US
imports and exports, by Kimberly Amadeo, 11/30/19.
US
imports in 2018 totaled $3.1 trillion. US exports in 2018 totaled $2.5 trillion. The
US Trade Deficit in 2018 was $621 billion.
Exported 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). Food exports are falling since many countries don't like U.S. food
processing standards. That was a major block to the Obama administration's negotiation of
the Transatlantic Trade and
Investment Partnership.
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 - More than 80% of U.S.
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).5 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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