That dollar amount results from an average 31.1% increase for all exporters of electromagnets over the 5-year period starting in 2019. Back then, exports classified as permanent magnets or electromagnets were worth a total $8.64 billion.
Year over year, the value of globally exported magnets including electromagnets dropped by an average -11.1% compared to $12.75 billion for 2022.
Common uses for permanent magnets are the magnetic strips on debit or credit cards, compasses, magnetic clasps on jewelry, refrigerator magnets or in devices used to pick up small items such as nails, tacks, staples and paper clips.
Unlike permanent magnets, the power of an electromagnet depends on the amount of electricity conducted. Electromagnets are manufactured in a wide range of sizes and magnetic field intensities to suit their final applications.
Electromagnets are essential components of electrical devices such as motors, generators, speakers, hard disks, scientific instruments, transformers, battery chargers and sensors.
One example of an industrial application for electromagnets is equipment used in scrap yards for picking up heavy objects made from iron or steel.
Exports by Type of Magnet
Permanent magnets attracted 79.2% of international sales for exported magnets including electromagnets in 2023. That percentage surpasses 66.2% for 2022.
Electromagnets and electromagnetic lifting heads and parts, excluding those for medical applications, generated 29.2% of overall sales (up from 25.5%).
Electromagnetic couplings, clutches and brakes accounted for the remaining 8.6% of exported magnetic revenues (up from 8.3%).
For research purposes, the 4-digit Harmonized Tariff System code prefix is 8505 encompassing electromagnets excluding those used for medical purposes, permanent magnets, magnetic holding devices, and electromagnetic couplings, clutches and brakes.
Key Geographic Insights about Magnets Exports
By value, the world’s 5 most lucrative exporters of magnets including electromagnets are mainland China, Germany, Japan, United States of America, and Vietnam. Added together, those 5 leading suppliers exceeded two-thirds (70.8%) of the overall dollar spend on magnets of all types during 2023.
Among continents, electromagnets suppliers located in Asia exported the highest dollar worth of permanent magnets and electromagnets during 2023 with shipments valued at $7.4 billion or 65.6% of the worldwide total. In second place were magnets-related exporters in Europe at 27%, trailed by suppliers in North America at 6%.
Tinier percentages originated from Oceania led by New Zealand and Australia (0.8%), Africa (0.5%), then Latin America (0.1%) excluding Mexico but including the Caribbean.
Top Magnets Exporters by Country
Below are the 25 countries that exported the highest dollar value worth of magnets including electromagnets during 2023.
- mainland China: US$4.9 billion (43.5% of magnets-related exports)
- Germany: $1.2 billion (11%)
- Japan: $913.2 million (8.1%)
- United States: $537.9 million (4.7%)
- Vietnam: $389.1 million (3.4%)
- France: $278.1 million (2.5%)
- South Korea: $255.9 million (2.3%)
- Philippines: $238.3 million (2.1%)
- Italy: $228.1 million (2%)
- Switzerland: $188.2 million (1.7%)
- United Kingdom: $172.8 million (1.5%)
- Hong Kong: $157.7 million (1.4%)
- Netherlands: $144.3 million (1.3%)
- Malaysia: $120 million (1.1%)
- Poland: $117.8 million (1%)
- Czech Republic: $104.8 million (0.9%)
- Taiwan: $97.2 million (0.9%)
- Austria: $94.6 million (0.8%)
- Thailand: $89.8 million (0.8%)
- Mexico: $89.3 million (0.8%)
- Romania: $84.8 million (0.7%)
- New Zealand: $81.2 million (0.7%)
- Spain: $75.7 million (0.7%)
- Türkiye: $58.7 million (0.5%)
- Belgium: $53.1 million (0.5%)
By value, the listed 25 countries shipped 95.3% of globally exported magnets including electromagnets in 2023.
Among the top exporters, the fastest-growing exporters of magnets-related since 2022 were: Türkiye (up 39.6%), Romania (up 22.9%), United States (up 15.3%) and Belgium (up 14.7%).
