.

Between 2009 and 2011, silver prices climbed from $12.59 to $49.47 per ounce, a 293% gain over two years.

The Pandemic and the 2025–2026 Breakout

The COVID-19 pandemic sparked another sharp rally in 2020, with prices rising 107% in a single year.

However, the most dramatic move came this year, when silver surged from $29 at the beginning of 2025 to a new all-time high above $121 in February 2026.

China’s tighter controls on silver exports constrained global supply, while escalating geopolitical tensions increased demand for safe-haven assets.

Learn More on the Voronoi App

If you enjoyed today’s post, check out All of the World’s Silver Reserves by Country, in One Visualization on Voronoi, the new app from Visual Capitalist.

Ranked: Countries Spending the Most on Research and Development

2026-02-04 23:36:17

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Voronoi showing global research and development spending by country in 2024.

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Countries Spending the Most on Research and Development

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • China spent $785.9 billion in research and development (R&D) in 2024, surpassing the U.S. for the first time ever.
  • Global R&D spending reached $2.9 trillion that year, with 45% driven from countries in Asia.

For decades, the U.S. stood as the global leader in research and development (R&D) spending, however, China is increasingly challenging the scientific balance of power.

Backed by rapid growth and strategic investment, China’s share of global R&D has surged from 4.0% in 2000 to 27.4% in 2024. South Korea and India are also increasing their R&D presence, helping push Asia to the forefront of global innovation.

This graphic shows R&D spending by country, based on data from the World Intellectual Property Organization.

The Global Leaders in R&D Spending

Below, we rank countries by their R&D spending (in purchasing power parity-adjusted constant 2015 U.S. dollars):

Ranking Country R&D Spending
2024		 Global Share R&D Spending
(% of GDP)
1 🇨🇳 China $785.9B 27.4% 2.7%
2 🇺🇸 U.S. $781.8B 27.2% 3.5%
3 🇯🇵 Japan $186.0B 6.5% 3.5%
4 🇩🇪 Germany $132.2B 4.6% 3.1%
5 🇰🇷 South Korea $126.4B 4.4% 5.3%
6 🇬🇧 UK $86.5B 3.0% 2.8%
7 🇮🇳 India $75.7B 2.6% 0.7%
8 🇫🇷 France $65.8B 2.3% 2.2%
9 🇹🇷 Türkiye $43.2B 1.5% 1.4%
10 🇧🇷 Brazil $38.4B 1.3% 1.2%
11 🇷🇺 Russia $38.1B 1.3% 0.9%
12 🇨🇦 Canada $33.2B 1.2% 1.8%
13 🇮🇹 Italy $32.5B 1.1% 1.3%
14 🇪🇸 Spain $29.0B 1.0% 1.5%
15 🇮🇱 Israel $26.5B 0.9% 6.3%
16 🇦🇺 Australia $25.1B 0.9% 1.9%
17 🇳🇱 Netherlands $23.0B 0.8% 2.2%
18 🇨🇭 Switzerland $20.8B 0.7% 3.3%
19 🇧🇪 Belgium $19.9B 0.7% 3.3%
20 🇸🇪 Sweden $19.9B 0.7% 3.6%
21 🇪🇬 Egypt $16.4B 0.6% 1.0%
22 🇦🇹 Austria $15.6B 0.5% 3.3%
23 🇹🇭 Thailand $15.1B 0.5% 1.2%
24 🇸🇬 Singapore $11.7B 0.4% 1.9%
25 🇦🇪 UAE $11.4B 0.4% 1.5%
26 🇩🇰 Denmark $10.4B 0.4% 3.0%
27 🇲🇾 Malaysia $10.2B 0.4% 1.0%

China ranks first globally, spending $785.9 billion on R&D in 2024.

Much of that investment is shaped by China’s centralized funding model, where a large share of research flows through government labs aligned with national priorities such as energy, biotech, and frontier technologies.

The U.S. ranks second at $781.8 billion. Unlike China, American R&D is driven primarily by the private sector, with Amazon, Alphabet, and Meta among the world’s largest corporate R&D investors.

