In this page: Foreign Trade in Figures | Trade Compliance | Standards
The U.S. is the world's largest importer and second-largest exporter of goods, as well as the largest importer and exporter of commercial services. Nevertheless, trade represents only 25% of the country’s GDP in 2021 (World Bank). U.S. top exports in 2021 were refined petroleum oils and gases, followed by cars, electronic integrated circuits, biological products and automotive parts and accessories. Main U.S. imports in the same year included cars, petroleum oils, automatic data processing machines, phone system devices, medicaments, and automobile parts. The U.S. signed 14 reciprocal free trade agreements, 5 preferential trade programs, 51 trade and investment framework agreements, and 48 bilateral investment treaties (LOC). In volume, exports of goods and services increased by 5.7% in 2022, and are expected to grow at a slower pace in 2023 (1.8% - IMF data). Imports’ volume increased by 9% in 2022, and is expected to contract by -1.2% in 2023 (IMF).
The country's main export partners in 2021 were Canada (17.5%), Mexico (15.8%), China (8.6%), Japan (4.3%), South Korea (3.8%), Germany (3.7%) and the United Kingdom (3.5%); whereas imports came chiefly from China (18.5%), Mexico (13.2%), Canada (12.4%), Japan (4.8%) and Germany (4.7% - data by Comtrade). Historically, the U.S. has taken the view that trade promotes economic growth, social stability, democracy and better international relations. However, in recent years the trend had reversed, with the insurgence of several trade disputes (particularly with China, accused of unfair trade practices). Trade relations between the U.S. and China finally started to normalize towards the end of Trump’s presidency, with the two countries signing the U.S.–China Phase One trade deal in Washington. Nevertheless, trade relations did not improve much during Biden’s presidency.
The U.S. trade balance is structurally negative and the trade deficit has further widened in recent years: in 2021 it stood at an estimated USD 1,181 billion (UNCTAD). In the same year, exports of goods increased to USD 1,754 billion, up by 22.6% year-on-year; with imports increasing at similar pace (+21.9% - at USD 2,935 billion) (WTO). Despite being a net importer of goods, the U.S. are a net exporter of services: in 2021, services exports totalled USD 795 billion (+16.2% y-o-y) against USD 550 billion of imports (+26.4% y-o-y, WTO). In Q2 2022, exports of goods increased USD 7.2 billion to USD 547.0 billion, reflecting increases in nonmonetary gold and in capital goods; while imports decreased USD 32.5 billion to USD 818.2 billion, reflecting widespread decreases in consumer goods and in industrial supplies and materials (U.S. Bureau of Economic Analysis).
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Imports of Goods (million USD) | 2,614,221 | 2,567,445 | 2,406,932 | 2,935,314 | 3,375,819 |
Exports of Goods (million USD) | 1,663,982 | 1,643,161 | 1,424,935 | 1,754,300 | 2,064,278 |
Imports of Services (million USD) | 565,395 | 593,313 | 466,301 | 559,205 | 696,707 |
Exports of Services (million USD) | 865,549 | 891,177 | 726,296 | 801,143 | 928,530 |
Source: World Trade Organisation (WTO), Latest data available.
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
---|---|---|---|---|---|
Foreign Trade (in % of GDP) | 27.6 | 26.5 | 23.4 | 25.5 | n/a |
Trade Balance (million USD) | -878,748 | -857,259 | -912,878 | -1,083,510 | -1,183,011 |
Trade Balance (Including Service) (million USD) | -578,600 | -559,394 | -652,885 | -841,580 | -951,187 |
Imports of Goods and Services (Annual % Change) | 4.2 | 1.1 | -9.0 | 14.1 | n/a |
Exports of Goods and Services (Annual % Change) | 2.8 | 0.5 | -13.2 | 6.1 | n/a |
Imports of Goods and Services (in % of GDP) | 15.2 | 14.6 | 13.2 | 14.6 | n/a |
Exports of Goods and Services (in % of GDP) | 12.4 | 11.9 | 10.2 | 10.9 | n/a |
Source: World Bank, Latest data available.
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 1.6 | -0.2 | 2.6 | 2.9 | 2.9 |
Volume of imports of goods and services (Annual % change) | -2.8 | -0.1 | 1.6 | 2.4 | 2.4 |
Source: IMF, World Economic Outlook, Latest data available.
Note: (e) Estimated Data
Main Customers (% of Exports) |
2022 |
---|---|
Canada | 17.2% |
Mexico | 15.7% |
China | 7.5% |
Japan | 3.9% |
United Kingdom | 3.7% |
See More Countries | 52.0% |
Main Suppliers (% of Imports) |
2022 |
---|---|
China | 17.1% |
Mexico | 13.6% |
Canada | 13.2% |
Japan | 4.6% |
Germany | 4.5% |
See More Countries | 47.0% |
Source: UN Comtrade Database, Latest data available.
Source: UN Comtrade Database, Latest data available.
To go further, check out our service Import/Export Flows.
Source: United Nations Statistics Division, Latest data available.
Monetary Indicators | 2016 | 2017 | 2018 | 2019 | 2020 |
---|---|---|---|---|---|
American Dollar (USD) - Average Annual Exchange Rate For 1 MAD | 0.10 | 0.10 | 0.11 | 0.10 | 0.11 |
Source: World Bank, Latest data available.
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Nearly 20% of all imports into the U.S. are food and food products. In 2002, Congress passed the Public Health Security and Bioterrorism Preparedness and Response Act of 2002 (Bioterrorism Act), which, among other things, required the FDA to develop two systems: one to support the registration of facilities that manufacture, process, pack or hold food products intended for consumption in the United States and one to receive prior notice before food is imported or offered for import into the United States. Prior notice must be submitted electronically at the Food and Drug Administration (FDA).
Manufactured goods should also conform to American standards, which imply potential additional costs. Electric equipment should be systematically guaranteed by a third party. There are no less than 2,700 municipal or federal authorities able to distribute safety certifications and they vary from state to state. As there is no central source of information about these normative aspects, it is imperative to enquire beforehand with the help of an importer.
Whatever the nature of the product, documentation is important- especially in terms of the invoice and certificate of origin. The documentary formalities are notably very heavy for textile imports (all products comprising above 5% in the composition of the textile product should be listed very precisely). The labelling rules can also generate substantial additional costs.
The U.S. applies a certain number of embargoes, forbidding the import of products manufactured with components originating from several countries. For a list of countries for which the U.S. applies an embargo (full or partial), visit the U.S. Department of the Treasury's website.
The classification code is: ANSI + 1 letter showing the technical area + digit number and the year.
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Latest Update: November 2023