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Title page 1

Contents 2

KEY TAKEAWAYS 1

INTRODUCTION 4

METHODOLOGY 4

OVERALL FINDINGS 7

Specialization Rankings 7

Top 10 Producers 12

The China Juggernaut 15

The Fall of the OECD 18

The United States and OECD vs. China and the Rest of the World 19

INDUSTRY PROFILES 21

IT and Information Services 21

Computers, Electronics, and Optical Products 25

Chemicals 29

Machinery and Equipment 33

Basic Metals 37

Motor Vehicles 41

Fabricated Metals 45

Pharmaceuticals 49

Electrical Equipment 53

Other Transportation Equipment 57

TOP 10 PRODUCER PROFILES 61

China 61

United States 65

Germany 71

Japan 75

South Korea 79

India 83

United Kingdom 87

France 91

Taiwan 95

Italy 99

OTHER PRODUCERS 102

Canada 102

Mexico 106

Vietnam 109

SELECT REGIONAL GROUPINGS 113

EU-17 113

EU-10 115

The Commonwealth 117

The Quad 119

Belt & Road Members 121

APPENDIX A: HAMILTON INDEX INDUSTRIES 123

APPENDIX B: COUNTRY GROUPINGS 124

APPENDIX C: HAMILTON INDEX CALCULATIONS 125

APPENDIX D: SPECIALIZATION INDEX CALCULATIONS 126

ENDNOTES 127

Tables 11

Table 1. Hamilton Index leaders by industry, 2022 11

Figures 5

Figure 1. Global output from industries included in the Hamilton Index, 2022 ($11.9 trillion, total) 5

Figure 2. Hamilton industry shares of the global economy, 1995-2022 6

Figure 3. Relative national performance in the composite Hamilton Index (2022 LQ) 8

Figure 4. Change in relative national performance in the composite Hamilton Index (LQ difference, 2013-2022) 9

Figure 5. Specialization Index Rankings, 2022 10

Figure 6. Top 10 producers' historical shares of global output in Hamilton industries, 1995-2022 12

Figure 7. Top 10 producers' historical shares of global output in Hamilton industries minus IT, 1995-2022 13

Figure 8. Numbers of comparatively strong and weak industries in the top 10 producer nations 14

Figure 9. Value-added output by comparatively strong and weak industries in the top 10 producer nations 14

Figure 10. China's global market shares in Hamilton industries, 1995-2022 15

Figure 11. Ratio of Chinese to U.S. global market share in Hamilton industries, 2022 16

Figure 12. Change in China's output as a share of the change in U.S. output in Hamilton industries, 2013-2022 17

Figure 13. Nominal change in output from 2018 to 2022, China vs. the rest of the world 17

Figure 14. OECD's global market share in Hamilton industries, 1995-2022 18

Figure 15. Global market shares of Hamilton industries for the United States, OECD, China, and non-OECD countries, 1995-2022 19

Figure 16. Net performance in Hamilton industries since 1995 (scaled to 2022 output) 20

Figure 17. Top 10 producers' historical shares of global output in IT and information services, 1995-2022 21

Figure 18. Relative performance in IT and information services (2022 LQ) 23

Figure 19. Net change in relative performance in IT and related services (LQ difference, 2013-2022) 24

Figure 20. Top 10 producers' historical shares of global output in computers and electronics, 1995-2022 26

Figure 21. Relative performance in computers and electronics (2022 LQ) 27

Figure 22. Net change in relative performance in computers and electronics (LQ difference, 2013-2022) 28

Figure 23. Top 10 producers' historical shares of global output in chemicals, 1995-2022 29

Figure 24. Relative performance in chemicals (2022 LQ) 31

Figure 25. Net change in relative performance in chemicals (LQ difference, 2013-2022) 32

Figure 26. Top 10 producers' historical shares of global output in machinery and equipment, 1995-2022 33

Figure 27. Relative performance in machinery and equipment (2022 LQ) 35

Figure 28. Net change in relative performance in machinery and equipment (LQ difference, 2013-2022) 36

