Overview In January 2024 United States exported $161B and imported $254B, resulting in a negative trade balance of $93.2B. Between January 2023 and January 2024 the exports of United States have decreased by $-4.9B (-2.96%) from $165B to $161B, while imports decreased by $-554M (-0.22%) from $254B to $254B.
Trade In January 2024, the top exports of United States were Refined Petroleum ($9.51B), Crude Petroleum ($9.3B), Aircraft Parts ($8.6B), Petroleum Gas ($5.62B), and Commodities not elsewhere specified ($4.69B). In January 2024 the top imports of United States were Cars ($17.1B), Crude Petroleum ($13.7B), Commodities not elsewhere specified ($9.74B), Computers ($8.74B), and Telephones ($8.54B).
Origins In January 2024 the exports of United States were mainly from Texas ($36.7B), California ($13.9B), Louisiana ($7.85B), New York ($7.71B), and Illinois ($6.4B), while imports destinations were mainly California ($36.9B), Texas ($30.4B), Illinois ($17.4B), Michigan ($14.4B), and New Jersey ($12B).
Destinations In January 2024, United States exported mostly to Mexico ($26.5B), Canada ($26.3B), China ($12.1B), Netherlands ($6.94B), and United Kingdom ($6.63B), and imported mostly from Mexico ($38B), China ($35.8B), Canada ($33.3B), Japan ($12.6B), and Germany ($12.4B).
Growth In January 2024, the decrease in United States's year-by-year exports was explained primarily by an decrease in exports to Canada ($-1.04B or -3.81%), China ($-1.02B or -7.79%), and Belgium ($-1.02B or -27.5%), and product exports decrease in Petroleum Gas ($-2.26B or -28.7%), Soybeans ($-2.05B or -39.1%), and Nitrogen Heterocyclic Compounds ($-1.2B or -79.8%). In January 2024, the decrease in United States's year-by-year imports was explained primarily by an decrease in imports from China ($-2.46B or -6.43%), Canada ($-1.15B or -3.34%), and Germany ($-1.07B or -7.93%), and product imports decrease in Telephones ($-2.64B or -23.6%), Refined Petroleum ($-1.53B or -25.6%), and Packaged Medicaments ($-727M or -8.45%).
FAQs
The Observatory of Economic Complexity (OEC) is the world's leading data visualization tool for international trade data. The OEC makes more than 50 years of international trade data available through dozens of millions of interactive visualizations.
How does importing and exporting affect the economy in the United States and the trading partners of the United States? ›
A country's importing and exporting activity can influence its GDP, its exchange rate, and its level of inflation and interest rates. A rising level of imports and a growing trade deficit can have a negative effect on a country's exchange rate.
Is the US the world's largest trade importer and exporter? ›
The United States is the world's 2nd-largest trading nation, behind only China, with over $7.0 trillion in exports and imports of goods and services in 2022.
Who were the top trading partners for US exports and imports in 2016 _____? ›
The top five countries based on trade in goods in 2016 were China, Canada, Mexico, Japan and Germany. Trade in goods with China was $578.6 billion. Exports were $115.8 billion and imports were $462.8 billion. The top three U.S. exports to China in 2016 were civilian aircraft, soybeans and passenger cars.
What is the observation of economic complexity? ›
The Observatory of Economic Complexity combines a number of international trade data sets, including data from Feenstra, Lipset, Deng, Ma, and Mo's World Trade Flows: 1962-2000 dataset, cleaned and made compatible through a National Bureau of Economic Research (NBER) project and HS4 aggregated from the HS6 ...
Is OEC a reliable source? ›
It includes subnational level data for dozens of countries, sourced directly from their public customs records. This makes the OEC much more recent, relevant, and higher resolution.
What are the answers to the three economic questions? ›
An economic system is any system of allocating scarce resources. Economic systems answer three basic questions: what will be produced, how will it be produced, and how will the output society produces be distributed?
How is the US economy affected by international trade? ›
Trade Creates & Supports Jobs in the United States
for U.S. manufacturers, service providers and farmers. Imports support jobs and keep costs low, helping U.S. businesses compete and saving American families real dollars at the cash register.
What are the effects on US imports and exports when the US experiences economic growth stronger than its major trading partners? ›
What are the effects on U.S. imports and exports when the U.S. experiences economic growth stronger than its major trading partners? U.S. imports will increase more than U.S. exports.
Who is the US #1 import country? ›
| United States Imports By Country | Value | Year |
|---|
| China | $448.02B | 2023 |
| Canada | $429.60B | 2023 |
| Germany | $162.96B | 2023 |
| Japan | $151.58B | 2023 |
159 more rowsRight now, Mexico is the biggest exporter to the US for the first time in 20 years. The latest figures from the US Department of Commerce show that it overtook China in 2023. US imports from Mexico rose to $475.6 billion in 2023 (+4.6%).
What country is the US most dependent on? ›
The US is highly dependent on its neighbours, Canada and Mexico, for trade. The country's top trading partner is Mexico, making up 14.8% of total trade. States close to Canada have strong trading links, with Montana importing 87% of goods from there and North Dakota exporting 84.6% of goods there.
Who is China's largest trading partner? ›
Which country does America have the largest trade deficit with? ›
By far the largest bilateral trade imbalance is with China. The United States ran a $419 billion goods deficit with China in 2018.
What is the US Economic Complexity Index? ›
Economic Complexity Ranking
During the last 20 years United States's economy has become relatively less complex, moving from the 6th to the 10th position in the ECI rank. These economic complexity rankings use 6 digit exports classified according to the HS96 classification.
Is an economics observatory credible? ›
The Economics Observatory (ECO) is a new project that bridges the gap between academic research, government policy and the general public. Our goal is to provide balanced and reliable answers to questions about the economy. We make it our mission to make these answers as accessible and engaging as possible.
What is the Economic Complexity Observatory MIT? ›
The Economic Complexity Observatory is an online tool that helps people explore this complexity by providing tools that can allow decision makers to understand the connections that exist between countries and the myriad of products they produce and/or export.
What is the significance of the observatory? ›
Even the simplest observatories can provide a detailed look at stars whose light has traveled for thousands of years before reaching Earth. The largest and most sophisticated observatories routinely study objects from which light has traveled for 10 billion years or more.
