main exports of usa

Main Exports Of USA, 7 Main Exports of the USA

7 Main Exports of the USA: A Comprehensive Guide for 2022

The United States is one of the world’s largest exporters, selling a variety of goods and services to other countries. In 2020, the US exported $2.131 trillion worth of goods and services, down from $2.528 trillion in 2019 due to the COVID-19 pandemic. However, the US still remains a major player in the global trade arena, with some of its exports being highly sought-after by other nations. In this article, we will explore the 7 main exports of the USA, what they are, how much they are worth, and which countries are the main buyers.

Petroleum Products

Petroleum products are the top export category of the US, accounting for 18.4% of the total exports in 2020. Petroleum products include refined petroleum oils, crude oil, petroleum gases, and other products derived from oil. The US is one of the world’s largest producers and exporters of oil, thanks to its abundant shale resources and advanced technology. In 2020, the US exported $378.6 billion worth of petroleum products, down from $452.9 billion in 2019. The main buyers of US petroleum products were Canada ($51.1 billion), Mexico ($34.3 billion), China ($16.8 billion), Japan ($15.5 billion), and South Korea ($14.8 billion).


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Machinery

Machinery is the second-largest export category of the US, accounting for 11.1% of the total exports in 2020. Machinery includes computers, industrial machines, turbines, engines, pumps, generators, and other equipment used for various purposes. The US is a leader in innovation and technology, producing high-quality and sophisticated machinery for various industries and sectors. In 2020, the US exported $229.6 billion worth of machinery, down from $255 billion in 2019. The main buyers of US machinery were Mexico ($46 billion), Canada ($40.4 billion), China ($20 billion), Germany ($12.6 billion), and Japan ($11.8 billion).

Electrical Machinery and Equipment

Electrical machinery and equipment is the third-largest export category of the US, accounting for 9.6% of the total exports in 2020. Electrical machinery and equipment includes integrated circuits, telephones, telecommunication equipment, electrical components, batteries, solar panels, and other devices that use electricity or generate it. The US is a major producer and exporter of electrical machinery and equipment, especially in the fields of semiconductors, telecommunications, and renewable energy. In 2020, the US exported $197.7 billion worth of electrical machinery and equipment, down from $210.4 billion in 2019. The main buyers of US electrical machinery and equipment were Mexico ($41 billion), Canada ($25 billion), China ($18 billion), Hong Kong ($10 billion), and South Korea ($9.8 billion).

Vehicles

Vehicles are the fourth-largest export category of the US, accounting for 6.5% of the total exports in 2020. Vehicles include cars, trucks, buses, motorcycles, bicycles, trailers, and other vehicles used for transportation or recreation. The US is a major producer and exporter of vehicles, especially in the segments of electric vehicles, sports cars, SUVs, and pickup trucks. The US also has a large domestic market for vehicles, making it one of the world’s largest consumers as well as exporters of vehicles. In 2020, the US exported $134.9 billion worth of vehicles, down from $158 billion in 2019. The main buyers of US vehicles were Canada ($38 billion), Mexico ($21 billion), China ($14 billion), Germany ($8 billion), and Saudi Arabia ($7 billion).

Aircraft and Spacecraft

Aircraft and spacecraft are the fifth-largest export category of the US, accounting for 5% of the total exports in 2020. Aircraft and spacecraft include airplanes, helicopters, drones, rockets, satellites, and other devices that fly or operate in the air or space. The US is a global leader in aerospace technology, producing some of the most advanced and reliable aircraft and spacecraft in the world. The US also has a strong military presence in the air and space domains, making it one of the world’s largest suppliers of defense-related aerospace products. In 2020, the US exported $102.8 billion worth of aircraft and spacecraft, down from $121 billion in 2019. The main buyers of US aircraft and spacecraft were China ($16 billion), Canada ($12 billion), Japan ($10 billion), France ($8 billion), and Germany ($7 billion).

The United States is a major exporter of goods and services to the world, offering a diverse range of products that cater to various needs and preferences of other countries. Some of the main exports of the US are petroleum products, machinery, electrical machinery and equipment, vehicles, and aircraft and spacecraft. These exports reflect the US’s strengths in innovation, technology, energy, and aerospace, as well as its large and dynamic domestic market. The US exports to many countries around the world, but some of its main trading partners are Canada, Mexico, China, Japan, and South Korea.

Main Exports of USA: Trends and Challenges

The United States is one of the world’s largest exporters of goods and services, with a total value of $2.131 trillion in 2020, down from $2.528 trillion in 2019. The decline was mainly due to the effects of the COVID-19 pandemic, which disrupted global trade and reduced demand for many products. However, some sectors performed better than others, and some export markets remained strong despite the challenges. In this blog post, we will examine the main exports of the USA, their trends and challenges, and their prospects for the future.

