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2022/02/04 10:36:15

US Foreign Trade

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Content

Main article: US economy

Trade with countries

Trade with Russia

Main article: Trade between Russia and the United States

Trade with China

Main article: China-US trade

Trade in goods

Import and export of oil and gas

Main article: Import and export of oil and gas to the United States

2024

Trade deficit growth to $75.1 billion in May

The US trade deficit increased in May 2024 to $75.1 billion.

Earlier, the US trade deficit increased in April 2024 to the largest since October 2022 (by 8.7%, to $74.6 billion), amid a sharp increase in imports of goods, including cars, computers and industrial goods.

US once again the biggest consumer of exports from Taiwan after 20 years of China leadership

In the spring of 2024, the United States again became the largest destination for Taiwanese exports after decades during which China topped this list.

2023

Record trade deficit due to continued high imports

The September 2023 U.S. trade deficit widened more than expected, reflecting low interest from other countries in U.S. goods with rising domestic consumption of imported goods.

The US trade deficit with China narrowed to its lowest level since 2010 at the end of 2023.

The narrowing gap reflects a broader reorganization of supply chains.

The US trade deficit with other countries has reached a record high.

Increasing exports of goods as a percentage of global GDP

Mexico formally bypassed China to become the largest US trading partner

China is circumventing American languid tariffs by shipping more goods through Mexico.

The data suggests difficulties for the U.S. in displacing Chinese exporters from American supply chains.

Slight reduction in trade with the EU

The United States is significantly inferior to China and the EU in terms of exports to developing regions

Gun exports raise crime rates in many countries

A Bloomberg investigation published in January 2024 linked U.S. arms exports to rising crime worldwide.

The US presidential administration Biden plans to impose the toughest restrictions on arms exports in decades.

Share of imports from Mexico - up to 15% - 30-year record

In July 2023, the share of imports of goods from Mexico to the United States rose to an average of 15%, the highest in 30 years.

Billions of dollars are pouring into America's southern neighbor.

Pressure on 7 trading partners to control their exchange rates

The US Treasury said in June 2023 that seven major economies, including China, are on its "monitoring list" of foreign exchange transactions, while refraining from specifying any trading partner as a currency manipulator in a semi-annual report.

This report, produced by decision of the US Congress, is designed to put pressure on trading partners who are considered to artificially restrain their exchange rates in order to gain competitive advantages. But in 2022, the dollar strengthened amid the Fed's tightening monetary policy.

"Most currency interventions by U.S. trading partners in 2022 were in the form of selling dollars, which helped strengthen their currencies," Treasury Secretary Janet Yellen said in a statement. "Nevertheless, the Ministry of Finance remains vigilant about the currency practices and political settings of countries and their compliance with strong sustainable and balanced global growth."

China South Korea Germany,,,,, and Malaysia Singapore Switzerland were Taiwan included in a "checklist" of economies that "deserve close attention to their currency practices and macroeconomic policies," Japan which was on that list in a report published in November, was excluded.

5th in the world in terms of wheat exports

According to data available for March 2023.

US imports more goods from Europe than China

2022

The US share in world exports is 10%. G7 countries are the main export destination

US share in global trade - 9.3% vs 9.6% in 2012

Record trade with the EU - more than $880 billion

Maintaining the volume of passenger car exports

Rising trade deficit to a record $948.1 billion

The US trade deficit grew in 2022 to $948.1 billion, which is $103 billion more than in 2021 ($845 billion) and is the largest gap on record.

Exports of goods and services throughout the range amounted to over $3 trillion in 2022 against 2.55 trillion in 2021, where goods were exported by 2.08 trillion/1.76 trillion a year earlier, and services - 924 billion/795 billion dollars.

Imports of goods and services rose sharply to 3.96 trillion against 3.4 trillion in 2021, where goods were imported in 2022 by 3.28 trillion/2.85 trillion in 2021, and services 680 billion/550 billion.

As a result, the commodity deficit amounted to 1.2 trillion/1.09 trillion a year earlier, and a surplus of $243 billion was recorded for services, which is comparable to 2021.

