10 Major Exports of the United States and Why They Matter
The United States is the world’s second-largest exporter of goods and services, behind only China. In 2020, the U.S. exported $2.1 trillion worth of goods and services to other countries, accounting for 11.7% of its gross domestic product (GDP). But what are the major exports of the United States and why are they important for the economy and the world?
In this article, we will explore 10 of the most significant exports of the U.S. and how they contribute to the country’s economic growth, innovation, and global influence.
1. Machinery and equipment
Machinery and equipment are the largest category of U.S. exports, accounting for $213 billion or 10.1% of total exports in 2020. This category includes a wide range of products, such as computers, engines, turbines, generators, pumps, valves, agricultural machinery, construction machinery, and medical devices. The U.S. is a global leader in producing high-tech and advanced machinery and equipment that are used in various industries and sectors around the world.
2. Electrical machinery and equipment
Electrical machinery and equipment are the second-largest category of U.S. exports, accounting for $174 billion or 8.3% of total exports in 2020. This category includes products such as electric motors, transformers, batteries, semiconductors, integrated circuits, printed circuit boards, telephones, radios, TVs, cameras, and optical instruments. The U.S. is a major producer and exporter of electrical machinery and equipment that are essential for communication, information technology, entertainment, and scientific research.
3. Mineral fuels and oils
Mineral fuels and oils are the third-largest category of U.S. exports, accounting for $110 billion or 5.2% of total exports in 2020. This category includes products such as crude oil, refined petroleum products, natural gas, coal, and electricity. The U.S. is one of the world’s top producers and exporters of mineral fuels and oils that are used for transportation, heating, power generation, and industrial processes.
4. Aircraft and spacecraft
Aircraft and spacecraft are the fourth-largest category of U.S. exports, accounting for $99 billion or 4.7% of total exports in 2020. This category includes products such as airplanes, helicopters, rockets, satellites, drones, and parts thereof. The U.S. is a dominant player in the global aerospace industry, producing and exporting aircraft and spacecraft that are used for civil aviation, military defense, space exploration, and commercial applications.
5. Vehicles and parts
Vehicles and parts are the fifth-largest category of U.S. exports, accounting for $93 billion or 4.4% of total exports in 2020. This category includes products such as cars, trucks, buses, motorcycles, bicycles, and parts thereof. The U.S. is a major producer and exporter of vehicles and parts that are used for personal and commercial transportation, as well as for recreational and sporting purposes.
6. Plastics and articles thereof
Plastics and articles thereof are the sixth-largest category of U.S. exports, accounting for $66 billion or 3.1% of total exports in 2020. This category includes products such as plastic sheets, films, tubes, pipes, bags, containers, bottles, boxes, and toys. The U.S. is a leading producer and exporter of plastics and articles thereof that are used for packaging, storage, protection, decoration, and entertainment.
7. Pharmaceutical products
Pharmaceutical products are the seventh-largest category of U.S. exports, accounting for $60 billion or 2.8% of total exports in 2020. This category includes products such as drugs, medicines, vaccines, antibiotics, vitamins, and supplements. The U.S. is a major producer and exporter of pharmaceutical products that are used for health care, prevention, treatment, and cure of various diseases and conditions.
8. Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus
Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus are the eighth-largest category of U.S. exports, accounting for $59 billion or 2.8% of total exports in 2020. This category includes products such as lenses, glasses, cameras, projectors, microscopes, telescopes, thermometers, barometers, scales, meters, gauges, scanners, ultrasound machines, X-ray machines, and surgical instruments. The U.S. is a major producer and exporter of optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus that are used for vision, imaging, recording, analysis, diagnosis, monitoring, and surgery.
9. Organic chemicals
Organic chemicals are the ninth-largest category of U.S. exports, accounting for $49 billion or 2.3% of total exports in 2020. This category includes products such as alcohols, ethers, esters, aldehydes, ketones, acids, salts, amines, phenols, and polymers. The U.S. is a major producer and exporter of organic chemicals that are used for industrial processes, synthetic materials, pharmaceuticals, cosmetics, and agriculture.
