In 2019, the total US imports and exports were $5.6 billion, which was $3.1 trillion in imports and $2.5 trillion in exports of services and goods. The US imports more than it exports to other countries. US has major trade partnerships with many countries like Europe, China, Canada, UK, Japan, Germany, Mexico, South Korea, Vietnam, India, Pakistan, Ireland, Saudi Arabia, and many more.
US companies often trade with companies from other countries. American companies operate all over the world, from Europe to Asia. Some countries are more popular than others due to beneficial trade rules and shorter customs processes.
Keep reading the article to know about the major US imports and exports with the share they hold in the US economy.
Major US imports and Exports
Let’s take a look at the top major US imports and exports according to the US Census Bureau‘s reports.
Top US Imports
The US is the 2nd largest importer in the world, due to the high number of imports it faces a huge trade deficit. The US is capable of manufacturing all the goods it imports, but it gets much less price than manufacturing in its own country when purchasing from another country. The largest category of imports to the United States is $678 billion in capital goods. The companies import computers and associated equipment worth $131 billion. It also imports $117 billion in telecommunications and semiconductors.
US manufacturers import manufactured goods worth $522 billion. Oil and petroleum products represent $191 billion. The US also imports $376 billion in automobiles and $151 billion in food and raw materials. The consumer goods category reached nearly $654 billion. Most of them are pharmaceuticals worth $149 billion and cell phones and televisions worth $132 billion. Then come the apparel and footwear worth $130 billion.
In 2019, US service imports reached $597 billion. Almost half provided $262 billion in travel and transportation services. Then came Computer Services and other business services worth $161 billion. Insurance and financial services reached $84 billion. The category of public services was $24 billion.
Following is the list of top US imports from different countries.
- New and used cars
- Buses, trucks, and other special vehicles
- Crude oil
- Pharmaceutical preparations
- Vehicles spare parts and accessories
- Cell phones and computers
- Cell phone and computer accessories
- Household goods
- Telecommunications equipment
- Industrial machines and supplies
- Electrical apparatus
- Semiconductors
- Textiles and apparel
- Medical equipment
- Petroleum products
- Sports goods, toys, and games
Top US Exports
US exports do not beat their imports. US exports were 8.5% of GDP in 2019. The United States has much more export potential, only 1% of US companies export. Like most countries, the United States exports more goods than services. People can easily see, feel, and compare local and foreign products. They are more cautious when using services they prefer locals whom they know and trust.
Agricultural products are a necessary element of exports of up to $131 billion. The industry benefits from government agricultural subsidies. This makes them cheaper than international competitors. The largest export of agricultural products is increasing due to biotechnology and chemical additives. Both reduce manufacturing costs. The most successful export category is the capital goods, which the US exported $547 billion in worth in the form of commercial aircraft, semiconductors, industrial machines, medical equipment, electric apparatus, and telecommunications.
The US exports 12% of consumer goods worth $206 billion. These exports include pharmaceuticals worth $55 billion, diamond jewelry worth $22 billion, and cell phones worth $27 billion. 70% of the economy depends on consumer spending. American corporate experience in the home market creates a competitive advantage in the international market.
Following is the list of top US exports to the other countries.
- Civilian aircraft, engine, equipment, and spare parts
- Petroleum products
- Vehicle spare parts and accessories
- Industrial machines and supplies
- Pharmaceutical preparations
- New and used cars
- Semiconductors
- Crude oil
- Electric apparatus
- Plastic material
- Fuel oil
- Medical equipment
- Telecommunications equipment
- Organic and other chemicals
- Computer accessories
- Cell phones
- Household goods
- Measuring and testing instruments
Final Words
We hope this article gives you a better look at the major US imports and exports and helps you do the import and export business. Trade analysis helps any business to know about the latest trends, where to invest, and what trading business to choose.
