United States2020 Economic Complexity : 1.56, Rank 9 of 127
2020 Product Exports | Imports: $1.34T | $2.24T, 2 of 226 | 1 of 226
2020 Per Capita Product Exports | Imports: $4.06k | $6.77k, 34 of 219 | 65 of 219
2018 Service Exports | Imports : $746B | $480B, 1 of 138 | 3 of 138
Overview In 2020, United States was the number 1 economy in the world in terms of GDP (current US$), the number 2 in total exports, the number 1 in total imports, the number 9 economy in terms of GDP per capita (current US$) and the number 9 most complex economy according to the Economic Complexity Index (ECI).
Exports The top exports of United States are Refined Petroleum ($58.4B), Crude Petroleum ($52.3B), Cars ($47.6B), Integrated Circuits ($44.2B), and Petroleum Gas ($34.7B), exporting mostly to Canada ($218B), Mexico ($196B), China ($122B), Japan ($63.1B), and Germany ($59.2B).
In 2020, United States was the world's biggest exporter of Refined Petroleum ($58.4B), Petroleum Gas ($34.7B), Medical Instruments ($27.7B), Gas Turbines ($27.3B), and Aircraft Parts ($12.5B)
Imports The top imports of United States are Cars ($144B), Computers ($92.4B), Packaged Medicaments ($84.1B), Broadcasting Equipment ($82B), and Crude Petroleum ($75.1B), importing mostly from China ($438B), Mexico ($326B), Canada ($264B), Germany ($116B), and Japan ($112B).
In 2020, United States was the world's biggest importer of Cars ($144B), Computers ($92.4B), Packaged Medicaments ($84.1B), Broadcasting Equipment ($82B), and Motor vehicles; parts and accessories (8701 to 8705) ($62.3B)
Location United States borders Canada and Mexico by land and Bahamas by sea.
December, 2022
Overview In December 2022 United States exported $169B and imported $253B, resulting in a negative trade balance of $84.3B. Between December 2021 and December 2022 the exports of United States have increased by $9.31B (5.84%) from $160B to $169B, while imports decreased by $-4.75B (-1.84%) from $258B to $253B.
Trade In December 2022, the top exports of United States were Refined Petroleum ($11B), Crude Petroleum ($9.66B), Aircraft Parts ($9.54B), Petroleum Gas ($7.64B), and Commodities not elsewhere specified ($5.96B). In December 2022 the top imports of United States were Cars ($17.3B), Crude Petroleum ($13.7B), Telephones ($10.9B), Commodities not elsewhere specified ($9.73B), and Computers ($9.13B).
Origins In December 2022 the exports of United States were mainly from Texas ($37.5B), California ($15.2B), Louisiana ($11.9B), New York ($6.62B), and Illinois ($6.59B), while imports destinations were mainly California ($38.6B), Texas ($29.8B), Illinois ($20B), Michigan ($13.2B), and Georgia ($12.8B).
Destinations In December 2022, United States exported mostly to Canada ($27.8B), Mexico ($24.9B), China ($13.8B), United Kingdom ($7.55B), and Netherlands ($6.96B), and imported mostly from China ($37.3B), Mexico ($36.1B), Canada ($32.9B), Germany ($14.3B), and Japan ($13.5B).
Growth In December 2022, the increase in United States's year-by-year exports was explained primarily by an increase in exports to Mexico ($4.15B or 21.3%), Canada ($3.1B or 14.5%), and Singapore ($1.38B or 60.4%), and product exports increase in Crude Petroleum ($2.8B or 59.4%), Refined Petroleum ($2.75B or 52.9%), and Petroleum Gas ($2.28B or 52.6%). In December 2022, the decrease in United States's year-by-year imports was explained primarily by an decrease in imports from Switzerland ($-1.11B or -22.1%), Germany ($-798M or -7.35%), and Denmark ($-158M or -15.6%), and product imports decrease in Packaged Medicaments ($-1.33B or -17.3%), Cars ($-644M or -4.97%), and Planes, Helicopters, and/or Spacecraft ($-550M or -49.1%).
EXPORT GROWTH (December 2021 - December 2022): $9.31B, (5.84%)
IMPORT GROWTH (December 2021 - December 2022): $-4.75B, (-1.84%)
MAIN EXPORTER (December 2022): Texas, $37.5B
MAIN DESTINATION (December 2022): Canada, $27.8B
This section shows exports and imports data at subnational level for United States. Click any date in the line plot, any subnational region in the geomap, or any product, destination or origin country to explore the exports or imports behavior of United States over time.
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Top Export (2020): Refined Petroleum, $58.4B
Top Destination (2020): Canada, $438B
In 2020, United States exported a total of $1.34T, making it the number 2 exporter in the world. During the last five reported years the exports of United States have changed by -$49.7B from $1.39T in 2015 to $1.34T in 2020.
The most recent exports are led by Refined Petroleum ($58.4B), Crude Petroleum ($52.3B), Cars ($47.6B), Integrated Circuits ($44.2B), and Petroleum Gas ($34.7B). The most common destination for the exports of United States are Canada ($218B), Mexico ($196B), China ($122B), Japan ($63.1B), and Germany ($59.2B).
Fastest Growing Export Markets (2019 - 2020)
Fastest Growing Import Markets (2019 - 2020)
United States Exports Services (2018): $746B
United States Imports Services (2018): $480B
In 2018, United States exported $746B worth of services. The top services exported by United States in 2018 were Personal travel ($158B), Miscellaneous business, professional, and technical services ($130B), Financial services ($114B), Other royalties and license fees ($93.7B), and Air transport ($69.1B).
The top services imported by United States in 2018 were Personal travel ($107B), Miscellaneous business, professional, and technical services ($73B), Air transport ($69.2B), Other royalties and license fees ($39.3B), and Reinsurance ($38.2B).
This section shows exports, imports and economic complexity data at the subnational level for United States. Click any of the State in the geomap to visit the specific subnational profile.
The top territories of United States according to its Economic Complexity Index are New Hampshire (0.64), Connecticut (0.6), and Massachusetts (0.57).
In 2020, the principal exporters of United States were Texas ($277B), California ($156B), and New York ($65.6B).
The same year, the principal importers of United States were California ($395B), Texas ($247B), and Illinois ($156B).
United States has a high level of specialization in Sorghum (9.86), Starch Residue (6.7), Forage Crops (6.15), Other Nuts (5.46), and Paintings (5.21). Specialization is measured using RCA, an index that takes the ratio between United States observed and expected exports in each product.
The highest complexity exports of United States according to the product complexity index (PCI) are Developed Exposed Photographic Material (2.45), Photo Lab Equipment (2.15), Photographic Chemicals (2.08), Disc Chemicals for Electronics (2.01), and Other Esters (1.96). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.
The top export opportunities for United States according to the relatedness index, are Cobalt Oxides and Hydroxides (0.44), Newsprint (0.44), Horses (0.43), Sulfonamides (0.43), and Nickel Powder (0.43). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that United States is not specialized in.
The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products a country currently specializes in.
The Complexity-Relatedness diagram compares the risk vs strategic value of a country's potential export oppotunities. Relatedness is predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower greenhouse emissions.
During the last 20 years United States's economy has become relatively less complex, moving from the 5th to the 9th position in the ECI rank.
These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.
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