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Foreign Trade in Figures

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 25% of its GDP (World Bank, latest data available). The country signed 14 reciprocal free trade agreements, 5 preferential trade programs, 51 trade and investment framework agreements, and 48 bilateral investment treaties (LOC). U.S. top exports in 2023 were petroleum oils (11.4%) and gases (3.3%), followed by cars (3.1%), blood (2.5%), parts of motor vehicles (2.4%), and electronic integrated circuits (2.2%), whereas imports in the same year included cars (6.6%), crude petroleum oils (5.4%), phone system devices (3.8%), automatic data processing machines (3.3%), parts of motor vehicles (2.8%), and medicaments (2.8% - data Comtrade).

The country's main export partners in 2023 were Canada (17.5%), Mexico (16%), China (7.3%), the Netherlands (4.1%), Germany (3.8%), Japan (3.8%), and the United Kingdom (3.7%); as imports came chiefly from Mexico (15.2%), China (14.1%), Canada (13.6%), Germany (5.1%), Japan (4.8%), and South Korea (3.8% - data 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 has reversed, with the insurgence of several trade disputes (particularly with China, accused of unfair trade practices). In early February 2025, President Donald Trump announced the imposition of new tariffs: 25% on imports from Canada and Mexico, and 10% on imports from China, menacing to impose additional tariffs on EU products. Canadian energy exports, such as oil and natural gas, were subjected to a lower 10% tariff to minimize potential disruptions. These tariffs were introduced as measures to hold these countries accountable for commitments to curb illegal immigration and prevent the flow of drugs, particularly fentanyl, into the United States. Following negotiations, the tariffs on Canada and Mexico were postponed for 30 days after both nations agreed to enhance border security efforts. This protectionist policy may cause disruptions in global trade, as several countries vowed retaliation against U.S. tariffs.

The U.S. trade balance is structurally negative. The trade deficit decreased in 2023 as it stood at an estimated 2.8% of current-dollar gross domestic product, down from 3.7% in 2022 (data Bureau of Economic Analysis). In the same year, exports of goods were stable at USD 2,019 billion, while imports registered a slight decrease (-5.9% - at USD 3,172 billion - WTO). Despite being a net importer of goods, the U.S. are a net exporter of services: in 2023, services exports totalled USD 999.1 billion (+7.6% y-o-y) against USD 719.3 billion in imports (+3.2% y-o-y – WTO). According to preliminary figures from the BEA, the goods and services deficit reached USD 918.4 billion in 2024, an increase of USD 133.5 billion from USD 784.9 billion compared to the previous year. Exports totalled USD 3,191.6 billion, rising by USD 119.8 billion year-on-year, while imports amounted to USD 4,110 billion, up USD 253.3 billion.