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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 (World Bank). 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). U.S. top exports in 2022 were refined petroleum oils (6.6%) and gases (5.7%), followed by crude oil (4.7%), cars (2.8%), and electronic integrated circuits (2.5%), whereas imports in the same year included petroleum oils (6.1%), cars (5%), automatic data processing machines (3.8%), phone system devices (3.7%), and medicaments (2.7% - data Comtrade).

The country's main export partners in 2022 were Canada (17.2%), Mexico (15.7%), China (7.5%), Japan (3.9%), the United Kingdom (3.7 %), the Netherlands (3.5%), and Germany (3.5%); whereas imports came chiefly from China (17.1%), Mexico (13.6%), Canada (13.2%), Japan (4.6%), Germany (4.5%), and Vietnam (4% - 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). 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 2022 it stood at an estimated 3.7% of current-dollar gross domestic product, up from 3.6% in 2021 (data Bureau of Economic Analysis). In the same year, exports of goods increased to USD 2,064 billion, up by 17.6% year-on-year; with imports increasing at a similar pace (+15% - at USD 3,375 billion - WTO). Despite being a net importer of goods, the U.S. are a net exporter of services: in 2022, services exports totalled USD 928.5 billion (+15.9% y-o-y) against USD 696.7 billion in imports (+24.5% y-o-y – WTO). According to preliminary figures from the Census Bureau, exports of goods totalled USD 1,851 billion in 2023, whereas imports stood at USD 2,834 billion.