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The United States (US) is located in the central part of North America, with territory extending to Alaska in the continent's northwest and the Hawaiian Islands in the central Pacific. It borders Canada to the north, the Gulf of Mexico to the south, the Pacific Ocean to the west, and the Atlantic Ocean to the east.
Industry
In recent years, the United States has focused on optimizing its industrial structure, implementing a "reindustrialization" strategy to revitalize the real economy and encourage the return of manufacturing. Industrial production remains stable, with rapid advances in high-tech sectors such as information technology and biotechnology. Traditional industries have also seen new progress through technological innovation. The key manufacturing industries include automobiles, aerospace equipment, computers, electronics, telecommunications equipment, steel, petroleum products, fertilizers, cement, plastics, newsprint, and machinery.
Agriculture
The United States is one of the world’s largest agricultural exporters, producing major crops such as corn, wheat, sugar, and tobacco. The vast plains of the Midwest are known as the "breadbasket of the world." Each year, U.S. farms generate around $90 billion worth of agricultural products. The U.S. accounts for 50% of the world’s corn production, 20% of oats, and 15% of global production for chicken, pork, cotton, and wheat.
Energy
The United States produces about $60 billion worth of energy resources annually, with oil representing approximately 40% of this value. Coal is the second most valuable energy source, followed by natural gas. Annually, U.S. production of coal and oil accounts for 18% of the global total, while natural gas production makes up 45% of the global share.
Regarding energy imports and exports, the U.S. remained a net importer of crude oil in 2022, according to the U.S. Energy Information Administration. Crude imports averaged around 6.28 million barrels per day, while exports were approximately 3.6 million barrels per day. The top five sources of U.S. oil imports (by value) were Canada, Mexico, Saudi Arabia, Iraq, and Colombia, while the leading export destinations were Mexico, Canada, China, the Netherlands, and South Korea.
Trade Agreements and Economic Cooperation
The United States is a founding member of the General Agreement on Tariffs and Trade (GATT) and became an official member of the World Trade Organization (WTO) when it was established on January 1, 1995. The U.S. has several types of trade and economic cooperation agreements:
1) Free Trade Agreements (FTA);
2) Bilateral Investment Treaties (BIT);
3) Trade and Investment Framework Agreements (TIFA), which serve as a basis for enhancing economic and trade cooperation;
4) Other Agreements, such as the Trade in Services Agreement (TISA).
In 1989, the U.S. and Canada signed the U.S.-Canada Free Trade Agreement. On August 12, 1992, the U.S., Canada, and Mexico signed the North American Free Trade Agreement (NAFTA), which took effect on January 1, 1994. On September 30, 2018, the three countries agreed to update NAFTA, resulting in the United States-Mexico-Canada Agreement (USMCA). The updated USMCA was signed into law on January 29, 2020, replacing the original NAFTA.
On October 5, 2015, 12 countries, including the U.S., Japan, and Australia, concluded the Trans-Pacific Partnership (TPP) negotiations. However, the U.S. withdrew from the TPP in January 2017.
On May 23, 2022, U.S. President Joe Biden announced the launch of the "Indo-Pacific Economic Framework" (IPEF) in Tokyo, Japan, with an initial membership of 13 countries: the United States, South Korea, Japan, India, Australia, New Zealand, Indonesia, Thailand, Malaysia, the Philippines, Singapore, Vietnam, and Brunei.
On March 28, 2023, the United States signed a Critical Minerals Agreement with Japan, making Japan eligible to meet the critical minerals content requirement of the "free trade agreement" under Section 30D of the U.S. Inflation Reduction Act.
Foreign Trade - August, 2024
The U.S. goods and services trade deficit decreased from $78.9 billion in July (revised) to $70.4 billion in August, as exports increased and imports decreased. The goods deficit decreased $8.4 billion to $94.9 billion, and the services surplus increased $0.1 billion to $24.4 billion.
Exports of goods and services increased $5.3 billion, or 2.0 percent, in August to $271.8 billion. Exports of goods increased $4.4 billion, and exports of services increased $0.9 billion.
The increase in exports of goods reflected increases in capital goods ($1.7 billion), in consumer goods ($1.0 billion), in industrial supplies and materials ($0.9 billion), and in automotive vehicles, parts, and engines ($0.8 billion).
The increase in exports of services reflected increases in travel ($0.5 billion) and in government goods and services ($0.2 billion). A decrease in transport ($0.2 billion) partly offset the increases.
Imports of goods and services decreased $3.2 billion, or 0.9 percent, in August to $342.2 billion. Imports of goods decreased $3.9 billion, and imports of services increased $0.7 billion.
The decrease in imports of goods reflected decreases in industrial supplies and materials ($3.9 billion) and in automotive vehicles, parts, and engines ($1.3 billion).
The increase in imports of services reflected increases in travel ($0.4 billion) and in charges for the use of intellectual property ($0.4 billion). A decrease in transport ($0.3 billion) partly offset the increases.
The August figures show surpluses, in billions of dollars, with Netherlands ($5.5), South and Central America ($4.0), Australia ($1.9), Hong Kong ($1.6), Brazil ($0.8), Singapore ($0.5), and United Kingdom ($0.3). Deficits were recorded, in billions of dollars, with China ($24.7), European Union ($19.1), Mexico ($14.3), Vietnam ($9.8), Ireland ($8.0), Taiwan ($7.3), Germany ($6.6), Japan ($4.9), South Korea ($4.9), Canada ($3.9), Italy ($2.9), India ($2.7), Switzerland ($2.5), France ($1.7), Malaysia ($1.1), Israel ($1.0), Belgium ($0.6), and Saudi Arabia ($0.1).
Blooming provides periodic updates of U.S. customs data, including both import and export information. The data details include importer and exporter information, product specifics, shipment information, and basic trade metrics such as import/export volume, trade value, and unit price. This timely access to U.S. foreign trade data supports informed decision-making for your business.
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