What are the main traded sectors and who are the main trade partners of an economy? (2024)

FAQs

Who are the 5 trade partners? ›

The value of U.S. general imports of merchandise goods rose from each of the five largest U.S. trading partners—China, Mexico, Canada, Germany, and Japan—from 2020 to 2021. The growth in imports from these countries accounted for over 50 percent of the $497.9 billion net increase in U.S. imports.

The top five purchasers of U.S. goods exports in 2022 were: Canada ($356.5 billion), Mexico ($324.3 billion), China ($150.4 billion), Japan ($80.2 billion), and the United Kingdom ($76.2 billion).

Exports The top exports of United States are Refined Petroleum ($138B), Crude Petroleum ($118B), Petroleum Gas ($116B), Cars ($57.5B), and Integrated Circuits ($49.8B), exporting mostly to Canada ($308B), Mexico ($294B), China ($151B), Japan ($79.5B), and United Kingdom ($75.4B).

In 2018, United States major trading partner countries for exports were Canada, Mexico, China, Japan and United Kingdom and for imports they were China, Mexico, Canada, Japan and Germany.

Destinations In March 2024, China exported mostly to United States ($36.7B), Hong Kong ($25.9B), Vietnam ($14.9B), Japan ($13B), and South Korea ($13B), and imported mostly from Chinese Taipei ($15.4B), South Korea ($15B), Japan ($13.9B), United States ($13.8B), and Australia ($13B).

Which Countries Import the Most Goods? With $3.4 trillion in imports in 2022, the U.S. is the largest importer globally. Even though higher inflation and market uncertainty loomed over the economy, U.S. imports increased 15% annually, with China as its top goods importing partner. 🇺🇸 U.S.

What does the US sell to China? ›

US goods exports to China come from a wide range of industries including transportation equipment, agriculture, computers and electronics, and oil and gas, sustaining logistics jobs in America's ports and throughout the country.

The U.S. is the world's second-largest exporter, just behind China. In 2022 alone, America exported some $2.1 trillion, accounting for 8.4% of global exports.

1. Oil: $117 billion. Oil exports held steady, growing by just . 11% from $117.03 billion in 2022 to $117.16 billion in 2023, though the share of total U.S exports increased from 5.7% to 5.8%.

China is still the leading trading partner for many countries, and the narrative it being delinked from the global economy is overdone, says the ADB. China's trade with its major partners fell in 2023 — its annual exports dipped for the first time in seven years.