5 Surprising Facts About the United States’ Biggest Exports
The United States is one of the world’s largest exporters, selling goods and services worth over $2 trillion in 2020. But what are the main products that the US exports, and how have they changed over time? Here are five surprising facts about the United States’ biggest exports.
Fact 1: Refined petroleum oils are the top export product
The US exported $378.6 billion worth of mineral fuels, including oil, in 2020, making it the top export category. Within this category, refined petroleum oils were the most valuable product, accounting for $131.8 billion or 35% of the total. The US is a major producer and exporter of refined petroleum products, such as gasoline, diesel, jet fuel, and heating oil. The main destinations for US refined petroleum oils are Mexico, Canada, Brazil, Japan, and the Netherlands.
Fact 2: Civilian aircraft are the most exported capital good
Capital goods are products that are used to produce other goods or services, such as machinery, equipment, vehicles, and aircraft. The US exported $229.6 billion worth of capital goods in 2020, making it the second-largest export category. Within this category, civilian aircraft were the most valuable product, accounting for $45.4 billion or 20% of the total. The US is a global leader in aerospace manufacturing, with companies like Boeing, Lockheed Martin, and General Electric. The main destinations for US civilian aircraft are China, Canada, Japan, France, and Germany.
Fact 3: Electronic integrated circuits are the most exported electrical product
Electrical products are products that use electricity or generate electricity, such as computers, phones, appliances, batteries, and solar panels. The US exported $197.7 billion worth of electrical products in 2020, making it the third-largest export category. Within this category, electronic integrated circuits were the most valuable product, accounting for $41.9 billion or 21% of the total. Electronic integrated circuits are tiny devices that contain thousands or millions of transistors and other components that perform various functions in electronic devices. The main destinations for US electronic integrated circuits are China, Mexico, Malaysia, Taiwan, and South Korea.
Fact 4: Cars are the most exported vehicle
Vehicles are products that transport people or goods by land, air, or water, such as cars, trucks, buses, motorcycles, trains, planes, ships, and boats. The US exported $134.9 billion worth of vehicles in 2020, making it the fourth-largest export category. Within this category, cars were the most valuable product, accounting for $53 billion or 39% of the total. The US is a major producer and exporter of cars, with brands like Ford, General Motors, Tesla, and Toyota. The main destinations for US cars are Canada, China, Germany, Mexico, and Saudi Arabia.
Fact 5: Gold is the most exported gem or precious metal
Gems and precious metals are products that have high value and rarity due to their beauty or usefulness in jewelry or industry, such as diamonds, pearls, gold, silver, platinum, and palladium. The US exported $92.5 billion worth of gems and precious metals in 2020, making it the seventh-largest export category. Within this category, gold was the most valuable product, accounting for $69 billion or 75% of the total. The US is a major producer and exporter of gold, with mines in Nevada, Alaska, California, and Colorado. The main destinations for US gold are the United Kingdom, Switzerland, India, Hong Kong, and Canada.
United States Biggest Exports: Trends and Prospects
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. However, this figure represents a decline of 15.7% from 2019, mainly due to the effects of the COVID-19 pandemic. In this post, we will examine the top five export products of the United States, their performance in 2020, and their outlook for the future.
Refined Petroleum Oils
Refined petroleum oils were the top export product of the United States in 2020, with a value of $78.8 billion, accounting for 5.5% of the total exports. This category includes gasoline, diesel, jet fuel, and other refined products derived from crude oil. The main destinations for U.S. refined petroleum oils were Mexico ($13.9 billion), Canada ($12.6 billion), Brazil ($6.4 billion), Netherlands ($5.3 billion), and Japan ($4.6 billion).
However, refined petroleum oils also experienced the largest drop in export value among the top five products, falling by 38.8% from 2019. This was due to the sharp decline in global demand and prices for oil products amid the pandemic-induced lockdowns and travel restrictions. According to the U.S. Energy Information Administration (EIA), U.S. exports of petroleum products averaged 4.9 million barrels per day in 2020, down from 5.6 million barrels per day in 2019.
The outlook for U.S. refined petroleum oils exports depends largely on the recovery of the global economy and oil markets in the post-pandemic era. The EIA projects that U.S. exports of petroleum products will increase to 5.4 million barrels per day in 2021 and 5.6 million barrels per day in 2022, as demand and prices rebound. However, the EIA also warns that uncertainties regarding the pace and extent of vaccination programs, new variants of the virus, and policy responses could affect the outlook.
Crude Oil
Crude oil was the second-largest export product of the United States in 2020, with a value of $66.2 billion, accounting for 4.6% of the total exports. This category includes crude oil extracted from wells or shale formations in the United States. The main destinations for U.S. crude oil were China ($19 billion), Canada ($11 billion), South Korea ($7 billion), India ($6 billion), and Netherlands ($4 billion).