Figure 29. Top 10 producers' historical shares of global output in basic metals, 1995-2022 37

Figure 30. Relative performance in basic metals (2022 LQ) 39

Figure 31. Net change in relative performance in basic metals (LQ difference, 2013-2022) 40

Figure 32. Top 10 producers' historical shares of global output in the motor vehicles industry, 1995-2022 41

Figure 33. Relative performance in motor vehicles (2022 LQ) 43

Figure 34. Net change in relative performance in motor vehicles (LQ difference, 2013-2022) 44

Figure 35. Top 10 producers' historical shares of global output in fabricated metals, 1995-2022 45

Figure 36. Relative performance in fabricated metals (2022 LQ) 47

Figure 37. Net change in relative performance in fabricated metals (LQ difference, 2013-2022) 48

Figure 38. Top 10 producers' historical shares of global output in pharmaceuticals, 1995-2022 49

Figure 39. Relative performance in pharmaceuticals (2022 LQ) 51

Figure 40. Net change in relative performance in pharmaceuticals (LQ difference, 2013-2022) 52

Figure 41. Top 10 producers' historical shares of global output in the electrical equipment industry, 1995-2022 53

Figure 42. Relative performance in electrical equipment (2022 LQ) 55

Figure 43. Net change in relative performance in electrical equipment (LQ difference, 2013-2022) 56

Figure 44. Top 10 producers' historical shares of global output in other transportation equipment, 1995-2022 57

Figure 45. Relative performance in other transportation equipment (2022 LQ) 59

Figure 46. Net change in relative performance in other transportation equipment (LQ difference, 2013-2022) 60

Figure 47. Hamilton industries' shares of China's economy, 1995-2022 61

Figure 48. China's global market shares in Hamilton industries, 1995-2022 62

Figure 49. China's relative performance in Hamilton Index industries (2022 LQ) 63

Figure 50. China's relative historical performance in Hamilton Index industries (LQ trends, 1995-2022) 64

Figure 51. China's net performance in Hamilton industries since 2013 (scaled to 2022 output) 64

Figure 52. Hamilton Index industries' shares of the U.S. economy, 1995-2022 65

Figure 53. America's global market shares in Hamilton industries, 1995-2022 66

Figure 54. America's global market share of Hamilton industries with and without IT, 1995-2022 67

Figure 55. America's LQ in Hamilton industries with and without IT, 1995-2022 67

Figure 56. America's relative performance in Hamilton Index industries (2022 LQ) 68

Figure 57. America's relative historical performance in Hamilton Index industries (LQ trends, 1995-2022) 69

Figure 58. America's net performance in Hamilton industries since 2013 (scaled to 2022 output) 70

Figure 59. Hamilton Index industries' shares of Germany's economy 71

Figure 60. Germany's global market shares in Hamilton industries, 1995-2022 72

Figure 61. Germany's relative performance in Hamilton Index industries (2022 LQ) 73

Figure 62. Germany's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 73

Figure 63. Germany's net performance in Hamilton industries since 2013 (scaled to 2022 output) 74

Figure 64. Hamilton Index industries' shares of Japan's economy, 1995-2022 75

Figure 65. Japan's global market shares in Hamilton industries, 1995-2022 76

Figure 66. Japan's relative performance in Hamilton Index industries (2022 LQ) 77

Figure 67. Japan's relative historical performance in Hamilton Index industries (LQ trends, 1995-2022) 77

Figure 68. Japan's net performance in Hamilton industries since 2013 (scaled to 2022 output) 78

Figure 69. Hamilton Index industries' shares of South Korea's economy, 1995-2022 79

Figure 70. South Korea's global market shares in Hamilton industries, 1995-2022 80

Figure 71. South Korea's relative performance in Hamilton Index industries (2022 LQ) 81

Figure 72. South Korea's relative historical performance in Hamilton industries (LQ trends) 81

Figure 73. South Korea's net performance in Hamilton industries since 2013 (scaled to 2022 output) 82

Figure 74. Hamilton Index industries' shares of India's economy, 1995-2022 83

Figure 75. India's global market shares in Hamilton industries, 1995-2022 84

Figure 76. India's relative performance in Hamilton Index industries (2022 LQ) 84