Together, China and the U.S. R&D investment account for 54.7% of the global total.

Japan ranks a distant third, investing $186.0 billion in 2024. Since 2000, its share of global R&D has fallen by 7.2 percentage points, the second-largest decline after the U.S. Toyota has long led corporate R&D spending in Japan, with Honda also investing heavily.

Europe also places three countries in the global top 10, including Germany (#4), the UK (#6), and France (#8). However, each has seen its share of global R&D shrink since 2000.

Still, there are bright spots. In 2024, EU corporate R&D investment rose 13.0% in healthcare, while energy surged 19.8%, outpacing growth in China, the U.S., and Japan.

Learn More on the Voronoi App

To learn more about this topic, check out this graphic on the Global Innovation Index in 2025.

Mapped: Which Countries Rely Most on Imports

2026-02-04 21:02:48

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Map showing the import reliance of countries, based on imports as a share of GDP.

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Mapped: Which Countries Rely Most on Imports

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • Globally, imported goods and services are equal to 28% of GDP.
  • Despite importing $3.4 trillion of goods, the U.S. has one of the lowest import-to-GDP ratios because of its massive and diverse economy.
  • Several small island economies have extremely high import-to-GDP ratios, including Cuba (82%) and Taiwan (49%), given limited domestic production.

Global imports are valued at approximately 28% of GDP, with trillions of dollars in goods and services moving across borders each year.

In dozens of countries, imports exceed 50% of GDP, especially in trade-oriented nations and smaller economies. While elevated ratios are common in major trade hubs like Singapore and Hong Kong, they can also signal a heavier reliance on imported food and commodities.

This graphic shows import reliance by country, based on data from the World Bank.

Import Reliance Amid Global Uncertainty

Import dependence has become a central issue in foreign policy, as many countries work to de-risk their supply chains.

Among the biggest focus areas are critical minerals and advanced semiconductors. Beyond this, European countries have ramped up renewable energy to reduce reliance on Russian oil. As a whole, imports account for 46% of GDP across EU countries.

Below, we show goods and services imports as a share of GDP by country, with data as of 2024 (or the latest data available):