In the second half of the year, the United States significantly improved the trade balance, because in the first half of the year the average monthly deficit was $89 billion, reaching 106 billion in March, and in the second half of the year the deficit averaged 69 billion per month.

The oil and gas sector provided the United States with 17.6% in the export of goods (a record share in history) compared to 13.4% in 2021, and in the structure of export growth for the year, oil and gas formed over 40% of the total export growth ($132 billion from $324 billion). For more details, see US oil and gas imports and exports.

Arms export growth by 49% to $51.9 billion amid conflict in Ukraine

In 2022, the United States increased arms sales abroad by 49.1% compared to the previous year ($51.9 billion against $34.8 billion) - the US State Department.

Forecast for decline in wheat exports

In October 2022, the world desperately needs more grain to help contain rampant food inflation, but there are signs that the US, one of the main producers, will supply the fewest wheat in 50 years.

The rise of trade with Russia's neighbors due to bypassing US sanctions against the Russian Federation

The rapid growth of trade flows USA EU with neighbors Russia may be a sign that sanctions can be avoided, believes. European Bank for Reconstruction and Development

German exports to Russia from May to July 2022 fell 38% compared to the average for the same period in 2017-2019. However, it almost doubled to Armenia and more than tripled to Kyrgyzstan - a trend also seen in trade flows to the Caucasus and Central Asia from the US, Britain and EU countries.

Record trade deficit in March - $109 billion

The U.S. trade deficit rose to a record high in March 2022, reflecting a surge in imports as companies relied on foreign producers to meet strong domestic demand.

No. 5 in the world in terms of rice exports

Largest rice exporters in 2021-2022

2021

The United States is the leader in arms exports for 5 years with a share of 38.6%

The largest arms exporters by share in the world market from 2017 to 2021.

US falls several times behind China on trade with Africa

Record monthly trade deficit

In November 2021, the US trade deficit increased to a record level, amid the growth of imports to a record level.

The deficit widened to $97.8 billion dollars in November from a revised $83.2 billion in October, according to Commerce Department data. This figure exceeded all estimates made in the survey of economists.

Leadership in grain exports

Leading countries in grain exports in the 2021-2022 season excluding rice

Third place in coal supplies to Europe

For 2021 Russia , it sends most of its coal to Asia, as Europe avoids this fuel. At the same time, Russia remains the largest supplier of coal to the country. Europe

Trade boom with South Korea and Taiwan

2020

US - in the top ten exporters of wheat with an indicator of 26.1 million tons

Top ten wheat exporters in 2020, million tons.

Trump's Efforts to Reduce Trade Deficits Have Failed: Record Deficits Since 2008

In 2020, the United States recorded the largest annual trade deficit since 2008.

The COVID-19 pandemic played a key role in destroying US President Donald Trump's four-year drive to balance the deficit as Covid-19 limited demand.

to trade The goods and services gap widened to dollars 678.7 billion in 2020 from $576.9 billion in 2019.

The commodity-trade deficit grew to $915.8 billion by 2020, the largest since this type of statistics began in 1961, while the country's service surplus fell 18% to $237.1 billion, the smallest since 2012.

The US trade deficit increased in August 2020 to a record since 2006, and the overall trade gap in goods and services increased to $67.1 billion from $63.4 billion in July. The total volume of imports increased by 3.2% to $239 billion, and exports grew by 2.2% to $171.9 billion.

2019

Exporting Computer Devices

The volume of exports of computer devices in countries of the world, 2019

Major Import and Export Items

The impact of the Trump administration's trade restrictions on trade with other countries

Measures to suppress Chinese imports to the United States and Chinese retaliation

2018

The third largest wheat export in the world

Map of countries with a deficit and surplus in trade with the United States

Export-leading states

Which US state is the biggest exporter?

Texas is the largest exporter among the US states at the end of 2018. The largest Texas export was oil and oil products, which accounted for 33 percent of Texas exports. Other goods shipped overseas from the state were computer components, aircraft parts and integrated circuits. Cotton still accounted for one percent of Texas exports.

Among the leaders in the export of pyrotechnics

2015

In the top ten largest global exporters of apples with a share of 14.6%

Data for 2015

Arms Export Map

Arms exports of leading countries in 2011-2015

See also