United States (USA) Exports, Imports, and Trade Partners | OEC (2024)

FAQs

United States (USA) Exports, Imports, and Trade Partners | OEC? ›

The top five suppliers of U.S. goods imports in 2019 were: China ($452 billion), Mexico ($358 billion), Canada ($319 billion), Japan ($144 billion), and Germany ($128 billion). U.S. goods imports from the European Union 27 were $515 billion. The United States is the largest services exporter in the world.

The top five suppliers of U.S. goods imports in 2019 were: China ($452 billion), Mexico ($358 billion), Canada ($319 billion), Japan ($144 billion), and Germany ($128 billion). U.S. goods imports from the European Union 27 were $515 billion. The United States is the largest services exporter in the world.

The US is the largest importer in the world, and the second-largest exporter (next to China). The biggest single category of goods the US imports is cars and the biggest export is refined petroleum.

Which countries are the nation's biggest import partners? The nation's largest goods import trading partners were China ($536.8 billion), Mexico ($454.9 billion), and Canada ($437.7 billion), making up more than one-third of America's imported goods.

Exports The top exports of United States are Refined Petroleum ($83.3B), Petroleum Gas ($70.9B), Crude Petroleum ($67.6B), Cars ($55.4B), and Integrated Circuits ($51.3B), exporting mostly to Canada ($259B), Mexico ($247B), China ($151B), Japan ($71.8B), and South Korea ($66.4B).

Chinese products subject to these 25 percent US tariffs include semiconductors, furniture, IT hardware, and some consumer electronics. At the other extreme are US imports of Chinese products never hit with trade war tariffs.

The value of total exports from Russia to its major trade partner — China — amounted to nearly 69 billion U.S. dollars in 2021.

Is China the US largest trading partner? ›

China is currently our largest goods trading partner with $559.2 billion in total (two way) goods trade during 2020. Goods exports totaled $124.5 billion; goods imports totaled $434.7 billion. The U.S. goods trade deficit with China was $310.3 billion in 2020.

Soybeans. Soybeans accounted for nearly one-half of U.S. agricultural exports to China at a record $16.4 billion, surpassing the previous year's record by more than $2.2 billion. China is the world's largest soybean importer, accounting for nearly 60 percent of global trade and half of U.S. soybean export value.

The United States is the world's second-biggest importer. In 2022, the main imports were consumer goods (27 percent), capital goods (26 percent), and industrial supplies (25 percent) followed by automotive vehicles, parts and engines (12 percent), and foods, feeds and beverages (6 percent).

Why America Imports So Much. Although America can produce all it needs, China, Mexico, and other emerging market countries can produce it for less. Their cost of living is lower, which allows them to pay their workers less. Thus, they are better at producing what U.S. consumers want than American companies could.

Canada and the European Union are the two largest suppliers of U.S. agricultural imports, followed by Mexico. Canada and Mexico are the United States' first and third largest suppliers of agricultural products (averaging $30.9 billion and $25.5 billion in 2017–21, respectively).

American consumers seek a safe, diverse, and abundant food supply that is simultaneously affordable and available throughout the year. To help meet these consumer demands, the United States imports about 15 percent of its overall food supply.

The resulting total net petroleum imports (imports minus exports) were about -1.26 million b/d, which means that the United States was a net petroleum exporter of 1.26 million b/d in 2022. The top five source countries of U.S. gross petroleum imports in 2022 were Canada, Mexico, Saudi Arabia, Iraq, and Colombia.

In 2020, the top partner countries from which United States Imports All Products include China, Mexico, Canada, Japan and Germany.

What is America known for producing? ›

Corn, soybeans, barley and oats

The largest United States crop in terms of total production is corn, the majority of which is grown in a region known as the Corn Belt. The second largest crop grown in the United States is soybeans.

Of the $5.8 billion in U.S. exports to Russia in 2016, the top commodity sectors were transportation equipment (33.9%), machinery and mechanical appliances (31.0%), and chemicals, plastics, and leather products (13.9%).

In 2021, of $151.1 billion in the U.S. exports to China, the top commodity were Machinery and Mechanical Appliances (23.9% of the total U.S. exports), Agriculture (20.9%), and Chemicals, Plastics, Rubber and Leather Goods (16.6%).

The United States is the world's largest importer of goods, followed by China and Germany. Overall out of the world's 10 largest importers, 4 countries are in Europe, 4 are in Asia and 1 from North America and 1 from Central America.

China has shifted purchases away from the United States to reduce its reliance on US suppliers, but US farmers remain highly dependent on the Chinese market. In 2022, around 19 percent of US agriculture exports went to China, up from 14 percent in 2017 and 13 percent in 2009.

The top import categories (2-digit HS) in 2019 were: mineral fuels ($13 billion), precious metal and stone (platinum) ($2.2 billion), iron and steel ($1.4 billion), fertilizers ($963 million), and inorganic chemicals ($763 million). U.S. total imports of agricultural products from Russia totaled $69 million in 2019.

