The United States of America is the largest developed democracy and a major trade center in the world. Given its enormous economy and foreign purchasing power, it is a key player in the global trade market and has trade relations with almost all nations worldwide. As of 2019, the USA exports almost 1.5 trillion worth of goods globally each year. The US is the world’s largest importer and the second-largest exporter, which has free trade agreements with many countries including NAFTA, South Korea, Israel, and Australia.
- The US is the leading exporter of refined and crude petroleum at a 15% market share. The US Energy Information Administration estimates that crude oil production averages almost 9.7 million barrels per day, most of which comes from the Gulf of Mexico. It is also the top exporter of soybeans and has a 45% market share worldwide, most of which is imported by China.
- The US has been a dominant force in exporting cotton for almost 200 years. The federal government provides over one billion in subsidies along with sizeable investment in research and development to maintain this advantage. The US is also the number one exporter of corn and wheat.
- One-third of the exported goods are capital goods in which the largest subcategory is commercial aircraft. Other capital goods that are exported in large numbers include industrial machines, semiconductors, and telecommunications, etc. Electric apparatus and medical equipment are also exported in large numbers. The United States is one of the world’s leading suppliers of financial services. The success of American service products in foreign markets has helped promote US products in foreign markets thereby leading to an increase in demand for these products.
- Global import data suggests that the US imports more than it exports on an annual basis. Major imports include consumer goods like mobile phones, television, apparel, footwear, industrial machinery and equipment, and agricultural products. According to the US department of agriculture, horticultural and tropical fruits, vegetables, wine, flowers, and nuts comprise two-thirds of the total agricultural imports. Other products that comprise the remaining portion of the agricultural imports are sugar, coffee, cocoa, and rubber. On the other hand, the largest importers of American made food products, including tropical products, sugar, and horticultural products which are unique to the North American climate, are Canada, Mexico, European Union, Brazil, and Chile.
- Technologically, the US is the most powerful country in the world and its firms are always at the forefront of any new technological inventions or discoveries which gives it a decided advantage over its competitors. Especially in the field of computers, pharmaceuticals, military equipment, aerospace, the US claims the first position beyond any doubt. US military equipment is the best in the world because they consist of the most advanced technologies and features available in the market. Custom import export data show that the US is the largest exporter of military weapons, tanks, and machines in the world.
- Canada is the largest importer of American exports, over 266 million dollars every year. Other important trading partners are Mexico, China, Japan, the United Kingdom and Germany, India, France, and Taiwan