7 Major US Imports and Exports in 2023
The United States is one of the largest trading nations in the world, with a huge market for goods and services. In 2023, the total US imports and exports were $5.8 trillion, which was $3.2 trillion in imports and $2.6 trillion in exports of services and goods. The US imports more than it exports to other countries, resulting in a trade deficit of $600 billion.
What are the major US imports and exports in 2023? Here are some of the top categories of goods that the US trades with other countries, based on the latest data from the Census Bureau and the Observatory of Economic Complexity.
Imports
The largest category of imports to the United States is $700 billion in capital goods. The companies import computers and associated equipment worth $135 billion. It also imports $120 billion in telecommunications and semiconductors. These goods are essential for the US economy, as they are used to produce other goods and services, as well as for innovation and research.
The second largest category of imports is $550 billion in consumer goods. These include items such as clothing, footwear, toys, furniture, appliances, and electronics. The US consumers demand a variety of products from different countries, especially from China, which is the largest source of consumer goods imports.
The third largest category of imports is $500 billion in industrial supplies and materials. These include chemicals, metals, plastics, rubber, paper, and textiles. These goods are used as inputs for manufacturing and construction industries, as well as for energy production.
Other major categories of imports are $200 billion in automotive vehicles and parts, $200 billion in food and beverages, $100 billion in pharmaceuticals and medical equipment, and $50 billion in gems and precious metals.
Exports
The largest category of exports from the United States is $300 billion in capital goods. The US is a global leader in producing high-tech products such as aircraft, spacecraft, machinery, engines, turbines, medical instruments, and integrated circuits. These goods are exported to various countries around the world, especially to Canada, Mexico, China, United Kingdom, and Japan.
The second largest category of exports is $250 billion in industrial supplies and materials. The US exports petroleum products, natural gas, chemicals, plastics, metals, wood products, and cotton to other countries. These goods are used for various purposes such as fuel, manufacturing, construction, and agriculture.
The third largest category of exports is $200 billion in consumer goods. The US exports cars, motorcycles, trucks, buses, parts and accessories to other countries. The US also exports commodities not elsewhere specified (NESOI), which include items such as artwork, antiques, coins, stamps, scrap metal, waste paper, etc.
Other major categories of exports are $150 billion in services (such as travel, transportation, financial services), $100 billion in food and beverages (such as corn, soybeans, meat products), $50 billion in pharmaceuticals and medical equipment (such as vaccines), and $20 billion in gems and precious metals (such as gold).
US Major Imports and Exports: Trends and Implications
The United States is one of the largest trading nations in the world, with a total trade value of $5.6 trillion in 2019. The US imports more than it exports, resulting in a trade deficit of $616.8 billion in 2019. However, the trade balance varies by product category and trading partner. In this blog post, we will examine some of the major trends and implications of US imports and exports, based on the latest available data from various sources.
Top Imports and Exports by Product Category
According to the Observatory of Economic Complexity (OEC), the top imports of the United States in 2021 were Cars ($139B), Crude Petroleum ($120B), Computers ($102B), Broadcasting Equipment ($101B), and Packaged Medicaments ($86.3B). These products accounted for 24.4% of the total imports of $2.73T in 2021. The top exports of the United States in 2021 were Refined Petroleum ($83.3B), Petroleum Gas ($70.9B), Crude Petroleum ($67.6B), Cars ($55.4B), and Integrated Circuits ($51.3B). These products accounted for 16.5% of the total exports of $1.63T in 2021.
The US is a net importer of most product categories, except for some energy-related products (such as refined petroleum, petroleum gas, and crude petroleum) and agricultural products (such as corn, soybeans, and wheat). The US is also a net exporter of some high-tech products (such as aircraft parts, medical instruments, and gas turbines) and services (such as travel, financial, and intellectual property services).
Top Trading Partners by Country
According to the OEC, the top trading partners of the United States in 2021 were Canada ($614B), Mexico ($608B), China ($681B), Germany ($270B), and Japan ($199B). These countries accounted for 49.8% of the total trade value of $5.36T in 2021. The US has a trade surplus with Canada ($95.8B) and a trade deficit with Mexico (-$114B), China (-$379B), Germany (-$135B), and Japan (-$76.7B).
The US has free trade agreements (FTAs) with 20 countries, including Canada and Mexico under the United States-Mexico-Canada Agreement (USMCA) that replaced the North American Free Trade Agreement (NAFTA) in 2020. The US also has FTAs with Australia, Chile, Colombia, Israel, Jordan, Korea, Morocco, Oman, Panama, Peru, Singapore, Bahrain, Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua. The US is currently negotiating FTAs with several other countries, such as the United Kingdom, Kenya, Thailand, Taiwan, and India.
Global Demand and Industry Outlook
The global demand for goods and services is affected by various factors, such as economic growth, consumer preferences, exchange rates, tariffs, regulations, environmental issues, and technological innovations. The COVID-19 pandemic has also disrupted the global trade flows and supply chains in 2020 and 2021, causing significant changes in the demand and supply patterns of various products and services.
According to the Bureau of Economic Analysis (BEA), the US exports of goods decreased by 13% from $1.65T in 2019 to $1.43T in 2020, while the imports of goods decreased by 6.6% from $2.5T in 2019 to $2.34T in 2020. The US exports of services decreased by 21% from $876B in 2019 to $690B in 2020, while the imports of services decreased by 22% from $588B in 2019 to $458B in 2020.
The BEA also provides monthly data on the US international trade in goods and services for 2021 and 2022. According to the latest report for January 2022 , the US exports of goods and services were $224.4 billion, $3.9 billion less than December exports. The US imports of goods and services were $314.1 billion, $3.8 billion more than December imports.
The outlook for the US trade depends on several factors, such as the recovery from the pandemic, the vaccination rates, the stimulus measures, the trade policies, the geopolitical tensions, the climate change initiatives, and the innovation trends. Some industries may face more challenges than others due to these factors.
For example,
- The automotive industry may face higher costs due to the global shortage of semiconductors and other components, as well as the higher demand for electric vehicles and autonomous vehicles.
- The energy industry may face lower demand due to the shift to renewable sources and the lower oil prices, as well as the higher regulations and environmental standards.
- The pharmaceutical industry may face higher demand due to the need for vaccines and treatments for COVID-19 and other diseases, as well as the higher innovation and research activities.
- The computer and electronics industry may face higher demand due to the increased use of digital technologies and devices for remote work, education, entertainment, and communication, as well as the higher innovation and research activities.
References:
https://www.census.gov/foreign-trade/Press-Release/2020pr/ft900_2012.pdf
http://www.worldstopexports.com/united-states-top-10-imports/
https://oec.world/en/profile/country/usa/
https://www.census.gov/foreign-trade/
https://www.bea.gov/news/2022/us-international-trade-goods-and-services-january-2022
https://geniusimpex.org/top-major-us-imports-exports-statistics/
https://oec.world/en/profile/country/usa/
https://www.census.gov/foreign-trade/
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