In 2013, total U.S. trade with
foreign countries was $5.02 trillion. This consisted of
$2.272 trillion in exports and $2.744
trillion in imports of both goods
and services. This makes the U.S. the world's third largest exporter, after the
European Union
(EU) and China, and the
world's second largest importer, after the EU. (Source: U.S. Census, U.S. Trade in Goods and Services, 2013; CIA World Factbook World Rankings)
What Does
the U.S. Export?
Material
goods contribute more than
two-thirds of U.S. exports ($1.579 trillion). One-third of them
are capital goods ($527 billion). The largest sub-categories are commercial
aircraft ($54 billion), industrial machines ($49 billion),
and semiconductors ($43 billion). Three other important
sub-categories are telecommunications ($40 billion), electric apparatus
($40 billion) and medical equipment ($34 billion).
Another third of goods exports is industrial supplies and equipment
($508 billion). The largest sub-categories are chemicals ($65
billion), fuel oil ($64 billion), petroleum products
($61 billion), plastic ($36 billion), and non-monetary gold ($33 billion).
Only 12% of goods exports are consumer goods
($189 billion). This includes pharmaceuticals ($48 billion), cell phones
($24 billion) and gem diamonds ($21 billion). Here's more on Consumer Spending.
Automobiles make up 10% ($152 billion) of all goods
exported.
Just 9% of goods exported are foods, feeds and beverages
($136 billion).
The big three are soybeans
($23 billion), meat/poultry ($19 billion) and wheat
($11 billion). (Source: U.S. Census, Exhibit 7. Exports by End-Use Category, 2013)
Services contribute one-third of U.S. exports ($682 billion).
Travel passenger services was the largest single category, at
$140 billion. Next was royalties and license fees, at $130 billion.
Passenger fares totaled $41 billion, while other transportation was
$45 billion. Government and military contracts was $22 billion. The
rest was miscellaneous private services, which includes financial services.(Source:
U.S. Census, Exhibit 3, U.S. Services by Major Category -- Exports, 2013)
What Does
the U.S. Import?
More than 80% of U.S. imports are goods ($2.268 trillion).
Slightly less than a third of this is industrial machinery and equipment ($681
billion). Of this, chemicals is the largest sub-category, at $61 billion. Next
is fuel oil
($44 billion), petroleum products ($48 billion) and industrial
supplies ($29 billion).
Capital
goods is one fourth of all goods
imported ($548 billion). This includes computers ($65 billion), computer
accessories ($57 billion), and telecommunications equipment
($54 billion).
Nearly another quarter is consumer goods ($533 billion). Of
this, cell phones is the largest ($90 billion), followed
by pharmaceuticals ($84 billion) and apparel ($49 billion).
The fourth largest category was automotive vehicles, parts, and
engines at $309 billion. Food, feeds,
and beverages was the smallest category, at $115 billion. Americans
import fish ($18 billion), fruit ($13 billion) and vegetables ($11
billion). (Source: U.S. Census, Exhibit 6 - Imports by End-Use Category)
Services make
up only 20% of
imports ($450 billion). Miscellaneous private services, primarily
financial services, was nearly half, at $201 billion. The next largest category
is travel passenger services, at $86 billion. Other transportation
services was $59 billion, while passenger fares totaled $38 billion.
The U.S. imported $42 billion in royalties and license fees services. Last but
not least was U.S. Government service imports ($25 billion) which was
primarily defense ($22 billion). (Source: U.S. Census, Exhibit 4, U.S. Services by Major Category -- Imports, 2013)
The U.S. imports more than it
exports. This creates a trade deficit of $471 billion. Even
though America exports billions in oil, consumer goods and automotive
products, it imports even more. For more on the economic impact of this, see U.S. Trade Deficit.
Article updated April 21, 2014
Comments
We still benefit from trade, but we don’t
need TPP do trade with these countries. We already trade with the same
countries. TPP is all about establishing international courts and divesting US
voters from influencing US law. It transfers more authority from the Congress.
It is unconstitutional and further insulates the federal government from the voters.
Norb Leahy, Dunwoody GA Tea Party Leader
No comments:
Post a Comment