The US boasts one of the largest global economies, and its exports feature prominently in international trade. In 2016, the US exported goods worth $1.47 trillion and imported products valued at $2.27 trillion. The US is a member of the World Trade Organization (WTO), North American Free Trade Agreement (NAFTA), and Organization for Economic Co-operation and Development (OECD).
Economy Of The US
The US ranks as one of the wealthiest nations and its currency, the United States Dollar, is the most traded in the world. Its nominal GDP stands at $18.56 trillion to rank 1st while the Purchasing Power Parity is valued at $18.56 trillion. The GDP recorded a 2.6% growth in 2015 and a 1.6% growth in 2016. The country’s GDP per capita is $57,300 ranking 5th, and it is valued at $57,300 by PPP to rank 10th in the world. The major contributors to the country’s GDP by sector are services at 79.5%, agriculture at 1.1%, and industry at 19.4%. The country’s primary industries range from chemicals, electronics, automobiles, food processing, arms manufacture, petroleum, steel, and mining. The nation’s public debt stands at 73.8% of the GDP.
Top Trade Partners Of The US
China is the country’s top trade partner. In 2016, the US exported goods worth $115,775 million and imported goods worth $462,813 million to have a trade deficit of $347,038 million. Canada imported $266,827 million from the US and exported $278,067 million leaving the US with $11,240 million trade deficit. The US exported goods worth $230,959 million to Mexico and imported products valued at $294,151 million to have a deficit of $63,192 million. The US had a $68,938 million trade deficit with Japan since it exported at a value of $63,264 million and imported goods valued at $132,202 million.
The nation recorded a $64,865 million trade deficit with Germany with imports of $49,362 million and exports valued at $114,227 million to the US. The US exported goods worth $42,266 million to South Korea and imported goods valued at $69,932 million to have a trade deficit of $,666 million. The country had a positive trade balance with only six countries namely the UK, the Netherlands, Brazil, Belgium, Singapore, and Hong Kong. Other trade partners of the US are France, India, Taiwan, Italy, Switzerland, Ireland, Vietnam, and Malaysia.
Top Imports And Exports Of The US
The country’s major imports are capital goods, crude petroleum, automobiles, computers, industrial supplies, food and beverages, refined petroleum, and vehicle parts. After importing crude petroleum, the US employs its industrial expertise and capacity to produce refined petroleum which is one of its top exports. Planes, helicopters, and spacecraft are also major exports from the high-tech innovator. The rest of exports include automobiles, machinery, consumer goods, industrial products, packaged medicaments, and food and beverages.
The US has identified emerging markets, especially those in Asia, Latin America, and Africa, as its best opportunities to drive its export growth. The country has sought to establish strategic partnerships with these countries such as the relation established with the ASEAN countries and countries in Southeast Asia. The US exports are projected to record an annual growth of 6% through to 2030.