Rank Country Imports as a Share of GDP (%)
1 🇭🇰 Hong Kong SAR 178
2 🇱🇺 Luxembourg 160
3 🇸🇲 San Marino 155
4 🇸🇬 Singapore 144
5 🇩🇯 Djibouti 115
6 🇳🇷 Nauru 111
7 🇸🇨 Seychelles 103
8 🇮🇪 Ireland 102
9 🇰🇮 Kiribati 102
10 🇲🇹 Malta 100
11 🇸🇴 Somalia 99
12 🇱🇸 Lesotho 99
13 🇨🇾 Cyprus 93
14 🇦🇪 UAE 92
15 🇸🇰 Slovak Republic 86
16 🇹🇱 Timor-Leste 85
17 🇰🇬 Kyrgyz Republic 84
18 🇻🇳 Vietnam 84
19 🇨🇺 Cuba 82
20 🇲🇭 Marshall Islands 82
21 🇵🇼 Palau 80
22 🇧🇪 Belgium 80
23 🇲🇺 Mauritius 78
24 🇲🇻 Maldives 78
25 🇦🇲 Armenia 76
26 🇦🇼 Aruba 76
27 🇪🇪 Estonia 75
28 🇸🇮 Slovenia 75
29 🇲🇰 North Macedonia 75
30 🇱🇧 Lebanon 74
31 🇰🇭 Cambodia 72
32 🇽🇰 Kosovo 72
33 🇫🇲 Micronesia 71
34 🇳🇱 Netherlands 71
35 🇭🇺 Hungary 71
36 🇸🇧 Solomon Islands 71
37 🇧🇭 Bahrain 70
38 🇲🇳 Mongolia 70
39 🇱🇹 Lithuania 69
40 🇳🇦 Namibia 68
41 🇱🇻 Latvia 67
42 🇧🇾 Belarus 67
43 🇹🇭 Thailand 67
44 🇲🇪 Montenegro 66
45 🇲🇾 Malaysia 66
46 🇹🇴 Tonga 65
47 🇨🇿 Czechia 63
48 🇨🇭 Switzerland 62
49 🇩🇰 Denmark 61
50 🇵🇸 West Bank and Gaza 60
51 🇧🇳 Brunei Darussalam 58
52 🇷🇸 Serbia 58
53 🇳🇮 Nicaragua 58
54 🇭🇳 Honduras 58
55 🇲🇩 Moldova 57
56 🇯🇴 Jordan 57
57 🇱🇾 Libya 57
58 🇬🇳 Guinea 56
59 🇹🇳 Tunisia 56
60 🇬🇪 Georgia 56
61 🇭🇷 Croatia 55
62 🇧🇦 Bosnia and Herzegovina 54
63 🇨🇻 Cabo Verde 54
64 🇧🇬 Bulgaria 54
65 🇧🇿 Belize 54
66 🇸🇿 Eswatini 54
67 🇧🇹 Bhutan 53
68 🇦🇹 Austria 53
69 🇲🇿 Mozambique 53
70 🇲🇷 Mauritania 52
71 🇸🇻 El Salvador 52
72 🇨🇩 DR Congo 52
73 🇸🇪 Sweden 52
74 🇫🇴 Faroe Islands 51
75 🇬🇱 Greenland 51
76 🇦🇫 Afghanistan 51
77 🇲🇦 Morocco 50
78 🇲🇴 Macao SAR 50
79 🇹🇼 Taiwan 49
80 🇼🇸 Samoa 49
81 🇴🇲 Oman 49
82 🇹🇯 Tajikistan 48
83 🇺🇦 Ukraine 48
84 🇵🇱 Poland 48
85 🇬🇷 Greece 48
86 🇵🇫 French Polynesia 46
87 🇵🇹 Portugal 44
88 🇧🇼 Botswana 44
89 🇮🇸 Iceland 44
90 🇸🇳 Senegal 43
91 🇦🇱 Albania 43
92 🇵🇷 Puerto Rico (US) 43
93 🇷🇴 Romania 42
94 🇫🇮 Finland 42
95 🇧🇸 Bahamas 41
96 🇨🇬 Congo 40
97 🇰🇷 South Korea 40
98 🇵🇭 Philippines 40
99 🇵🇾 Paraguay 40
100 🇵🇦 Panama 39
101 🇷🇼 Rwanda 39
102 🇰🇼 Kuwait 38
103 🇺🇿 Uzbekistan 38
104 🇲🇽 Mexico 38
105 🇩🇪 Germany 38
106 🇦🇿 Azerbaijan 37
107 🇰🇲 Comoros 34
108 🇬🇭 Ghana 34
109 🇫🇷 France 34
110 🇳🇴 Norway 34
111 🇬🇲 Gambia 33
112 🇮🇶 Iraq 33
113 🇳🇵 Nepal 33
114 🇪🇸 Spain 33
115 🇨🇷 Costa Rica 33
116 🇨🇦 Canada 33
117 🇶🇦 Qatar 32
118 🇧🇫 Burkina Faso 32
119 🇬🇧 United Kingdom 32
120 🇲🇬 Madagascar 32
121 🇬🇹 Guatemala 31
122 🇨🇫 Central African Republic 31
123 🇲🇼 Malawi 31
124 🇮🇹 Italy 30
125 🇨🇱 Chile 30
126 🇿🇦 South Africa 30
127 🇩🇴 Dominican Republic 29
128 🇳🇨 New Caledonia 29
129 🇮🇷 Iran 29
130 🇿🇲 Zambia 28
131 🇬🇦 Gabon 27
132 🇲🇱 Mali 27
133 🇹🇷 Turkiye 27
134 🇬🇼 Guinea-Bissau 27
135 🇪🇨 Ecuador 27
136 🇳🇿 New Zealand 26
137 🇮🇱 Israel 26
138 🇺🇬 Uganda 26
139 🇰🇿 Kazakhstan 26
140 🇸🇦 Saudi Arabia 26
141 🇧🇴 Bolivia 26
142 🇬🇶 Equatorial Guinea 25
143 🇨🇮 Cote d'Ivoire 25
144 🇺🇾 Uruguay 24
145 🇯🇵 Japan 24
146 🇮🇳 India 23
147 🇿🇼 Zimbabwe 23
148 🇸🇱 Sierra Leone 23
149 🇪🇬 Egypt, 23
150 🇧🇲 Bermuda 23
151 🇰🇪 Kenya 23
152 🇵🇪 Peru 23
153 🇳🇪 Niger 23
154 🇦🇺 Australia 23
155 🇱🇰 Sri Lanka 23
156 🇧🇯 Benin 22
157 🇹🇿 Tanzania 22
158 🇨🇴 Colombia 21
159 🇮🇩 Indonesia 20
160 🇩🇿 Algeria 20
161 🇦🇴 Angola 19
162 🇭🇹 Haiti 19
163 🇨🇲 Cameroon 19
164 🇹🇩 Chad 18
165 🇧🇷 Brazil 18
166 🇷🇺 Russia 18
167 🇵🇰 Pakistan 17
168 🇨🇳 China 17
169 🇧🇩 Bangladesh 16
170 🇺🇸 United States 14
171 🇦🇷 Argentina 13
172 🇪🇹 Ethiopia 12
173 🇹🇲 Turkmenistan 11
174 🇻🇪 Venezuela 9
175 🇸🇩 Sudan 1

