"The United States is the world’s biggest goods importer making it a powerhouse in the global movement of goods," reports VisualCapitalist. “Biggest” doesn’t really capture the enormity of the opportunity.
A recent graphic produced by the Vancouver, Canada-based company dramatically shows the immense scale of the USA’s place in global trade. The USA imported an eye-popping $3.25 trillion of goods and services in 2022 and exported $2.07 trillion in the same period. In short, American customers buy more than they sell overseas: that’s called the ‘trade deficit’. It was $1.18 trillion big 2022.
While the USA is the second biggest exporter of goods and services globally after China, its trading partners are some of the world’s biggest exporters in their own right. China is the USA’s No. 1 partner: the USA imports $537 worth of goods from the Asian country. Then come the USMCA partners Mexico at $455 billion and Canada with $438 billion. Even the UK exported $64 billion to the USA in 2022, which was more than France ($57 billion), but less than Germany ($147 billion) or Ireland ($82 billion), or Italy ($69 billion).
Top among US buyers’ purchases are:
Telecommunications networking equipment: $12.6 billion
Pharmaceutical preparations: $18.8 billion
Mobile ‘phones and other household goods: $11.0 billion
Passenger cars: $19.0 billion
Americans love their cars and trucks and electronic gadgets of every kind, and these tend to be the largest imports. Even non-tech goods, such as pharmaceuticals and furniture, which Americans manufacture at home in abundance, also rank high on the list.
There’s no let-up in the USA’s appetite for foreign goods. The source of this information is the US Bureau of Economic Analysis (BEA). Its latest monthly assessment notes that:
“The deficit with China increased $3.2 billion to $25.2 billion in February. Exports decreased $1.4 billion to $13.1 billion and imports increased $1.8 billion to $38.2 billion,” while
“The surplus with the United Kingdom decreased $2.2 billion to $0.5 billion in February. Exports decreased $1.6 billion to $6.2 billion and imports increased $0.7 billion to $5.7 billion”.
For UK companies prepared to invest the time and effort, the USA is the land of opportunity. Contact us at ATXponential to explore your options.
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