US Imports and Exports with Components and Statistics
What Does the United States Trade With Foreign Countries?
- The United States imports more than it exports.
- The 2019 U.S. trade balance is negative, showing a deficit of $617 billion.
- Capital goods comprise the largest portions of both U.S. exports and imports.
- The United States exports more services than it imports.
Based on 2019 data, goods contribute 66%, or $1.7 trillion, to U.S. exports. One-third of exported goods are capital goods ($547 billion). The largest sub-category is commercial aircraft ($132 billion). Other capital goods include industrial machines ($57 billion), semiconductors ($50 billion), and telecommunications ($36 billion). Electric apparatus ($44 billion) and medical equipment ($38 billion) are also significant contributors.
Another third of exported goods is industrial supplies ($531 billion). The largest sub-category is petroleum products, including crude oil and other petroleum products ($122 billion). Next are chemical products, including chemical fertilizers and other sub-categories ($81 billion), fuel oil ($41 billion), and plastic ($37 billion). Non-monetary gold is $19 billion.
Only 12% of U.S. exported goods are consumer goods ($206 billion). The biggest categories are pharmaceutical preparations ($61 billion), cell phones ($27 billion), and gem diamonds ($20 billion).
Automobiles contribute 10% of all exported goods. In 2019, that was $162 billion.
Just 8% of exported goods are foods, feeds, and beverages ($131 billion). The big three are soybeans ($20 billion), meat and poultry ($20 billion), and corn ($9 billion).
Services make up one-third of U.S. exports ($876 billion), based on 2019 data. The largest single category is travel services at $193 billion. Other business services export $189 billion. Other private services, such as financial services, also add $136 billion. The next category is royalties and license fees at $117 billion. Government and military contracts add $22 billion.
According to the 2019 data, more than 80% of U.S. imports are goods ($2.5 trillion). Capital goods ($678 billion) contributed 27% of all goods imported.
Next comes consumer goods ($654 billion). U.S consumer spending is dependent upon these low-cost imported goods.
Slightly less than a quarter of imports are industrial machinery and equipment ($522 billion).
The fourth-largest import category is automotive vehicles, parts, and engines ($376 billion). The food, feeds, and beverages category is next at $151 billion.
As of the end of 2019, services make up 19% of imports ($597 billion). The largest category is travel services at $134 billion. The next is business services at $114 billion. Transport contributes $107 billion and insurance $52 billion. Government service imports are at $24 billion.
Since the United States imports more than it exports, its trade deficit is $617 billion. Even though America exports billions in oil, consumer goods, and automotive products, it imports even more.
How U.S. Imports and Exports Fit Into the Balance of Payments
- Current Account
- Current Account Deficit
- Trade Balance
- Imports and Exports
- U.S. Imports and Exports Summary
- Trade Deficit
- The U.S. Trade Deficit
- Capital Account
- Financial Account