Figure 77. India's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 85

Figure 78. India's net performance in Hamilton industries since 2013 (scaled to 2022 output) 86

Figure 79. Hamilton Index industries' shares of the United Kingdom's economy, 1995-2022 87

Figure 80. The United Kingdom's global market shares in Hamilton industries, 1995-2022 88

Figure 81. The United Kingdom's relative performance in Hamilton Index industries (2022 LQ, 1995-2022) 88

Figure 82. The UK's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 89

Figure 83. The United Kingdom's net performance in Hamilton industries since 2013 (scaled to 2022 output) 90

Figure 84. Hamilton Index industries' shares of France's economy, 1995-2022 91

Figure 85. France's global market shares in Hamilton industries, 1995-2022 92

Figure 86. France's relative performance in Hamilton Index industries (2022 LQ) 92

Figure 87. France's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 93

Figure 88. France's net performance in Hamilton industries since 2013 (scaled to 2022 output) 94

Figure 89. Hamilton Index industries' shares of Taiwan's economy, 1995-2022 95

Figure 90. Taiwan's global market shares in Hamilton industries, 1995-2022 96

Figure 91. Taiwan's relative performance in Hamilton Index industries (2022 LQ) 96

Figure 92. Taiwan's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 97

Figure 93. Taiwan's net performance in Hamilton industries since 2013 (scaled to 2022 output) 98

Figure 94. Hamilton Index industries' shares of Italy's economy, 1995-2022 99

Figure 95. Italy's global market shares in Hamilton industries, 1995-2022 100

Figure 96. Italy's relative performance in Hamilton Index industries (2022 LQ) 100

Figure 97. Italy's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 101

Figure 98. Italy's net performance in Hamilton industries since 2013 (scaled to 2022 output) 101

Figure 99. Hamilton Index industries' shares of Canada's economy, 1995-2022 102

Figure 100. Canada's global market shares in Hamilton industries, 1995-2022 103

Figure 101. Canada's relative performance in Hamilton Index industries (2022 LQ) 104

Figure 102. Canada's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 104

Figure 103. Canada's net performance in Hamilton industries since 2013 (scaled to 2022 output) 105

Figure 104. Hamilton Index industries' shares of Mexico's economy, 1995-2022 106

Figure 105. Mexico's global market shares in Hamilton industries, 1995-2022 107

Figure 106. Mexico's relative performance in Hamilton Index industries (2022 LQ) 107

Figure 107. Mexico's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 108

Figure 108. Mexico's net performance in Hamilton industries since 2013 (scaled to 2022 output) 108

Figure 109. Hamilton Index industries' shares of Vietnam's economy, 1995-2022 109

Figure 110. Vietnam's global market shares in Hamilton industries, 1995-2022 110

Figure 111. Vietnam's relative performance in Hamilton Index industries (2022 LQ) 110

Figure 112. Vietnam's relative historical performance in Hamilton industries (LQ trends, 1995-2022) 111

Figure 113. Vietnam's net performance in Hamilton industries since 2013 (scaled to 2022 output) 112

Figure 114. Hamilton Index industries' share of EU-17 economies, 1995-2022 113

Figure 115. EU-17's relative historical performance in Hamilton industries, 1995-2022 114

Figure 116. Hamilton Index industries' share of EU-10 economies, 1995-2022 115

Figure 117. EU-10's relative historical performance in Hamilton industries, 1995-2022 116

Figure 118. Hamilton Index industries' share of Commonwealth economies, 1995-2022 117

Figure 119. Commonwealth nations' relative historical performance in Hamilton industries, 1995-2022 118

Figure 120. Hamilton Index industries' share of Quad economies, 1995-2022 119

Figure 121. Quad nations' relative historical performance in Hamilton industries, 1995-2022 120

Figure 122. Hamilton Index industries' share of Belt and Road economies, 1995-2022 121

Figure 123. Belt and Road nations' relative historical performance in Hamilton industries, 1995-2022 122