The overall trade deficit is the result of the saving and investment decisions of US households and businesses. Image: REUTERS/Brendan McDermid
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The United States is the world’s largest trading nation, with over $5.6 trillion in exports and imports of goods and services in 2019. The U.S. has trade relations with more than 200 countries, territories, and regional associations around the globe.
Goods Exports
The United States is the 2nd largest goods exporter in the world. U.S. goods exports to the world totaled $1.6 trillion in 2019, down 1.4 percent ($22.5 billion) from 2018. Canada was the largest purchaser of U.S. goods exports in 2019, accounting for 17.8 percent of total U.S. goods exports. The top five purchasers of U.S. goods exports in 2019 were: Canada ($292.6 billion), Mexico ($256.6 billion), China ($106.4 billion), Japan ($74.4 billion), and the United Kingdom ($69.1 billion). U.S. goods exports to the European Union 27 were $267.6 billion.
Goods Imports
The United States is the largest goods importer in the world. U.S. goods imports from the world totaled $2.5 trillion in 2019, down 1.6 percent ($40.2 billion) from 2018. China was the top supplier of goods to the United States, accounting for 18 percent of total goods imports. The top five suppliers of U.S. goods imports in 2019 were: China ($452 billion), Mexico ($358 billion), Canada ($319 billion), Japan ($144 billion), and Germany ($128 billion). U.S. goods imports from the European Union 27 were $515 billion.
Services Exports
The United States is the largest services exporter in the world. In 2019, U.S. exports of services were $875.8 billion, up 1.6 percent ($13 billion) from 2018. U.S. exports of services account for 35 percent of overall U.S. exports in 2019. The United Kingdom was the largest purchaser of U.S. services exports in 2019 accounting for nearly 9 percent of total U.S. services exports. The top five purchasers of U.S. services exports in 2019 were: the United Kingdom ($78.3 billion), Canada ($67.7 billion), Ireland ($57.5 billion), China ($56.5 billion), and Japan ($50.0 billion). U.S. services exports to the European Union 27 were $200.3 billion.
Services Imports
The United States is the largest services importer in the world. In 2019, U.S. imports of services were $588.4 billion, up 4.7 percent ($26.3 billion) from 2018. The United Kingdom was the largest supplier of services, accounting for 11 percent of total U.S. service imports in 2019. The top five suppliers of U.S. services imports in 2019 were: the United Kingdom ($62.3 billion), Canada ($38.5 billion), Japan ($35.8 billion), Germany ($34.9 billion), and Mexico ($29.8 billion). U.S. services imports from the European Union 27 were $145.9 billion
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