This data suggests that if U.S. hypothetically stops buying Chinese goods, China's export will suffer a 18% loss, which accounts for 18%*20% = 3.6% of China's GDP. It is unlikely a 3.6% loss in GDP will collapse the Chinese economy.

Trade revenue in Ukraine 2021, by partner and flow

Ukraine had the largest trade revenue with China, which exceeded 18.6 billion U.S. dollars in 2021. Poland was Ukraine's second-leading trade partner, with the sum of exports from Ukraine and imports to Ukraine measured at nearly 9.9 billion U.S. dollars.

Who is Russia's biggest oil buyer? ›

Behind China and India, Turkey and Bulgaria are the biggest buyers of Russian crude.

The most recent exports are led by Iron Ore ($6.83B), Seed Oils ($6.34B), Wheat ($5.87B), Corn ($5.86B), and Semi-Finished Iron ($4.08B). The most common destination for the exports of Ukraine are China ($8.09B), Poland ($5B), Turkey ($4.12B), Russia ($3.61B), and Italy ($3.36B).

Who dominates global trade? It is well recognised that China has become the world's largest trading nation. Less appreciated is the effect this has had in displacing the United States from its traditional dominance as a trading partner for other countries around the world.

After narrowly lagging behind China in 2022, Mexico officially became the US's largest trading partner at the start of 2023, according to new US Census Bureau figures.

Imports In 2020, the U.S. imported $9.8 billion worth of Optical, Measuring, Medical or Other Instruments from Germany, representing 10.4% of the total U.S. imports of those commodities. U.S. imports of $519.3 million of Arts and Antiques counted 9.9% of the total U.S. imports from the World of those commodities.

The United States dollar is the dominant currency in international transactions and financial markets due to its vast economy, with a gross domestic product (GDP) that is larger than the combined GDPs of the next three largest economies.

China is the largest trading partner to Japan, South Korea, Vietnam, and Taiwan. Given their proximity, those countries are hardly a surprise. But it is also the top trader with Russia—and Ukraine. In Africa, China is the top partner for countries like South Africa and Kenya.

Soybeans remain top export to China

About one-fifth of US exports to China consist of agricultural products, including soybeans, which are by far the United States' largest single export to China.

China went on a corn buying spree in March, with purchases of almost 4 million tons announced by the US government between March 14 and April 14. But US corn is now less competitive, with supplies from Brazil about $30 a ton cheaper for delivery in the third quarter, traders said.

In 2021, Texas remained the leading state in terms of value of exported goods to China. Goods worth approximately 20.6 billion U.S. dollars were exported from Texas to China in 2021.

Can the US supply its own oil? ›

In the United States, companies produce crude oil on private and public land and offshore waters. Most of these companies are independent producers, and they usually operate only in the United States.

The top Chinese exports are broadcasting equipment, computers, and integrated circuits. In fact, China exported $223 billion worth of broadcasting equipment alone in 2021. China also exported $156 billion worth of computers in 2021.

Agriculture has a positive trade balance, which means we send out (export) more than we bring in (import).

That happens because of a combination of economics and chemistry. The economics are simple: overseas oil, even after shipping costs, is often cheaper than domestically-produced crude.

The U.S. produces 18.8 million barrels of oil per day but consumes slightly more — 20.5 million barrels per day. (The world as a whole consumes about 100 million barrels per day.)

For most economies in the world, their leading export and import trading partner in terms of value is either the European Union or China, and to a certain degree, the United States and Russia.

The United States is the world's second-biggest importer. In 2022, the main imports were consumer goods (27 percent), capital goods (26 percent), and industrial supplies (25 percent) followed by automotive vehicles, parts and engines (12 percent), and foods, feeds and beverages (6 percent).

The U.S. Department of Commerce's Bureau of Industry and Security (BIS) administers U.S. laws, regulations and policies governing the export and reexport of commodities, software, and technology (collectively “items”) falling under the jurisdiction of the Export Administration Regulations (EAR).

China, Canada and Mexico are the country's largest trading partners, accounting for nearly $1.9 trillion worth of imports and exports. But this landscape could be reshaped as President Trump pursues “America First” policies and reworks free trade deals.

Who are the top 3 importers? ›

The United States is the world's largest importer of goods, followed by China and Germany.

The most recent exports are led by Refined Petroleum ($83.3B), Petroleum Gas ($70.9B), Crude Petroleum ($67.6B), Cars ($55.4B), and Integrated Circuits ($51.3B). The most common destination for the exports of United States are Canada ($259B), Mexico ($247B), China ($151B), Japan ($71.8B), and South Korea ($66.4B).

Automotive industry

Food industry

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Industrial Organic Chemicals...

The Bureau of Industry and Security (BIS) implements U.S. Government certain sanctions against Cuba, Iran, North Korea, and Syria pursuant to the Export Administration Regulations (EAR), either unilaterally or to implement United Nations Security Council Resolutions.

The Office of the U.S. Trade Representative (USTR) is responsible for developing and coordinating U.S. international trade, commodity, and direct investment policy, and overseeing negotiations with other countries.