What is the Contemporary Status of the US Trade with Other Foreign Countries?

The total US trade with foreign countries was 5.6 trillion USD in the year 2018 respectively 2.5 trillion USD in exportation and 3.1 trillion USD in the importation of goods and services. As per statistics, the United States after China and the EU was the third-largest exporter and was the second-largest exporter after the first ranked European Union. If you are to part and parcel of the enormously expanding US trade, contact Clearit USA customs clearance in order to grow your business in the international market.

In the entire exportation of the US, goods contribute as much as 67% or 1.7 trillion USD out of which capital goods constitute one-third of the exportation the total goods amounting to 562 billion USD. The largest sub-category in the goods exportation is the commercial aircraft amounting 130 billion USD whereas other major capital goods that were exported were industrial machines amounting 60 billion USD, semiconductors with 48 billion USD, and telecommunications for 37 billion USD. Other significant contributors to the US exportation of goods are the electric apparatus and medical equipment respectively amounting to 46 billion USD and 37 billion USD.

The third major exportation of goods is the industrial supplies amounting 539 billion USD with the largest sub-category of chemicals for 62 billion, petroleum products for 111 billion USD, fuel oil 42 billion USD, plastic 38 billion, and non-monetary gold of 21 billion USD. On the other hand, only 12% of the entire exportation is the consumer goods amounting to 206 billion USD comprising the biggest categories such as pharmaceuticals amounting to 55 billion USD, cell phones amounting to 27 billion USD, and diamonds amounting 22 billion USD.

Nest to consumer goods, the automobiles are the major contributors to the total US exportation constituting 9% of the total exported goods which was 159 billion USD in 2018. As far as foods, beverages and feeds were concerned, they constituted only 9% of the total exportation with 133 billion USD in the year 2018. The major sub-categories among the exportation of food, beverages and feeds are the soybean 133 billion USD, poultry and meat 20 billion USD, and corn 14 billion USD. The food exportation in the US is eventually not increasing because most countries around the world do not consider the food processing of the US is high standard. It is said that this is the major drawback of the transatlantic trade and investment partnership.

Danny white

Next Post

Why it is important to choose the right money lenders:

Sun Oct 20 , 2019
Most of the people commonly knock the doors of lenders when they have some financial problems because they are the only one who can help them in that particular situation. However, choosing the reliable and most trustworthy moneylender could be a great challenge for you. Most of the money lenders […]