Hong Kong has the highest import-to-GDP ratio in the world at 178%, driven largely by its role as a major re-export hub.

More than half of these re-exported goods originate in 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, with an import-to-GDP ratio of 144%, is similarly a key re-export—or entrepôt—economy.

Meanwhile, island nations such as Cyprus, Cuba, and Taiwan tend to be more import-dependent due to limited domestic production. In Cuba, up to 80% of food is imported, mainly from the Netherlands and Spain.

Moreover, Taiwan is heavily reliant on imported energy, with most of its oil shipped from the Middle East. The country also imports billions of dollars’ worth of oil derivatives from Russia, which are essential inputs in semiconductor manufacturing.

In North America, Mexico has the highest import-to-GDP ratio at 38%, followed by Canada at 33%. Despite recording $3.4 trillion in imports in 2024, the U.S. has the sixth-lowest import dependence globally, at 14%, given the sheer size of its economy and diverse domestic production.

Also sitting at the bottom are Sudan (1%) and Venezuela (9%), where ongoing crises and corruption have severely disrupted trade flows.

Learn More on the Voronoi App

To learn more about this topic, check out this graphic on the world’s biggest exporters.

Charted: Political Affiliation by Generation in the U.S.

2026-02-04 02:47:03

See more visuals like this on the Voronoi app.

Graphic about political affiliation by generation in the U.S., showing that most Gen Z and Millennials identify as independents.

Use This Visualization

Charted: Political Affiliation by Generation in the U.S.

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • More than half of Gen Z and Millennials identify as politically independent.
  • Older generations are far more likely to affiliate with the Republican or Democratic parties.

Political identity in the U.S. is changing, and the divide is increasingly generational.

Younger Americans are stepping away from traditional party labels, while older generations remain more closely tied to the two-party system.

This visualization shows how political affiliation varies across generations, highlighting the growing role of independents in American politics.

The data comes from Gallup. It is based on annual averages from Gallup’s telephone interviews, asking respondents whether they identify as Republican, Democrat, or independent. “No opinion” responses are excluded, and figures may not total 100% due to rounding.

Younger Generations Favor Being Independents

A majority of both Generation Z and Millennials identify as independents. Among Gen Z, 56% say they are independent, compared with just 17% identifying as Republican and 27% as Democrat. Millennials show a similar pattern, with 54% identifying as independent.

