In 2018, total U.S. trade with foreign countries was
$5.6 trillion. That was $2.5 trillion in exports and
$3.1 trillion in imports of
both goods and services.
The United States was the world's
third-largest exporter, after China and
the European Union.
It was the world's second-largest importer after the top-ranked EU.
U.S. Exports ($2.5 trillion)
Goods contribute 67%, or $1.7 trillion, to U.S.
exports.
One-third of exported
goods are capital goods ($562 billion).
The largest
sub-category is commercial aircraft ($130 billion). Other
capital goods include industrial machines ($60 billion),
semiconductors ($48 billion), and telecommunications ($37 billion).
Electric apparatus ($46 billion) and medical equipment ($37 billion) are also
significant contributors.
Another third of exported goods is industrial supplies ($539 billion). The largest
sub-category is chemicals ($62 billion). Next are petroleum products
($111 billion), fuel oil ($42 billion), and plastic ($38 billion).
Non-monetary gold is $21 billion.
Only 12% of U.S. exported goods are consumer goods ($206 billion). The biggest
categories are pharmaceuticals ($55 billion), cell phones ($27 billion), and
gem diamonds ($22 billion).
Automobiles contribute
9% of all exported goods. In 2018, that was $159 billion.
Just 9% of exported goods are foods, feeds, and beverages ($133 billion).
The big three are soybeans ($18 billion), meat and poultry ($20 billion), and
corn ($14 billion).
Services make up one-third of U.S.
exports ($828 billion). The largest single category is travel
services at $307 billion. Computer and business services export $206 billion.
The next category is royalties and license fees at $132 billion. Other private
services, such as financial services, also add $132 billion. Government and military
contracts add $20 billion.
U.S. Imports ($3.1trillion)
More than 80% of imports are goods ($2.6 trillion). Capital goods ($693 billion) contribute 27% of all
goods imported. That includes computers at $143 billion and
telecommunications at $128 billion.
Next is consumer goods ($648 billion). The top two
categories are cell phones / television at $134 billion and
pharmaceuticals also at $134 billion. Next is the apparel and footwear category
at $129 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 ($576 billion). The largest sub-category is oil
and petroleum products, at $215 billion.
The fourth-largest import category
is automotive vehicles, parts, and
engines ($372 billion). The food, feeds, and beverages category is
the smallest at $147 billion.
Services make
up 18% of imports ($558 billion). The largest category is travel
services at $253 billion. The next is business and computer services at $151
billion. Banking and insurance is $69 billion. Last but not least is
government service imports at $23 billion.
Since the United States imports more
than it exports, its trade deficit is $621 billion. Even
though America exports billions in oil, consumer goods, and automotive
products, it imports even more.
Norb Leahy, Dunwoody
GA Tea Party Leader
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