Top Export Products of USA

According to the World Bank, the top export products of the USA in 2020 were:

  • Refined petroleum products ($83.3 billion)
  • Petroleum gas ($70.9 billion)
  • Crude oil ($67.6 billion)
  • Cars ($55.4 billion)
  • Integrated circuits ($51.3 billion)

These five products accounted for 15.4% of the total exports of the USA in 2020. Refined petroleum products were the fastest-growing export category, increasing by 57.5% from 2019, followed by organic chemicals (18.5%) and aircraft and spacecraft (14.9%). On the other hand, some export categories experienced significant declines, such as civilian aircraft (-27.4%), automotive parts and accessories (-13.3%), and gem diamonds (-8.5%).


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Top Export Markets of USA

According to the Observatory of Economic Complexity, the top export markets of the USA in 2020 were:

  • Canada ($259 billion)
  • Mexico ($247 billion)
  • China ($151 billion)
  • Japan ($71.8 billion)
  • South Korea ($66.4 billion)

These five countries accounted for 36% of the total exports of the USA in 2020. Canada and Mexico were the largest and most stable export markets for the USA, thanks to the North American Free Trade Agreement (NAFTA) and its successor, the United States-Mexico-Canada Agreement (USMCA), which facilitate trade and reduce tariffs among the three countries. China was the third-largest export market for the USA, despite the ongoing trade war and tensions between the two countries. Japan and South Korea were also important export markets for the USA, especially for high-tech products such as integrated circuits and aircraft.

Trends and Challenges for US Exports

The main trends and challenges for US exports in 2020 and beyond include:

The impact of COVID-19: The pandemic has affected global trade in unprecedented ways, causing disruptions in supply chains, logistics, transportation, and demand. US exports have suffered from reduced consumer spending, lower oil prices, travel restrictions, and lockdown measures in many countries. However, some sectors have benefited from increased demand for medical supplies, personal protective equipment (PPE), pharmaceuticals, and digital services.

The role of technology: Technology is a key driver of innovation and competitiveness for US exports, as it enables new products, processes, and markets. US exporters have an advantage in sectors such as information technology, biotechnology, aerospace, and renewable energy, where they can leverage their research and development capabilities, skilled workforce, and intellectual property rights. However, technology also poses challenges for US exporters, such as cybersecurity threats, data privacy regulations, digital taxation policies, and competition from emerging economies.

The dynamics of trade policy: Trade policy is a crucial factor that affects US exports, as it determines the rules and conditions of access to foreign markets. US exporters have benefited from various trade agreements that have lowered tariffs and removed non-tariff barriers with many countries. However, trade policy also involves uncertainties and risks for US exporters, such as trade disputes, sanctions, tariffs, quotas, subsidies, and anti-dumping measures.

Prospects for US Exports

The prospects for US exports in 2021 and beyond depend on several factors, such as:

The recovery from COVID-19: The pace and extent of the recovery from COVID-19 will determine the demand for US exports in various sectors and regions. According to the International Monetary Fund (IMF), global trade is expected to grow by 8% in 2021 and 6% in 2022, after contracting by 9% in 2020. However, these projections are subject to high uncertainty and volatility due to the evolution of the pandemic and its variants.

The diversification of markets: The diversification of markets is a strategy that can help US exporters reduce their dependence on a few large markets and increase their resilience to external shocks. US exporters can explore new opportunities in emerging markets such as India, Brazil, Vietnam, Indonesia, Turkey, and South Africa, where there is growing demand for consumer goods, infrastructure projects, energy solutions, and digital services.

The promotion of exports: The promotion of exports is a policy that can help US exporters increase their visibility, competitiveness, and access to foreign markets. US exporters can benefit from various programs and initiatives that provide information, assistance, financing, and advocacy for their export activities. For example, the US Department of Commerce’s International Trade Administration (ITA) offers various services and resources for US exporters, such as market research, trade missions, trade shows, trade leads, and export counseling.

References:

https://www.federalreserve.gov/pf/pdf/pf_4.pdf

http://npc.umich.edu/publications/policy_briefs/brief28/policybrief28.pdf

https://www.wto.org/english/res_e/statis_e/wts2019_e/wts2019_e.pdf

https://repositorio.cepal.org/bitstream/handle/11362/45045/1/S1900994_en.pdf

http://www.huduser.org/publications/pdf/5thHomelessAssessmentReport.pdf

http://www.agefi.fr/sites/agefi.fr/files/fichiers/2016/07/bcg-doubling-down-on-data-july-2016_tcm80-2113701.pdf

https://en.wikipedia.org/wiki/List_of_exports_of_the_United_States

https://www.exportgenius.in/blog/what-are-the-main-exports-of-the-united-states-top-10-us-export-products-282.php

https://oec.world/en/profile/country/usa/

http://www.sfc.hk/web/doc/EN/research/stat/a01.pdf



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