Compared to other countries, the United States is a leading exporter. Yes, the U.S. population spends more on important each year versus exports. In 2017, American buyers and companies purchased $2.3 trillion worth of services and goods from foreign markets and manufacturers. From 2020 to 2021, the amount increased by 23//1%. However, comparing the US export and import markets is a little like apples and oranges. Both serve very valuable purposes for eCommerce, manufacturers, and producers.
When the previous administration proposed tariffs on the importation of steel and aluminum, many trading partners were up in arms and threatened to take action against American-made products as an act of retaliation. Clearly, foreign trade is a balancing act that if not handled with care could create a significant ripple effect that impacts businesses and consumers by hitting their pocketbooks with significant price increases.
Leading Good Exported by the U.S.
Let’s examine the leading goods exported by U.S. farmers, manufacturers, and retailers.
- The United States is one of the world’s leading exporters of refined petroleum oils, automobiles, and petroleum gases.
- 3% of exports from the U.S. went to Canada, Mexico, China, United Nations, Japan, South Korea, Germany, Brazil, France, Belgium, Taiwan, and the Netherlands.
- 4% of the products were delivered to Canada and Mexico.
- 32/3% of products exported went to Asian countries
- 21/2% of goods went to Europe
- Smaller percentages of exports also went to Latin America, Australia, Africa, New Zealand, and the Caribbean.
If you are wondering how American exports impact the nation’s people, consider that there are 330.7 million people in the U.S., and in 2021, 41.754 trillion in revenue was gained from exports which workers out around $5,3000 for every US. citizen.
World’s Top Exports lists the following as the leading exports for the United States:
- Mineral fuels including oil: US$239.8 billion (13.7% of total exports)
- Machinery including computers: $209.3 billion (11.9%)
- Electrical machinery, equipment: $185.4 billion (10.6%)
- Vehicles: $122.2 billion (7%)
- Optical, technical, medical apparatus: $91.7 billion (5.2%)
- Aircraft, spacecraft: $89.1 billion (5.1%)
- Gems, precious metals: $82.3 billion (4.7%)
- Pharmaceuticals: $78 billion (4.4%)
- Plastics, plastic articles: $74.3 billion (4.2%)
- Organic chemicals: $42.9 billion (2.4%)
America’s top 10 exports make up over 69.3% of the world’s exports.
Mineral fuels, such as oil, continue to be the fasted grower for U.S. exports and makes up 58.5% of the percentage of exports.
Pharmaceuticals have achieved a 45% gain as one of the leading exported goods.
The shipments of precious metals and gems is the third-fastest growing marketing with a consistent 37.5% increase every year. Undoubtedly, it is field by the increased international sales of gold, silver, and platinum.
The export of aircraft and spacecraft increased by 9.6%.
The total exported goods for the U.S. represent 7.6% of the Gross Domestic Procut for 2021 which is an increase from 2020 which held at 6.9%.
