U.S. exports - statistics & facts
The United States stands as a major global exporter, ranking second only to China. Due in part to the United States-Mexico-Canada Agreement (USMCA), Canada and Mexico were the top single-country export partners of the United States in 2023. Beyond these bilateral trade relationships, the U.S. also exported over 368 billion U.S. dollars worth of goods to the European Union during the same year. The balance of trade, which quantifies the value of imports and exports within a country's economy, is determined by subtracting the total value of imports from the total value of exports. U.S. exports represent approximately ten percent of its GDP, which amounted to about 3.01 trillion U.S. dollars in 2022.
Beyond the national scope, specific states within the United States hold significant influence over the country's export landscape. In 2022, Texas was the top contributing state, with an export value of approximately 486 billion U.S. dollars, which was primarily driven by coal and petroleum products. California was the second highest, exporting goods valued at about 186 billion U.S. dollars in the same year.
Generally, economists cannot agree on if trade deficits are good or bad for an economy. On the one hand, a deficit could make an economy weaker, as more imports equals more money spent and more currency exiting the country. Many politicians in the U.S. cite the trade deficit with China as the reason for a decline in U.S. manufacturing jobs, as well as automation and technological advancements. While some view an economy buying more goods and services than it is selling may hurt job creation and economic growth, others believe a trade deficit could have the potential to attract more foreign investment in U.S. assets. Foreign firms operating in the U.S. tend to pay higher than average wages, invest more in research and development, and increase the efficiency of U.S. companies that they compete with.
Goods and services
The value of U.S. international exports has displayed a consistent upward trend since the year 2000. While it experienced a dip in 2020 likely due to the COVID-19 pandemic, it has rebounded in the subsequent years. Exported goods include a wide variety of items including merchandise, raw materials, and supplies, including petroleum and related products. In total, the United States exported approximately 830.8 billion U.S. dollars worth of industrial supplies in 2022. Manufactured products made up more than half of all exported goods exported from the U.S., followed by fuel, mining, and agricultural products. In addition to exported goods, the export value of services reached 924.2 billion U.S. dollars in 2022, including services such as transportation, education, and financial services. Notably, transportation and travel services made up roughly one quarter of all exported services in 2022, with other commercial services making up the remainder.Beyond the national scope, specific states within the United States hold significant influence over the country's export landscape. In 2022, Texas was the top contributing state, with an export value of approximately 486 billion U.S. dollars, which was primarily driven by coal and petroleum products. California was the second highest, exporting goods valued at about 186 billion U.S. dollars in the same year.
A long-standing deficit
The balance of trade in the United States has been a longstanding topic of conversation among economists, business interests, and politicians. When a country imports more than it exports, this is known as a trade deficit. While large export industries have been present in the United States for many years, the U.S. trade deficit has been increasing and is the largest volume of any nation.Generally, economists cannot agree on if trade deficits are good or bad for an economy. On the one hand, a deficit could make an economy weaker, as more imports equals more money spent and more currency exiting the country. Many politicians in the U.S. cite the trade deficit with China as the reason for a decline in U.S. manufacturing jobs, as well as automation and technological advancements. While some view an economy buying more goods and services than it is selling may hurt job creation and economic growth, others believe a trade deficit could have the potential to attract more foreign investment in U.S. assets. Foreign firms operating in the U.S. tend to pay higher than average wages, invest more in research and development, and increase the efficiency of U.S. companies that they compete with.
