Ranked: The Top Countries Relying on Mining Exports

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This graphic ranks the countries where mining exports (minerals, ores, and metals) are more than 60% of their total exports. Data is from sourced from UN Trade and Development, based on 2019–2021 averaged figures

This sort of resource dependency can make a country vulnerable to economic shocks via price fluctuations.

Diamonds, Gold, and Copper: Key Exports for Many Countries

Around 90% of Botswana’s exports are concentrated in mining, making it the most mineral resource dependent country in the world. Within the sector, diamonds alone account for 80% of all exports.

As a result, Botswana is the top producer of raw, uncut diamonds in the world. The IMF estimates that 25% of the country’s $20 billion GDP is from diamond mining.

Meanwhile, in Mali (#3), Burkina Faso (#4), and Suriname (#5) gold is responsible for most of the mining export dependency. However, Guinea (#2) also exports a significant amount of aluminum ore as well.

In Zambia (#6) and the DRC (#7) where more than 70% of their exports are from mining, copper plays a crucial role. However Zambia also exports a significant amount of gold, and the DRC is a major cobalt exporter.

Of the top 10 countries whose exports are predominantly mining-based, seven are from Africa.

It’s also apparent that this kind of commodity dependence is more common in developing economies (wealthy oil nations are exceptions to the rule). And as commodity demand tends to run in boom-bust cycles, it leaves these less-wealthy countries particularly susceptible to price shocks.

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Resource dependency comes in many flavors. Check out Ranked: The Countries Most Dependent on Agricultural Exports for the economies where food products take center stage.

Visualizing Raw Steel Production in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Steel is essential for the economy due to its crucial role in infrastructure, construction, manufacturing, and transportation sectors.

This graphic breaks down the estimated global production of raw steel in 2023. The data was sourced from the U.S. Geological Survey as of January 2024.

China Produces More Than Half the World’s Steel

One major issue facing the steel industry is overcapacity in top producer China.

Steel production in China has surpassed demand in recent years, leading to downward pressure on the profit margins of steel mills worldwide.

Historically, China’s troubled real estate sector has accounted for over one-third of the country’s steel consumption. To address this issue, the Chinese government has mandated steel production cuts since 2021.

Far behind China, India is the second-biggest producer of steel, followed by Japan.

Infinite Recyclability

Steel is an alloy primarily composed of iron ore containing less than 2% carbon, 1% manganese, and other trace elements. It is 1,000 times stronger than iron and can be recycled over and over without sacrificing quality.

Steel is widely used in various industries. It is a fundamental material in construction, providing support through beams, internal structures, and roofing.

Moreover, steel’s corrosion-resistant properties make it ideal for water infrastructure. Stainless steel pipes are the preferred choice for underground water systems, ensuring longevity and purity in water transportation.

Additionally, most canned foods are stored in steel containers for preservation, as steel does not rust.