Political Affiliation Republican Independent Democrat
Generation Z (born 1997-2007) 17% 56% 27%
Millennials (born 1981-1996) 21% 54% 24%
Generation X (born 1965-1980) 31% 42% 25%
Baby boomers (born 1946-1964) 34% 33% 32%
Silent Generation (born before 1946) 37% 30% 32%

Party Loyalty Rises With Age

Political affiliation becomes more evenly split among older generations. Generation X shows a more balanced distribution, with 31% Republican, 25% Democrat, and 42% independent. Among Baby Boomers, party identification nearly overtakes independence altogether.

The Silent Generation is the most partisan group, with roughly seven in 10 identifying as either Republican or Democrat. This cohort came of age during periods when party affiliation was more stable and closely tied to identity, such as the New Deal era and the Cold War.

Implications for U.S. Politics

The rise of independents among younger generations has major implications for elections and governance. While independents may still lean toward one party, their lack of formal affiliation makes voter behavior less predictable. It also complicates messaging for political parties trying to mobilize younger voters.

Learn More on the Voronoi App

If you enjoyed today’s post, check out The Distribution of Income in America (2024 vs 1974) on Voronoi, the new app from Visual Capitalist.

What a CFO’s Hour is Worth: Ranking the Top Earners

2026-02-04 00:47:00

Published

1 day ago

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The following content is sponsored by Terzo
A bar chart styled like 3d stacks of money showing that Vaibhav Taneja at Tesla has the highest compensation among CFOs at the biggest U.S. companies.

Ranking CFO Compensation: The Top Earners

   

Key Takeaways

  • Vaibhav Taneja at Tesla is the highest paid CFO, with total hourly compensation reaching nearly $49,000
    •        
  • CFOs at the Magnificent Seven tech giants all hold a spot in the top 10 ranking.
    •        

Chief Financial Officers (CFOs) juggle high-stakes decisions daily, from financial strategy to risk management. Their compensation reflects this pressure, but how much are the top earners making per hour?

This graphic, in partnership with Terzo, highlights the highest paid CFOs in America. It’s part of our Markets in a Minute series, which features quick economic insights for executives.

What a CFO’s Hour is Worth

Based on the 50 largest companies in the U.S., we’ve compiled a ranking of the 10 highest paid CFOs. Their hourly earnings reflect total compensation including salary, bonuses, stocks, stock options, and other items like retirement contributions. 

Here’s how it breaks down, based on a 55-hour workweek.

Company CFO Name CFO Compensation Per Hour
Tesla Vaibhav Taneja $48,767
Alphabet Ruth Porat, Anat Ashkenazi $13,462
Microsoft Amy E. Hood $10,308
Amazon Brian T. Olsavsky $8,992
Cisco R. Scott Herren $8,494
Meta Susan Li $8,259
Netflix Spencer Neumann $8,008
NVIDIA Colette M. Kress $7,469
Goldman Sachs Denis Coleman $7,370
Apple Luca Maestri, Kevan Parekh $7,225

Source: company SEC filings as of January 14, 2025. Based on the latest fiscal year. In cases where a CFO changed mid-year, total compensation was prorated accordingly.

Tesla’s Vaibhav Taneja earns the highest hourly compensation in the ranking, at nearly $49,000 per hour. This outsized figure stems largely from a one-time award of stocks and stock options totaling over $139 million, in recognition of Taneja’s promotion to CFO. About 80% was granted in stock options, making the value of Taneja’s earnings heavily tied to Tesla’s stock price.

Anat Ashkenazi, CFO at Alphabet and Google, takes the second spot. She was appointed CFO on July 31, 2024, so we’ve prorated her salary along with Ruth Porat, who previously served in the role. Ashkenazi’s negotiated compensation included nearly $39 million in stock awards and a one-time cash sign-on bonus of nearly $10 million. 

Trends Among CFOs With the Highest Compensation

The two highest earners were new to their roles, highlighting the negotiating power executives have when accepting a promotion or moving to another company.

