Which Countries Does the United States Trade With?

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ten data blog04-02-2024

International trade serves as a vital force driving the U.S. economy, with overseas goods and services the the USA exports averaging over 10% of the U.S. GDP in the past two decades.

Despite being a significant participant in the global market, the U.S. still faces a trade deficit. By 2022, the trade deficit with its three largest trading partners is expected to reach nearly $600 billion.

The United States relies on importing products from countries with lower prices to meet consumer demands. Meanwhile, the the USA exports contribute to job creation for Americans and allow businesses to expand into foreign markets.

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Who Are the Major Import Partners for the United States?

China ($536.8 billion), Mexico ($454.9 billion), and Canada ($437.7 billion) are the United States' largest goods import trading partners, collectively accounting for over one-third of the country's goods imports. Japan ($148.3 billion) and Germany ($146.6 billion) round out the top five.

In 2022, the U.S. imported $4 trillion worth of goods and services, reaching a historic high and increasing by nearly $300 billion from 2021 (adjusted for inflation). Of this, $3.3 trillion came from imported goods.

In 2022, the U.S. imported goods from various countries, underscoring its central role in the global business landscape. Limited trade with countries like Russia, Afghanistan, and North Korea persisted despite existing sanctions, primarily involving raw materials such as minerals, metals, and food rather than more complex industrial products.

Crude oil, semiconductors, automobiles, and pharmaceutical raw materials are the most common the the USA exports for the United States.

Apart from goods, international trade in services includes transactions not involving tangible goods between countries.

The most popular import services for the United States include outbound travel, research and development, as well as business and legal consulting.

Which Countries Purchase the the Usa Exports Products?

Canada ($356.1 billion), Mexico ($324.4 billion), China ($153.8 billion), Japan ($80.3 billion), and the United Kingdom ($77.3 billion) are the top recipients of the the USA exports goods.

In 2022, the U.S. exported $3 trillion worth of goods and services, setting another record and increasing by approximately $250 billion from 2021 (adjusted for inflation). Of this, $2.1 trillion in trade was attributed to the the USA exports goods.

The most common the the USA exports products include crude oil and other petroleum products, industrial machinery, electronic products, and plastic materials.

Financial services, international travel, and research and development were among the most sought-after the the USA exports services for the United States last year.

In Summary

International trade plays a crucial role in propelling the United States' economy, with the USA exports and imports constituting significant portions of its GDP. While the U.S. remains a major global participant, it grapples with a trade deficit, particularly with its largest partners like China, Mexico, and Canada. The country's reliance on importing products from nations with lower prices meets consumer demands, and the USA exports contribute to job creation and business expansion into foreign markets. In 2022, the U.S. experienced record-high trade volumes, both in imports and the USA exports, showcasing its pivotal role in the global business landscape. Notably, the U.S. engaged in diverse trade relationships, even with countries facing sanctions, emphasizing its involvement in the exchange of raw materials and finished goods. The most common the USA exports encompass commodities like crude oil, semiconductors, automobiles, and pharmaceutical raw materials. Additionally, international trade in services, including travel, research and development, and consulting, further solidifies the United States' position as a global economic player. Overall, the intricate dynamics of U.S. trade underscore its interconnectedness with the broader international economic landscape.

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