10 US Exports That Are in High Demand Worldwide
The United States is one of the largest exporters in the world, with a total value of $1.64 trillion in 2020. The US exports a variety of goods and services to different markets, but some products are more popular than others. Here are the top 10 US exports that are in high demand worldwide, according to the latest data from the US Census Bureau.
1. Machinery and equipment: $213 billion
Machinery and equipment are the top US export category, accounting for 13% of the total value. This includes computers, engines, turbines, pumps, generators, and other industrial and electrical machinery. The US is a leader in innovation and technology, and its products are sought after by many countries for their quality and reliability.
2. Mineral fuels: $120 billion
Mineral fuels are the second-largest US export category, accounting for 7.3% of the total value. This includes petroleum, coal, natural gas, and other energy products. The US is one of the largest producers and exporters of oil and gas in the world, thanks to its abundant shale resources and advanced extraction techniques.
3. Aircraft and spacecraft: $118 billion
Aircraft and spacecraft are the third-largest US export category, accounting for 7.2% of the total value. This includes airplanes, helicopters, rockets, satellites, and other aerospace products. The US is a global leader in aviation and space exploration, and its products are used by many airlines, governments, and private companies.
4. Vehicles: $88 billion
Vehicles are the fourth-largest US export category, accounting for 5.4% of the total value. This includes cars, trucks, buses, motorcycles, and other motor vehicles. The US is a major producer and exporter of vehicles, especially in the luxury and electric segments. The US also exports parts and accessories for vehicles.
5. Pharmaceuticals: $66 billion
Pharmaceuticals are the fifth-largest US export category, accounting for 4% of the total value. This includes drugs, vaccines, biologics, and other medical products. The US is a world leader in pharmaceutical research and development, and its products are used to treat various diseases and conditions.
6. Optical and medical instruments: $64 billion
Optical and medical instruments are the sixth-largest US export category, accounting for 3.9% of the total value. This includes lenses, cameras, microscopes, scanners, surgical instruments, and other optical and medical devices. The US is a pioneer in optical and medical technology, and its products are used for various purposes such as photography, education, health care, and research.
7. Plastics: $49 billion
Plastics are the seventh-largest US export category, accounting for 3% of the total value. This includes plastic materials, products, films, sheets, pipes, and other plastic items. The US is a major producer and exporter of plastics, which are used for various applications such as packaging, construction, agriculture, and consumer goods.
8. Gems and precious metals: $48 billion
Gems and precious metals are the eighth-largest US export category, accounting for 2.9% of the total value. This includes diamonds, gold, silver, platinum, jewelry, coins, and other gems and precious metals. The US is a major importer and exporter of gems and precious metals, which are used for investment, adornment, and industrial purposes.
9. Organic chemicals: $38 billion
Organic chemicals are the ninth-largest US export category, accounting for 2.3% of the total value. This includes alcohols, acids, esters, aldehydes, ketones, and other organic compounds. The US is a major producer and exporter of organic chemicals, which are used for various industries such as pharmaceuticals, cosmetics, agriculture, and plastics.
10. Cereals: $29 billion
Cereals are the tenth-largest US export category, accounting for 1.8% of the total value. This includes wheat, corn, rice, barley, oats, and other grains. The US is a major producer and exporter of cereals, which are used for food, feed, and biofuel.
These are the top 10 US exports that are in high demand worldwide. They reflect the diversity and strength of the US economy and its role as a global trade partner. The US exports these products to various markets around the world, but some of its top destinations include Canada, Mexico, China, Japan, and Germany.
Top 10 US Exports in 2022
The United States is one of the world’s largest exporters of goods and services, with a total value of $2.061 trillion in 2022. This represents a 23.8% increase from $1.666 trillion in 2018, and a 17.6% increase from $1.754 trillion in 2021. The US exports to more than 200 countries and regions, with its top markets being Canada, Mexico, China, Japan, and the United Kingdom. In this blog post, we will look at the top 10 US export products in 2022, and how they reflect the global demand and trends in different industries.
Refined Petroleum Oils
Refined petroleum oils are the most valuable US export product in 2022, with a value of $135.4 billion. This is a 59% increase from 2021, reflecting the recovery of oil prices and demand after the COVID-19 pandemic. Refined petroleum oils include gasoline, diesel, jet fuel, lubricants, and other products derived from crude oil. The US is the world’s largest producer and exporter of refined petroleum oils, thanks to its abundant shale oil resources and advanced refining technology. The main destinations for US refined petroleum oils are Mexico, Canada, Brazil, Netherlands, and Japan.
Crude Oil
Crude oil is the second most valuable US export product in 2022, with a value of $117 billion. This is a 68.9% increase from 2021, also driven by the rebound of oil prices and demand. Crude oil is the raw material for refining petroleum products, as well as for petrochemicals, plastics, and other industries. The US is the world’s largest producer and exporter of crude oil, surpassing Saudi Arabia and Russia in recent years. The main destinations for US crude oil are China, Canada, India, South Korea, and Japan.
Petroleum Gases
Petroleum gases are the third most valuable US export product in 2022, with a value of $96.3 billion. This is a 41.7% increase from 2021, reflecting the growing demand for natural gas as a cleaner and cheaper alternative to coal and oil for power generation and heating. Petroleum gases include liquefied natural gas (LNG), liquefied petroleum gas (LPG), ethane, propane, and butane. The US is the world’s largest producer and exporter of petroleum gases, thanks to its abundant shale gas resources and advanced liquefaction technology. The main destinations for US petroleum gases are Japan, China, Mexico, South Korea, and India.
Cars
Cars are the fourth most valuable US export product in 2022, with a value of $57.9 billion. This is a 5.3% increase from 2021, reflecting the recovery of the global automotive market after the COVID-19 pandemic. Cars include passenger cars, light trucks, vans, buses, and motorcycles. The US is one of the world’s largest producers and exporters of cars, with a strong presence of domestic and foreign automakers. The main destinations for US cars are Canada, China, Germany, Mexico, and Saudi Arabia.
Integrated Circuits
Integrated circuits are the fifth most valuable US export product in 2022, with a value of $51.3 billion. This is a slight decrease from 2021, reflecting the global shortage of semiconductors due to supply chain disruptions and surging demand from various sectors such as electronics, telecommunications, automotive, medical devices, and defense. Integrated circuits include microprocessors, memory chips, logic chips, and other components that power computers, smartphones, tablets, and other devices. The US is one of the world’s leading producers and exporters of integrated circuits, with a strong innovation and research capacity. The main destinations for US integrated circuits are China, Mexico, Malaysia, South Korea, and Taiwan.
The top 10 US export products in 2022 show that the US has a diversified and competitive export portfolio, with strengths in energy, machinery, vehicles, electronics, and aerospace. These products also reflect the global demand and trends in different industries, such as the recovery of oil and automotive markets, the growth of natural gas and renewable energy sources, the shortage of semiconductors and the digitalization of various sectors. The US faces challenges and opportunities in maintaining and expanding its export markets, such as trade disputes, tariffs, sanctions, environmental regulations, competition, and cooperation.
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
http://www.businessinsider.com/balance-of-goods-us-trading-partners-from-goldman-sachs-2017-5
https://en.wikipedia.org/wiki/Central_Intelligence_Agency
https://en.wikipedia.org/wiki/List_of_exports_of_the_United_States
https://oec.world/en/profile/country/usa/
https://www.madeinamerica.com/top-10-u-s-exports/
https://www.investopedia.com/articles/investing/100215/top-10-us-exporting-industries.asp
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