10. Pearls, precious stones, metals, coins, etc.
Pearls, precious stones, metals, coins, etc. are the tenth-largest category of U.S. exports, accounting for $46 billion or 2.2% of total exports in 2020.
This category includes products such as diamonds, rubies, sapphires, emeralds, gold, silver, platinum, palladium, copper, nickel, zinc, iron, steel, aluminum, and coins.
The U.S. is a major producer and exporter of pearls, precious stones, metals, coins, etc. that are used for jewelry,
investment, currency, art, and industry.
These are the 10 major exports of the United States and why they matter for the economy and the world. By exporting these goods and services, the U.S. not only generates income, employment, and growth for itself, but also provides valuable products and solutions for its trading partners and customers around the globe.
Major Exports of the United States
The United States is one of the world’s largest exporters, shipping goods and services worth $2.061 trillion in 2021. This article will explore some of the major exports of the United States, how they have changed over time, and how they are affected by global demand.
Refined Petroleum and Petroleum Products
The top export category of the United States in 2021 was mineral fuels including oil, which accounted for 18.4% of total exports. This category includes refined petroleum, crude oil, petroleum gas, and other petroleum products. The United States exported $378.6 billion worth of mineral fuels in 2021, up by 57.5% from 2020. The main destinations for U.S. mineral fuels were Canada, Mexico, China, Japan, and South Korea.
The United States is both a major producer and consumer of oil and gas, and its exports depend on the balance between domestic supply and demand, as well as global market conditions. In recent years, the United States has increased its production of shale oil and gas, which has reduced its dependence on imports and increased its export potential. However, the COVID-19 pandemic in 2020 caused a sharp drop in global oil demand and prices, which affected the profitability and viability of U.S. oil producers. As the global economy recovered in 2021, oil demand and prices rebounded, which boosted U.S. exports of mineral fuels.
Machinery and Electrical Equipment
The second-largest export category of the United States in 2021 was machinery including computers, which accounted for 11.1% of total exports. This category includes various types of machinery such as engines, turbines, pumps, valves, computers, printers, and medical equipment. The United States exported $229.6 billion worth of machinery in 2021, down by 3.8% from 2020. The main destinations for U.S. machinery were Canada, Mexico, China, Germany, and Japan.
The third-largest export category of the United States in 2021 was electrical machinery and equipment, which accounted for 9.6% of total exports. This category includes various types of electrical devices such as integrated circuits, transistors, batteries, lamps, switches, and wires. The United States exported $197.7 billion worth of electrical machinery and equipment in 2021, up by 7% from 2020. The main destinations for U.S. electrical machinery and equipment were Mexico, Canada, China, Hong Kong, and South Korea.
The United States is a global leader in innovation and technology, and its exports of machinery and electrical equipment reflect its competitive advantage in these sectors. However, the United States also faces strong competition from other countries such as China, Germany, Japan, and South Korea, which have developed their own capabilities and markets for these products. Moreover, the COVID-19 pandemic disrupted global supply chains and trade flows for these products in 2020 and 2021, affecting both production and demand.
Vehicles
The fourth-largest export category of the United States in 2021 was vehicles, which accounted for 6.5% of total exports. This category includes various types of vehicles such as cars, trucks, buses, motorcycles, tractors, and trailers. The United States exported $134.9 billion worth of vehicles in 2021, up by 10% from 2020. The main destinations for U.S. vehicles were Canada, Mexico, China, Germany, and Saudi Arabia.
The United States is a major producer and consumer of vehicles, and its exports depend on the preferences and incomes of foreign buyers, as well as trade policies and regulations of foreign governments. In recent years, the United States has faced challenges from rising protectionism and trade tensions with some of its major trading partners, such as China, the European Union, and Canada. Moreover, the COVID-19 pandemic affected both production and demand for vehicles in 2020 and 2021, causing disruptions and uncertainties in the global automotive market.
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/
List of exports of the United States – Wikipedia
United States (USA) Exports, Imports, and Trade Partners | OEC
United States Exports – July 2023 Data – 1950-2022 Historical – August
https://www.trade.gov/knowledge-product/usa-export-overview
https://www.investopedia.com/articles/investing/042915/10-countries-most-reliant-us-exports.asp
https://www.bbc.com/news/business-52483339
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