7 Surprising Facts About the Biggest US Exports in 2021
The United States is one of the world’s largest exporters, selling goods and services worth $2.061 trillion in 2021. But what are the biggest US exports, and how have they changed over time? Here are seven surprising facts that you may not know about the top US export industries in 2021.
1. Mineral fuels
Mineral fuels including oil were the largest US export category, accounting for 18.4% of total exports. This category includes refined petroleum, crude oil, petroleum gas, coal and coke. The value of mineral fuel exports increased by 57.5% from 2020 to 2021, mainly due to higher oil prices and recovering global demand after the COVID-19 pandemic.
2. Machinery
Machinery including computers were the second-largest US export category, accounting for 11.1% of total exports. This category includes engines, turbines, pumps, computers, printers, agricultural machinery and construction equipment. The value of machinery exports increased by 9.2% from 2020 to 2021, reflecting the resilience and innovation of the US manufacturing sector.
3. Electrical machinery
Electrical machinery and equipment were the third-largest US export category, accounting for 9.6% of total exports. This category includes integrated circuits, microchips, batteries, electric motors, generators, transformers, telephones, radios and TVs. The value of electrical machinery exports increased by 8.9% from 2020 to 2021, driven by the growing demand for digital technologies and renewable energy solutions.
4. Vehicles
Vehicles were the fourth-largest US export category, accounting for 6.5% of total exports. This category includes cars, trucks, buses, motorcycles, bicycles and parts. The value of vehicle exports increased by 13.8% from 2020 to 2021, despite the challenges posed by the global semiconductor shortage and supply chain disruptions.
5. Aircraft and spacecraft
Aircraft and spacecraft were the fifth-largest US export category, accounting for 5% of total exports. This category includes airplanes, helicopters, drones, rockets, satellites and parts. The value of aircraft and spacecraft exports increased by 14.9% from 2020 to 2021, reflecting the recovery of the aviation industry and the expansion of the space sector.
6. Optical, technical and medical apparatus
Optical, technical and medical apparatus were the sixth-largest US export category, accounting for 4.8% of total exports. This category includes lenses, cameras, microscopes, telescopes, lasers, surgical instruments, medical devices and equipment. The value of optical, technical and medical apparatus exports increased by 7% from 2020 to 2021, highlighting the importance of these products for scientific research and health care.
7. Gems and precious metals
Gems and precious metals were the seventh-largest US export category, accounting for 4.5% of total exports. This category includes gold, silver, platinum, diamonds, jewelry and coins. The value of gems and precious metals exports increased by 15% from 2020 to 2021, boosted by the rising prices of these commodities and the increased demand for safe-haven assets.
These are just some of the facts about the biggest US exports in 2021 that show how diverse and dynamic the US economy is.
The Biggest US Exports in 2021
The United States is one of the world’s largest exporters of goods and services, with total exports amounting to $2.061 trillion in 2021. That represents a 17.6% increase from 2020, when the COVID-19 pandemic caused a sharp decline in global trade. In this blog post, we will look at three of the biggest US export categories in 2021 and how they reflect the changes in global demand and supply.
Mineral Fuels Including Oil
Mineral fuels including oil was the top US export category in 2021, accounting for 18.4% of total exports or $378.6 billion. This category includes refined petroleum oils, crude oil, petroleum gases, coal and coke. The US is a major producer and exporter of these products, especially after the shale revolution that boosted its oil and gas output in the past decade.
The demand for mineral fuels increased in 2021 as the global economy recovered from the pandemic-induced recession and lockdowns. However, the supply was constrained by several factors, such as the OPEC+ production cuts, the US sanctions on Iran and Venezuela, the cyberattack on the Colonial Pipeline, and the weather disruptions in Texas and Louisiana. These factors created a tight market and pushed up the prices of oil and gas, which benefited the US exporters.
The main destinations for US mineral fuels exports in 2021 were Canada ($54.9 billion), Mexico ($38.8 billion), China ($24.7 billion), Japan ($23.8 billion) and South Korea ($22.9 billion).
Machinery Including Computers
Machinery including computers was the second-largest US export category in 2021, representing 11.1% of total exports or $229.6 billion. This category includes various types of machinery and equipment used in industrial, agricultural, construction, mining, medical and other sectors, as well as computers and related parts and accessories.
The demand for machinery and computers was driven by several factors in 2021, such as the digital transformation of businesses and consumers, the investment in infrastructure and renewable energy projects, the innovation in health care and biotechnology, and the resilience of agriculture and food production. The US is a leader in many of these fields and has a competitive edge in producing high-quality and high-tech machinery and computers.
The top markets for US machinery and computers exports in 2021 were Mexico ($49.4 billion), Canada ($46 billion), China ($28 billion), Germany ($13 billion) and Japan ($12.5 billion).
Electrical Machinery and Equipment
Electrical machinery and equipment was the third-largest US export category in 2021, accounting for 9.6% of total exports or $197.7 billion. This category includes various types of electrical devices and components used in communication, lighting, power generation and transmission, automation, entertainment and other applications, such as integrated circuits, telephones, solar panels, batteries, electric motors and generators.
The demand for electrical machinery and equipment was boosted by several trends in 2021, such as the growth of e-commerce, online education and entertainment, the expansion of 5G networks and cloud computing services, the adoption of electric vehicles and smart grids, and the development of artificial intelligence and robotics. The US is a major player in these fields and has a strong innovation capacity and a large domestic market for electrical machinery and equipment.
The main destinations for US electrical machinery and equipment exports in 2021 were Mexico ($41.8 billion), Canada ($25.9 billion), China ($21 billion), Hong Kong ($12 billion) and Taiwan ($10.8 billion).
References:
https://www.census.gov/foreign-trade/Press-Release/2020pr/ft900_2012.pdf
https://atlas.media.mit.edu/en/visualize/tree_map/hs92/export/usa/all/show/2016/
https://www.worldcat.org/issn/0099-9660
https://www.worldstopexports.com/united-states-top-10-exports/
https://en.wikipedia.org/wiki/List_of_exports_of_the_United_States
https://oec.world/en/profile/country/usa/
https://oec.world/en/profile/country/usa/
https://en.wikipedia.org/wiki/List_of_exports_of_the_United_States
https://en.wikipedia.org/wiki/ISSN_(identifier)
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