12 Economies That Will Get Smashed If Commodity Prices Fall

oil china petrochina

With the global economy in flux, commodity markets have seen remarkable volatility this year. 

Drawing on a UBS report that looks at countries with the most balance sheet risk, we looked at the 12 countries whose economies rely the most on commodities. 

Currently, UBS expects global GDP to slow to 3.1% in 2012, from 3.2% in 2011.  However, it expects GDP to pick up to 3.4% in 2013.

Should global growth disappoint, demand for these commodities could fall, sending these economies into a tizzy.

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[slide
permalink=”12-malaysia-1″
title=”#12 Malaysia”
content=”Commodities / GDP: 14.0%

Malaysia’s biggest commodities exports include petroleum and liquefied natural gas, wood, palm oil, rubber, chemicals and textiles.

Source: UBS
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[slide
permalink=”11-russia-2″
title=”#11 Russia”
content=”Commodities / GDP: 16.2%

Petroleum and petroleum products, natural gas, metals, wood, and chemicals, are some of Russia’s biggest commodities exports.

Source: UBS
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[slide
permalink=”10-vietnam-3″
title=”#10 Vietnam”
content=”Commodities / GDP: 16.2%

Vietnam’s major commodities exports include, crude oil, marine products, and rice.

Source: UBS
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[slide
permalink=”9-venezuela-4″
title=”#9 Venezuela”
content=”Commodities / GDP: 16.7%

Petroleum, bauxite and aluminium, minerals, chemicals, and agricultural products are Venezuela’s biggest commodities exports.

Source: UBS
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[slide
permalink=”8-norway-5″
title=”#8 Norway”
content=”Commodities / GDP: 21.0%

Petroleum, metals, chemicals, and fish are Norway’s biggest export commodities.

Source: UBS
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[slide
permalink=”7-nigeria-6″
title=”#7 Nigeria”
content=”Commodities / GDP: 27.2%

Petroleum and petroleum based products account for 95% of Nigeria’s exports. Rubber and cocoa are other major export commodities.

Source: UBS
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[slide
permalink=”6-uae-7″
title=”#6 UAE”
content=”Commodities / GDP: 29.4%

Crude oil accounts for 45% of the U.A.E.’s exports, while other major exports include dried fish and dates.

Source: UBS
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[slide
permalink=”5-kazakhstan-8″
title=”#5 Kazakhstan”
content=”Commodities / GDP: 30.2%

Oil and oil products accounts for 59% of Kazakhstan’s commodities exports. Ferrous metals, chemicals, grain, wool, meat and coal are also other major export commodities.

Source: UBS
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[slide
permalink=”4-oman-9″
title=”#4 Oman”
content=”Commodities / GDP: 41.0%

Petroleum, fish, metals and textiles are Oman’s biggest exports.

Source: UBS
image=”http://static.businessinsider.com/image/4ecc0a3c6bb3f7e041000038″
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[slide
permalink=”3-saudi-arabia-10″
title=”#3 Saudi Arabia”
content=”Commodities / GDP: 43.3%

Petroleum and petroleum related products are Saudi Arabia’s biggest export commodities.

Source: UBS
image=”http://static.businessinsider.com/image/f537544b94a42f4ab036d600″
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[slide
permalink=”2-qatar-11″
title=”#2 Qatar”
content=”Commodities / GDP: 51.7%

Liquefied natural gas, petroleum products, and steel are Qatar’s biggest export commodities.

Source: UBS
image=”http://static.businessinsider.com/image/4bd5b1847f8b9a427f710000″
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[slide
permalink=”1-kuwait-12″
title=”#1 Kuwait”
content=”Commodities / GDP: 84.2%

Oil and refined products are Kuwait’s biggest export commodities.

Source: UBS
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[slide
permalink=”now-heres-a-look-at-countries-with-the-most-balance-sheet-risk-13″
title=”Now here’s a look at countries with the most balance sheet risk…”
content=”UBS: Here Are The 19 Countries Most Likely To Default >
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[/slideshow]