7 Facts You Need to Know About US Import and Export

The US is one of the largest trading nations in the world, with a total of $3.9 trillion worth of goods and services exchanged with other countries in 2020. But what are the main products that the US imports and exports, and who are its major trading partners? Here are seven facts you need to know about US import and export.

1. The US has a trade deficit with the rest of the world

This means that it imports more than it exports, resulting in a negative balance of trade. In 2020, the US trade deficit was $678 billion, or 3.2% of its gross domestic product (GDP). The trade deficit has been widening since 2016, mainly due to the increase in imports of consumer goods, industrial supplies, and capital goods.

2. The top three products that the US imports are cars, crude oil, and computers

These three categories accounted for 15.4% of the total US imports in 2020, worth $599 billion. Other major imports include pharmaceuticals, cell phones, clothing, and furniture.

3. The top three products that the US exports are aircraft, refined petroleum, and soybeans

These three categories accounted for 10.4% of the total US exports in 2020, worth $205 billion. Other major exports include corn, gold, medical equipment, and semiconductors.

4. The top three countries that the US imports from are China, Mexico, and Canada

These three countries accounted for 45% of the total US imports in 2020, worth $1.8 trillion. China alone supplied 18% of the US imports, mainly in consumer goods, electronics, and machinery.

5. The top three countries that the US exports to are Canada, Mexico, and China

These three countries accounted for 43% of the total US exports in 2020, worth $842 billion. Canada alone received 18% of the US exports, mainly in vehicles, oil, and machinery.

6. The US has free trade agreements (FTAs) with 20 countries

The US has free trade agreements (FTAs) with 20 countries, which aim to reduce or eliminate tariffs and other barriers to trade. The largest FTA that the US is part of is the North American Free Trade Agreement (NAFTA), which includes Canada and Mexico. NAFTA was signed in 1994 and has boosted trade and investment among the three countries.

7. The US is also involved in several ongoing trade negotiations with other countries and regions

The US is also involved in several ongoing trade negotiations with other countries and regions, such as the United Kingdom, Japan, and the European Union. These negotiations aim to create new opportunities for trade and cooperation, as well as address issues such as intellectual property rights, labor standards, and environmental protection.

US import and export is a complex and dynamic topic that affects many aspects of the economy, society, and politics. By knowing some basic facts about it, you can better understand its benefits and challenges for the country and the world.

U.S. Import and Export Trends in 2023

Imports

According to the U.S. Census Bureau, the U.S. imported goods worth $3,024.9 billion in 2023, a 12.5% increase from 2022. The top five import categories were: industrial supplies and materials ($788.4 billion), capital goods ($726.9 billion), consumer goods ($684.6 billion), automotive vehicles, parts, and engines ($405.7 billion), and foods, feeds, and beverages ($166.8 billion). The top five import partners were: China ($614.6 billion), Mexico ($380.8 billion), Canada ($332.4 billion), Japan ($167.1 billion), and Germany ($156.2 billion). The increase in imports reflects the recovery of the U.S. economy from the pandemic-induced recession and the strong domestic demand for foreign goods.

Exports

According to the U.S. Census Bureau, the U.S. exported goods worth $2,104.7 billion in 2023, a 10.8% increase from 2022. The top five export categories were: capital goods ($621.7 billion), industrial supplies and materials ($510.9 billion), consumer goods ($249.9 billion), automotive vehicles, parts, and engines ($191.5 billion), and foods, feeds, and beverages ($174.4 billion). The top five export partners were: Canada ($337.4 billion), Mexico ($316.7 billion), China ($204.5 billion), Japan ($87.6 billion), and United Kingdom ($76.3 billion). The increase in exports reflects the improvement of the global economic conditions and the competitiveness of the U.S. products in the international markets.

Trade Balance

According to the U.S. Census Bureau, the U.S. trade deficit in goods was $920.2 billion in 2023, a 15% increase from 2022. The trade deficit widened as the growth of imports outpaced the growth of exports, indicating a higher demand for foreign goods than domestic goods in the U.S. market. The trade deficit was mainly driven by the large deficits with China ($410.1 billion), Mexico ($64.1 billion), Germany ($79.9 billion), Japan ($79.5 billion), and Ireland ($59.8 billion). The trade surplus was mainly driven by the large surpluses with Hong Kong ($35.6 billion), Netherlands ($29.7 billion), Australia ($19.4 billion), Singapore ($18.1 billion), and Belgium ($14.8 billion).

References:

http://www.epinet.org/Issuebriefs/203/ib203.pdf

http://assets.opencrs.com/rpts/RL34196_20071002.pdf

https://fas.org/sgp/crs/misc/IF11016.pdf

https://dataweb.usitc.gov/
https://www.census.gov/foreign-trade/
https://oec.world/en/profile/country/usa/
https://www.bls.gov/mxp/

https://www.worldbank.org/en/topic/trade

https://ustr.gov/trade-agreements/free-trade-agreements

https://ustr.gov/trade-agreements/other-initiatives