Crude oil also saw a significant decrease in export value in 2020, falling by 31% from 2019. This was also due to the slump in global demand and prices for oil amid the pandemic. According to the EIA, U.S. exports of crude oil averaged 3 million barrels per day in 2020, down from 3.1 million barrels per day in 2019.
The outlook for U.S. crude oil exports is similar to that of refined petroleum oils, as it depends on the recovery of the global economy and oil markets. The EIA projects that U.S. exports of crude oil will increase to 3.2 million barrels per day in 2021 and 3.5 million barrels per day in 2022, as demand and prices recover. However, the EIA also notes that uncertainties regarding the supply and demand balance in the global oil market could affect the outlook.
Petroleum Gases
Petroleum gases were the third-largest export product of the United States in 2020, with a value of $45 billion, accounting for 3.1% of the total exports. This category includes liquefied natural gas (LNG), liquefied petroleum gas (LPG), ethane, propane, butane, and other gaseous hydrocarbons derived from natural gas or crude oil processing plants. The main destinations for U.S. petroleum gases were Japan ($8 billion), China ($7 billion), South Korea ($6 billion), Mexico ($5 billion), and India ($4 billion).
Petroleum gases also experienced a decline in export value in 2020, falling by 17% from 2019. This was mainly due to the lower prices for LNG and LPG amid the pandemic-induced oversupply and weak demand in the global gas market. According to the EIA, U.S. exports of LNG averaged 6 billion cubic feet per day in 2020, down from 6.5 billion cubic feet per day in 2019.
The outlook for U.S. petroleum gases exports is more optimistic than that of oil products, as it is expected to benefit from the growing demand for cleaner energy sources and lower carbon emissions in the world. The EIA projects that U.S. exports of LNG will increase to 8.5 billion cubic feet per day in 2021 and 9.2 billion cubic feet per day in 2022, as new LNG export facilities come online and global demand recovers. The EIA also expects U.S. exports of LPG and ethane to increase in the coming years, as the U.S. has a competitive advantage in producing and exporting these products.
Cars
Cars were the fourth-largest export product of the United States in 2020, with a value of $43.4 billion, accounting for 3% of the total exports. This category includes passenger cars, light trucks, vans, sport utility vehicles, and other motor vehicles designed for transporting people. The main destinations for U.S. cars were Canada ($15 billion), China ($9 billion), Germany ($4 billion), Mexico ($3 billion), and Saudi Arabia ($2 billion).
Cars also saw a decrease in export value in 2020, falling by 21% from 2019. This was due to the disruption of the global automotive industry by the pandemic, which affected both production and consumption of vehicles. According to the International Organization of Motor Vehicle Manufacturers (OICA), global car production declined by 16% in 2020, while global car sales declined by 14%.
The outlook for U.S. cars exports is uncertain, as it depends on the recovery of the global automotive market and the competitive position of the U.S. car manufacturers. According to the OICA, global car production is expected to increase by 13% in 2021 and 4% in 2022, while global car sales are expected to increase by 10% in 2021 and 5% in 2022. However, the OICA also cautions that these projections are subject to high uncertainty and volatility due to the pandemic and other factors such as trade tensions, environmental regulations, technological changes, and consumer preferences.
Electronic Integrated Circuits
Electronic integrated circuits were the fifth-largest export product of the United States in 2020, with a value of $36.9 billion, accounting for 2.6% of the total exports. This category includes microprocessors, memory chips, logic circuits, amplifiers, converters, and other electronic components that perform various functions on a single chip or wafer. The main destinations for U.S. electronic integrated circuits were China ($11 billion), Mexico ($5 billion), Malaysia ($3 billion), Taiwan ($3 billion), and South Korea ($2 billion).
Electronic integrated circuits were one of the few export products that increased in value in 2020, rising by 6% from 2019. This was due to the strong demand for electronic devices and equipment amid the pandemic, such as computers, smartphones, tablets, gaming consoles, medical devices, and cloud services. According to the World Semiconductor Trade Statistics (WSTS), global semiconductor sales increased by 6.8% in 2020, reaching a record high of $439 billion.
The outlook for U.S. electronic integrated circuits exports is positive, as it is expected to benefit from the continued growth of the global semiconductor market and the technological leadership of the U.S. semiconductor industry. According to the WSTS, global semiconductor sales are projected to increase by 10.9% in 2021 and 8.8% in 2022, driven by the recovery of the global economy and the demand for various end-use applications such as communications, computing, industrial, automotive, and consumer electronics.
The United States is a major exporter of goods and services to the world, but its exports have been affected by the COVID-19 pandemic in 2020. The top five export products of the United States are refined petroleum oils, crude oil, petroleum gases, cars, and electronic integrated circuits. These products have different performance trends and prospects depending on their market conditions and competitive advantages.
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
Top US Exports 2022 – World’s Top Exports
United States (USA) Exports, Imports, and Trade Partners | OEC
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