The Value of U.S. Total Exports in 2023
With a large, diverse economy and advanced industrial base, the United States is a major player in global exports across many sectors. Total U.S. exports of goods and services reached $2.5 trillion in 2022. Understanding the composition and destinations of American exports provides trade insights into competitive strengths.
Leading U.S. Export Categories
Four broad categories account for over 60% of total U.S. exports:
- Capital Goods – At $420 billion, exports of capital goods like industrial machines, telecom equipment and semiconductors are America’s largest export segment.
- Autos & Parts – Exports of cars, trucks and parts total nearly $150 billion annually. Brands like Ford, GM and Tesla are globally popular.
- Consumer Goods – From Nike shoes to iPhone’s, exported U.S. consumer goods reached $210 billion in 2022.
- Energy Products – As a major oil, gas and coal producer, U.S. energy exports exceed $200 billion in value.
Other significant exports include agricultural products, aircraft, plastics, precious metals and pharmaceuticals. America’s diverse industrial base allows exporting many goods.
Top Destinations for U.S. Exports
The largest markets for U.S. exports in 2022 were:
- Canada – $320 billion
- Mexico – $258 billion
- China – $152 billion
- Japan – $74 billion
- United Kingdom – $72 billion
Proximity and free trade agreements drive the high volume with Canada and Mexico. Major U.S. multinationals also invest heavily in these countries. Exports to China have grown rapidly but remain below potential due to tensions.
Benefits of Expanding Exports
Exporting provides several economic benefits for U.S. companies and workers, including:
- Tapping into faster growth markets globally
- Improving economies of scale in production
- Supporting more domestic jobs
- Offsetting impacts of import competition
- Spreading R&D costs across larger sales
- Building the nation’s positive trade balance
With 95% of the world’s population overseas, expanding exports also drives long-term competitiveness. Export success requires firms to be more innovative and responsive to international buyers.
Government Export Promotion Programs
Because expanding exports is a policy priority, government agencies offer a variety of export assistance programs for American firms, including:
- Export financing support from the Export-Import Bank
- Trade missions and export training from Commerce Dept.
- Trade agreement support from U.S. Trade Representative
- Export-Import Bank small business assistance
- Overseas market research from U.S. Commercial Service
- USDA programs for agricultural exports
Consulting these resources helps U.S. companies navigate the export process efficiently. Expert trade advisors are also invaluable for new-to-export firms.
The Future of American Exports
Despite escalating global competition, the diversity, productivity and innovation of the U.S. economy position it strongly for long-term export growth. Capitalizing on free trade pacts, fast-growing emerging markets and specialized niches will drive future export expansion.
With the right strategies and expert guidance, exporting can propel revenues and competitiveness for ambitious U.S. firms. Contact seasoned international trade professionals to craft your global export action plan today.
Exports Supported by Strong Global Demand
US exports have seen steady growth over the past decade, supported by strong global demand for American-made goods and services. According to data from the US Census Bureau, total US exports of goods and services reached $2.5 trillion in 2021, up nearly 50% from 2010 levels. Key drivers include increased exports of agricultural products, civilian aircraft, pharmaceuticals, and professional services. With the total value of exports equal to about 12% of US GDP, exports make a significant contribution to overall economic growth and jobs. Going forward, continued expansion of trade agreements and pursuit of new export markets point to favorable prospects for further export growth.
Manufactured Goods Lead Export Growth
Within total exports, manufactured goods such as machinery, vehicles, and chemicals have accounted for much of the export growth over the past 10 years. Based on statistics from the International Trade Administration, exports of transportation equipment like civilian aircraft and automobiles grew by over 70% from 2010-2020. Other major manufactured exports like industrial machinery, semiconductors, and basic chemicals saw export values double during the 2010s. This growth highlights the competitive position of US factories in global markets, as well as rising middle-class demand overseas. However, exports of consumer goods have lagged, pointing to potential opportunities for US consumer brands. Overall, the strong performance of manufactured exports has been a key driver of total export growth over the past decade.
Services Exports Boast High Growth
While goods represent over 60% of total exports, services exports have grown rapidly as well. According to WTO data, US exports of services like travel, financial services, charges for intellectual property use, and telecommunications grew by over 75% from 2010 to 2020. Key factors driving services export growth include rising overseas travel by consumers from developing countries, increased use of US intellectual property via franchising and licensing, and growth of US financial services in foreign markets. Going forward, services exports present a major area of opportunity for the US, especially in fields like software, entertainment, and professional services. With services making up an increasing share of global trade, this high-growth segment points to a promising future for overall US exports.
Reference:
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/
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