It’s also worth noting that nine of the top 10 highest earners are in the technology space, including all of the Magnificent Seven. Goldman Sachs’ CFO is the sole executive from the financial services space in the compensation ranking. 

When your time is valuable, fast access to the right information is critical. NirvanAI is an all-in-one AI system that helps CFOs turn contracts into clear, actionable insights.

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The World’s Most Import-Dependent Countries, Ranked

2026-02-03 23:27:03

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Bar chart showing the world's most import-dependent countries.

Use This Visualization

The World’s Most Import-Dependent Countries

See visuals like this from many other data creators on our Voronoi app. Download it for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

  • Hong Kong imports goods equal to 178% of GDP, the highest import-to-GDP ratio in the world.
  • The UAE’s imports total 92% of GDP, with the country importing most of its food supply.

Geopolitical tensions are pushing trade into the spotlight, with many countries looking to diversify their imports.

However, the most import-dependent economies are often small islands or landlocked nations. In Hong Kong, for example, 99% of fossil fuels are imported to meet energy needs. Cuba imports up to 80% of its food, driven by low domestic production.

This graphic shows the countries with the highest imports as a share of GDP, based on data from the World Bank.

Ranked: The Top 30 Most Import-Dependent Countries

Below, we show the countries with the highest import-to-GDP ratios in 2024 (or the latest available data):

Rank Country or Entity Imports as a Share of GDP (%) Region
1 🇭🇰 Hong Kong SAR 178 Asia
2 🇱🇺 Luxembourg 160 Europe
3 🇸🇲 San Marino 155 Europe
4 🇸🇬 Singapore 144 Asia
5 🇩🇯 Djibouti 115 Africa
6 🇳🇷 Nauru 111 Oceania
7 🇸🇨 Seychelles 103 Africa
8 🇮🇪 Ireland 102 Europe
9 🇰🇮 Kiribati 102 Oceania
10 🇲🇹 Malta 100 Europe
11 🇸🇴 Somalia 99 Africa
12 🇱🇸 Lesotho 99 Africa
13 🇨🇾 Cyprus 93 Asia
14 🇦🇪 UAE 92 Asia
15 🇸🇰 Slovak Republic 86 Europe
16 🇹🇱 Timor-Leste 85 Asia
17 🇰🇬 Kyrgyz Republic 84 Asia
18 🇻🇳 Vietnam 84 Asia
19 🇨🇺 Cuba 82 North America
20 🇲🇭 Marshall Islands 82 Oceania
21 🇵🇼 Palau 80 Oceania
22 🇧🇪 Belgium 80 Europe
23 🇲🇺 Mauritius 78 Africa
24 🇲🇻 Maldives 78 Asia
25 🇦🇲 Armenia 76 Asia
26 🇦🇼 Aruba 76 North America
27 🇪🇪 Estonia 75 Europe
28 🇸🇮 Slovenia 75 Europe
29 🇲🇰 North Macedonia 75 Europe
30 🇱🇧 Lebanon 74 Asia

With imports equal to 178% of GDP, Hong Kong ranks first globally.

As one of the world’s busiest shipping hubs, many goods enter Hong Kong and are then re-exported elsewhere. Because imports are counted at full value, this inflates its import-to-GDP ratio.

Other trade and financial hubs—including Luxembourg, San Marino, and Singapore—show similarly high import shares for the same reason.

Beyond these hubs, several small island nations such as Nauru, Seychelles, and Kiribati post import values above 100% of GDP. Moreover, 26 of the top 30 most import-dependent countries have populations under 10 million.

The UAE is also heavily reliant on imports—especially food—making it more exposed to supply chain disruptions. Notably, as much as 90% of its food is imported.

In Europe, landlocked Slovakia ranks among the most import-dependent. It was also one of the few European countries exempted from the Russia oil ban to mitigate shortages, with Russia supplying 87% of its oil.

Learn More on the Voronoi App

To learn more about this topic, check out this graphic on global oil trade flows.