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ie, if you are from USA you will get highest conversion from USA.
if you are from the UK you will get highest conversion from UK
People are bit patrotic and will generally buy from their own country, first. That's why it is important to do geographic profiling and serve up the customer with webpages that are geared towards the customer country of origin.
Cambodia may have a 20% conversion rate, but if you only get 10 uniques a month than it is not worth translating.
Spain may only have a 0.05% conversion rate but 200000 visits a month. Which makes spanish an obvious choice (especially since there are dozens of other countries that also speak spanish).
Add additional languages by visitors.
FYI: Ours are in this order