Listed suppliers that posted annual declines in their international sales of magnets-related were led by: Thailand (down -24.3%), Vietnam (down -23.5%), Hong Kong (down -22.4%), Japan (down -21.9%), Taiwan (down -19.9%) and Spain (down -17.3%).
Countries Generating Greatest Surpluses from Global Magnets Trade
The following countries posted the highest positive net exports for permanent magnets plus electromagnets during 2023. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the surplus between the value of each country’s exported magnets and its import purchases for that same commodity.
- mainland China: US$4.2 billion (net export surplus down -16.8% since 2022)
- New Zealand: $73.2 million (down -3.9%)
- Djibouti: $40.7 million (reversing a -$2.7 million deficit)
- Hong Kong: $21.4 million (up 20.4%)
- Israel: $10.5 million (down -49.3%)
- United Kingdom: $8.6 million (reversing a -$12.7 million deficit)
- Ireland: $3 million (down -51.8%)
- Curaçao: $43,000 (reversing a -$76,000 deficit)
- Latvia: $40,000 (reversing a -$260,000 deficit)
- Nauru: $6,000 (up 100%)
- South Sudan: $2,000 (reversing a -$35,000 deficit)
Mainland China’s scored the highest surplus in the international trade of magnets in 2023. In turn, this positive cashflow confirms the strong Chinese competitive advantage for this specific product category.
Countries Incurring Worst Deficits from Global Magnets Trade
The following countries posted the highest negative net exports for permanent magnets plus electromagnets during 2023. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports. Thus, the statistics below present the deficit between the value of each country’s imported magnets purchases and its exports for that same commodity.
- United States: -US$680.9 million (net export deficit down -29.1% since 2022)
- Mexico: -$488.2 million (up 1.9%)
- South Korea: -$397.7 million (down -16.9%)
- India: -$314 million (up 13%)
- France: -$294.6 million (up 40.1%)
- Thailand: -$266.6 million (down -19.8%)
- Philippines: -$260.7 million (down -28.1%)
- Hungary: -$194.7 million (up 7.8%)
- Vietnam: -$140.6 million (down -11.6%)
- Germany: -$126.4 million (down -52.7%)
- Czech Republic: -$126 million (up 15.1%)
- Japan: -$87.2 million (reversing a $57.5 million surplus)
- Brazil: -$84.7 million (down -11.5%)
- Italy: -$83.7 million (down -50.6%)
- Canada: -$79.2 million (down -3.8%)
The United States of America incurred the highest deficit in the international trade of magnets during 2023. In turn, this negative cashflow highlights America’s competitive disadvantage for this specific product category but also signals opportunities for magnets-supplying countries that help satisfy the powerful demand.
Supplying Companies for Magnets
Below are 10 selected examples of suppliers of permanent magnets, electromagnets or both. They are established players engaged in the international trade of magnets.
The home country for each company’s headquarters, either the United States of America or mainland China, is shown within parenthesis.
- ALL Magnetics, Inc (United States)
- Badger Electronics (United States)
- Bazhou Dpair Hardware Equipment (China)
- Butler Winding (United States)
- Dongguan Jinbenlai Electromechanical (China)
- Henan Yuntian Crane Co. (China)
- International Magna Products (United States)
- Jiangxi Mide Industrial Co. (China)
- Temper Corporation (United States)
- Xinxiang Kehao Machinery Equipment (China)
See also Electricity Exports by Country, Top Industrial Robots Exporters, Electric Cars Exports by Country and Global Electricity Imports by Country
Research Sources:
Alibaba, Powerful Electromagnetics Sale. Accessed on December 23, 2024
Badger Electronics, Electromagnetics Manufacturers and Suppliers in USA. Accessed on December 23, 2024
Central Intelligence Agency, The World Factbook Field Listing: Exports – Commodities. Accessed on December 23, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on December 23, 2024
International Trade Centre, Trade Map. Accessed on December 23, 2024
Investopedia, Net Exports Definition. Accessed on December 23, 2024
IQS Directory, Electromagnetics Manufacturers and Suppliers. Accessed on December 23, 2024
Wikipedia, Electromagnet. Accessed on December 23, 2024