Estats Units: Visió econòmica i política
The U.S. is the world's largest importer and second-largest exporter of goods, as well as the largest importer and exporter of commercial services. Nevertheless, trade represents only 23.4% of the country’s GDP in 2020 (World Bank). U.S. top exports in 2020 were refined petroleum oils followed by cars, electronic integrated circuits, petroleum gases, and automotive parts and accessories. Main U.S. imports in the same year included cars, automatic data processing machines, phone system devices, medicaments, crude oils, and automobile parts. The U.S. signed 14 reciprocal free trade agreements, 5 preferential trade programs, 51 trade and investment framework agreements, and 48 bilateral investment treaties.
The country's main trading partners in 2020 were Canada (17.8%), Mexico (14.9%), China (8.7%), Japan (4.5%), the United Kingdom (4.1%) and Germany (4%); whereas imports came chiefly from China (19%), Mexico (13.7%), Canada (11.5%), Japan (5.1%) and Germany (4.9% - data by Comtrade). Historically, the U.S. has taken the view that trade promotes economic growth, social stability, democracy and better international relations. However, in recent years the trend had reversed, with the insurgence of several trade disputes (particularly with China, accused of unfair trade practices). Trade relations between the U.S. and China finally started to normalize towards the end of Trump’s presidency, with the two countries signing the U.S.–China Phase One trade deal in Washington. Nevertheless, trade relations did not improve much during Biden’s presidency.
The U.S. trade balance is structurally negative and the trade deficit has further widened in recent years: in 2020 it stood at an estimated 3.1% of GDP (World Bank). In the same year, exports of goods decreased to USD 1,431 billion, down by 12.8% year-on-year; with imports declining at a slower pace (-6.2% - at USD 2,407 billion). Despite being a net importer of goods, the U.S. are a net exporter of services: in 2020, services exports totalled USD 684 billion (-19.8% y-o-y) against USD 435.7 billion of imports (-23.2% y-o-y, data WTO). The latest figures from the U.S. Bureau of Economic Analysis shows that in the first ten months of 2021 the goods and services deficit increased by USD 161.7 billion (+29.7%) from the same period one year earlier. Exports increased by USD 315.1 billion or 17.9%, imports rose by USD 476.8 billion or 20.7%.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 2,408,476 | 2,614,221 | 2,567,445 | 2,407,527 | 2,935,314 |
Exports of Goods (million USD) | 1,546,273 | 1,663,982 | 1,643,161 | 1,431,610 | 1,754,300 |
Imports of Services (million USD) | 520,424 | 540,951 | 567,121 | 435,748 | 550,025 |
Exports of Services (million USD) | 778,361 | 839,594 | 853,842 | 684,001 | 795,273 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 27.3 | 27.6 | 26.5 | 23.4 | 25.5 |
Trade Balance (million USD) | -799,340 | -878,748 | -857,259 | -913,886 | -1,090,295 |
Trade Balance (Including Service) (million USD) | -510,339 | -578,600 | -559,675 | -653,990 | -845,050 |
Imports of Goods and Services (Annual % Change) | 4.5 | 4.2 | 1.1 | -9.0 | 14.1 |
Exports of Goods and Services (Annual % Change) | 4.3 | 2.8 | 0.5 | -13.2 | 6.1 |
Imports of Goods and Services (in % of GDP) | 15.0 | 15.2 | 14.6 | 13.2 | 14.6 |
Exports of Goods and Services (in % of GDP) | 12.3 | 12.4 | 11.9 | 10.2 | 10.9 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 5.7 | 1.8 | 2.5 | 2.9 | 2.6 |
Volume of imports of goods and services (Annual % change) | 9.0 | -1.2 | 0.3 | 1.2 | 2.0 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
Canada | 17.5% |
Mexico | 15.8% |
China | 8.6% |
Japan | 4.3% |
South Korea | 3.8% |
See More Countries | 50.1% |
Main Suppliers (% of Imports) |
2021 |
China | 18.5% |
Mexico | 13.2% |
Canada | 12.4% |
Japan | 4.8% |
Germany | 4.7% |
See More Countries | 46.4% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: January 2023