When it comes to statistics of the United States economy’s imports and exports related numbers in 2019, in the world ranking of economic complexity index, the country assured 10th place among 157 countries, and had marked $1.57 trillion in product export value making the United States at number two position amongst 225 countries that were involved in goods and services export business and the country held number 01 position in imports by marketing a volume of $2.3 trillion on the imports value. In the meanwhile in the same 2019, per capita product import and export of the country have been $4.61k and $7.26k accordingly. In service export and import, the United States managed to become number one in service exports back in 2017 by making a volume of $571 billion and number two in imports via $422 billion volume in imports in the same year.
As a leading import export market, the United States does involve in exporting its main products such as refined and crude petroleum, cars and vehicle parts, and integrated circuits to the key client countries like Canada, Mexico, China, Japan and Germany. During the year 2019, when the United States became the world’s number two exporter, the country had exported of $84.9 billion worth of Refined Petroleum, $29.5 billion worth of Medical Instruments, along with $28.1 billion worth of Gas Turbines, 12.1 billion worth of Orthopedic Appliances, and an Aircraft Parts worth of $16.3 billion.
Cars, Crude Petroleum, Computers, Broadcasting Equipments, Package Medicaments, are in the list of the nation’s top importing items that are mainly being imported from the United States long term business partnering countries like, China, Mexico, Canada, Japan, and Germany. From these countries the United States had imported $178 billion worth of Cars, $81.9 billion worth of Computers, $81.8 billion worth of Broadcasting Equipments, $79.5 billion worth of Package Medicaments, and $71.6 billion worth of vehicles parts in 2019 to becoming the world’s number one importer.
In the year 2020, the United States economy resulted in a negative trade balance of $82.9 billion which incurred as a result of a deviation etween the transaction values of $215 billion worth of imports and $133 billion worth of exports of the year. As a comparison for the two years, 2019 and 2020, the country’s exports have been downsized by $2.8 billion and/or by -2.07% from $135 billion in 2019 to $133 billion in 2020. Imports of the country had gone up by $13.5 billion and/or by 6.85% from $202 billion in 2019 to $215 billion in 2020. During the year 2020, the United States exported $6.5 billion worth of Aircraft Parts, $5.39 worth of Refined Petroleum, $4.9 billion worth of Soybeans, $4.66 billion worth of Crude Petroleum, $4.4 billion worth of Commodities, and had imported $17.6 billion worth of cars, $10 billion worth of computers, $9.31 billion worth of telephones, and again $9.28 billion worth of Commodities. The country has mainly exported the goods during the year to Canada, Mexico, China, Japan and Germany. The year-by-year decrease in the United States export volumes have been contributed by the downsizing in volumes sent to Japan from $1.17 billion or by -17.3%, to France from $1.08 billion or by -32.7%, to United Kingdom from $910 million or by -16.3%, alongwith noticeable decreases in key product-wise exports such as in Aircraft Parts by $6.8 billion or by -48.8%, Refined Petroleum by $2.56 billion or by -34.7%, Crude Petroleum by $2.31 billion or by -33.1% and in the meantime the year-by-year increase in the United States imports have contributed by the country-wise improvements in import figures, such as from China by $8.21 billion or by 24.4%, Mexico by $1.97 billion or by 7.31%, Vietnam by $1.4 billion or by 19.7%, and also the product-wise import improvement figures such as in Computers by $2.38 billion or by 30.4%, in Cars by $2.2 billion or by 14.5%, and other metal products by $1.77 billion or by 2.39%.
The United States became the world’s second largest exporter as they exported $1.51 trillion worth goods in 2019 but during the period of five years from 2014 to 2019, the exports of the United States have gone down by -$10 billion, as the United States marked an export volume of 1.52 trillion back in 2014. This figure has been led by the export figures to each destination from the United States,$252 billion worth of goods to Canada, $235 billion worth of goods to Mexico, $103 billion worth of goods to China, $70.1 billion worth of goods to Japan, and $59.8 billion worth of goods to Germany. The figure included values of $84.9 billion worth of refined Petroleum, $61.9 billion worth of Crude Petroleum, $41.4 billion worth of Integrated Circuits, $56.9 billion worth of Cars, and $41.2 billion worth of Vehicle Parts.
The United States became the world’s largest importer as they had imported $2.38 trillion worth of goods in 2019. During the period of five years between 2014 to 2019, the imports of the United States have gone up by $134 billion, as the imports of the country was $2.25 trillion in 2014 and $2.38 trillion in 2019. According to the records, the most recent imports of the United States derived by $178 billion worth of Cars, $123 billion worth of Crude Petroleum, $81.9 billion worth of Computers, $81.8 billion worth of Broadcasting Equipments, and $74.5 billion worth of Package Medicaments imported from the common import partners of the United States, such as, $429 billion from China, $361 billion from Mexico, $314 billion from Canada, $134 billion from Japan, and $131 billion from Germany.
In the year 2017, the United States had exported $571 billion worth of services to international destinations. The top export services of the United States in the 2017 were, $156 billion worth of Business Travels, a collective value of $112 billion worth of Miscellaneous Business, Professional and Technical Services, $56.2 billion worth of Air Transport, $59.7 billion worth of Royalties and License Fees and also $47 billion worth of Franchises and Similar Rights. During the same year, the United States imported $422 billion worth services, such as, $123 billion worth of Business Travels, collective value of $69 billion worth of Miscellaneous Business, Professional and Technical Services, $60.8 billion worth Air Transport, $45.1 billion worth of Reinsurance, and $37.1 billion worth of Sea Transportation Services.
During the last two decades, the the economy of the United States has evolved to become less complex, yet moved from the 05th place to 10th place in the ECI ranking.
