United States: Trade Profile

Foreign Trade in Figures

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).

Main Partner Countries

Source: UN Comtrade Database, Latest data available.

Main Products

Source: UN Comtrade Database, Latest data available.

To go further, check out our service Import/Export Flows.

Main Services

Source: United Nations Statistics Division, Latest data available.

Source: World Bank, Latest data available.

Find out all the exchange rates daily on our service Currency Converter.

Trade Compliance

International Conventions

Member of the World Trade Organization (WTO)
Member of the Organisation for Economic Co-operation and Development (OECD)
Party to the Washington Convention on International Trade in Endangered Species of Wild Fauna and Flora
Party to the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal
Party to the Montreal Protocol on Substances That Deplete the Ozone Layer
Party to the Wassenaar Arrangement on Export Controls For Conventional Arms and Dual-Use Goods and Technologies
Party to the International Coffee Agreement

International Economic Cooperation

The United States is a member of the following international economic organisations: G-7, G-10, G-20, Asia-Pacific Economic Cooperation (APEC), WTO, IMF, OECD, ICC, among others. For the full list of economic and other international organisations in which participates the United States click here. International organisation membership of the United States is also outlined here.

Free Trade Agreements

The up-to-date list of Free Trade Agreements signed by the United States can be consulted here.

Party of the ATA Convention on Temporary Admissions and Use of the Carnets

Yes

As a Reminder, the ATA is a System Allowing the Free Movement of Goods Across Frontiers and Their Temporary Admission Into a Customs Territory With Relief From Duties and Taxes. The Goods Are Covered By a Single Document Known as the ATA Carnet That is Secured By an International Guarantee System.

Party of the TIR Convention

Yes

As a Reminder, the TIR Convention and its Transit Regime Contribute to the Facilitation of International Transport, Especially International Road Transport, Not Only in Europe and the Middle East, But Also in Other Parts of the World, Such as Africa and Latin America.

Accompanying Documents For Imports

• Entry Manifest (CBP Form 7533) or Application and Special Permit for Immediate Delivery (CBP Form 3461) or other form of merchandise release required by the port director,
• Evidence of right to make entry,
• Commercial invoice or a pro forma invoice when the commercial invoice cannot be produced,
• Packing lists, if appropriate,
• Other documents necessary to determine merchandise admissibility.

To go further, check out our service Shipping Documents.

Free-trade zones

In the United States, free-trade zones are called foreign trade zones. There are currently more than 250 foreign trade zones; for a full list click here.
The foreign-trade zones (FTZs) program was authorized by Congress in 1934 (FTZ Act - 19 USC 81a-81u) and is used to help encourage activity and value-added at U.S. facilities in competition with foreign alternatives by allowing delayed or reduced duty payments on foreign merchandise, as well as other incentives. For further details consult the portal of the Foreign Trade Zones Board and that of the International Trade Administration.

For Further Information

U.S. Customs and Border Protection
U.S. Department of Commerce
U.S. State Department Services and consular affairs.

Non Tariff Barriers

Farm products are subject to both FDA (Food and Drug Administration) and USDA (U.S. Agricultural Department) rules.
- Dairy products require an import license. Quotas are in place. Products must conform to the strict sanitary and labelling rules and a description of ingredients is also required.
- Most fruits, vegetables and hazelnuts are subject to import licenses. The APHIS (Animal and Plant Health Inspection Service) analyses the risks of disease.
- Meat-based products can only be imported via ports with checking sanitary installations authorised by the USDA. The APHIS examines all goods.

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.

Sectors or Products For Which Commercial Disagreements Have Been Registered With the WTO

Please click here to see all the USA commercial disagreements have been registered with the WTO.

Assessment of Commercial Policy

USA’s commercial policy, as seen by the WTO
Barriers to exchanges, inventoried by the EU
Sanitary and phytosanitary barriers, inventoried by the EU

Standards

National Standards Organisations

American National Standards Institute (ANSI)
National Institute of Standards and Technology (NIST)

Integration in the International Standards Network

The ANSI is a member of:
- The International Standard Organisation (ISO);
- The International Electrotechnical Commission (IEC);
- The International Accreditation Forum (IAF)
- The U.S. member of the Pacific Area Standards Congress (PASC)
- The Pan American Standards Commission (COPANT)
- The Asian Pacific Accreditation Cooperation (APAC)
- Via the ANSI-ASQ National Accreditation Board (ANAB), a member of the Inter American Accreditation Cooperation (IAAC).

Obligation to Use Standards

The American National Standards Institute (ANSI) is a private, non-profit organization that administers and coordinates the U.S. private-sector led voluntary standardization and conformity assessment systems.

Classification of Standards

Five Standards Panel managed by the American National Standards Institute:
- the ANSI Biofuels Standards Panel (ANSI-BSP)
- the Healthcare Information Technology Standards Panel
- the ANSI Homeland Security Standards Panel
- the ANSI Nanotechnology Standards Panel
- the Identity Theft Prevention and Identity Management Standards Panel

The classification code is: ANSI + 1 letter showing the technical area + digit number and the year.

Assessment of the System of Standardization

Respect of voluntary standardization is highly regarded in United States; it can increase partnership with other companies, sales potential on the market and the acceptance of the product by consumers.

Online Consultation of Standards

Visit the ANSI webstore.

Certification Organisations

Directory of ANSI Accredited Certification Programmes for Product Certifiers
Directory of Accredited Telecommunication Certification Body Programmes
Directory of ANSI Accredited Certification Programmes for SQF Standards
Directory of ANSI Accredited Certification Programmes for SFI and PEFC Standards

Associations of Standards Users

Standards Developing Associations

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