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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 the country’s GDP in 2021 (World Bank). U.S. top exports in 2021 were refined petroleum oils and gases, followed by cars, electronic integrated circuits, biological products and automotive parts and accessories. Main U.S. imports in the same year included cars, petroleum oils, automatic data processing machines, phone system devices, medicaments, 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 (LOC). In volume, exports of goods and services increased by 5.7% in 2022, and are expected to grow at a slower pace in 2023 (1.8% - IMF data). Imports’ volume increased by 9% in 2022, and is expected to contract by -1.2% in 2023 (IMF).

The country's main export partners in 2021 were Canada (17.5%), Mexico (15.8%), China (8.6%), Japan (4.3%), South Korea (3.8%), Germany (3.7%) and the United Kingdom (3.5%); whereas imports came chiefly from China (18.5%), Mexico (13.2%), Canada (12.4%), Japan (4.8%) and Germany (4.7% - 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 2021 it stood at an estimated USD 1,181 billion (UNCTAD). In the same year, exports of goods increased to USD 1,754 billion, up by 22.6% year-on-year; with imports increasing at similar pace (+21.9% - at USD 2,935 billion) (WTO). Despite being a net importer of goods, the U.S. are a net exporter of services: in 2021, services exports totalled USD 795 billion (+16.2% y-o-y) against USD 550 billion of imports (+26.4% y-o-y, WTO). In Q2 2022, exports of goods increased USD 7.2 billion to USD 547.0 billion, reflecting increases in nonmonetary gold and in capital goods; while imports decreased USD 32.5 billion to USD 818.2 billion, reflecting widespread decreases in consumer goods and in industrial supplies and materials (U.S. Bureau of Economic Analysis).