How The US Export Statistics Have Changed Over The Past Few Years?

The total sum of goods and services provided to other countries represent the country’s total exports. They consist of merchandise, entertainment, royalties, transport, travel, and services like communication, construction, government, and business. Therefore, it is profitable for a country to have a higher export value than import value in general terms.

The US export statistics have seen a considerable change of highs and lows in the past few years. A record export value was recorded in 2018, with total exports worth $2,528.70 billion. Meanwhile, the US export value saw the worst hit in 2020 due to the pandemic, and they have picked up the pace in 2021.

The US Export Statistics Over The Past Few Years

According to the US trade data, the following changes can be noted in the US trade statistics:

1. US Exports Of Manufacturers

The US is chiefly known for its imports from other exporter countries. But they export their fair share of goods and services as well. For instance, the primary goods that the US export to the rest of the world are:

• Food and beverages – the US is the top exporter of Soybeans and also exports products like meat. In 2017, this category observed sales of $133 billion.
• Oil, fuel, and petroleum – This is known for being one of the fastest-growing areas for US exports. Moreover, due to the fast evolution of transport and vehicles worldwide, it is one of the most sought after areas worldwide, with major investors on board.
• Aviation – Around a sixth of all exports comprise this area.
• Auto parts & related goods – Assembly plant owners in the US or other foreign companies set in Mexico and Canada export spare parts, engines, etc
• Passenger cars – The US is very popular for their wide range of automobiles with varying price ranges. They supply much of their cars to North America and South America and ship to other buyers worldwide. For example, BMW exports the highest number of vehicles to continents like Europe and the Middle East that consist of multiple variants of cars and SUVs.

The US import export data shows that most of the US exports are achieved through their service sector. The service industry accounts for more than 70% of jobs in the US. The most prominent services industries are transport and travel, finance and insurance, and sales from other intellectual properties, including software, games, media, and the music industry.

2. Trade Relationship With Other Countries

The US maintains a healthy business network with other multimillion industries and popular markets worldwide. Whether it is with Asian importers like China and Singapore, or its neighbouring countries of Canada and Mexico, the US trade data suggest growth of imports and exports in many market areas.

Earlier, the US made more viable trades with other western countries. But between 1970-90, a change took place, and the US started trading with its now prominent Asian partners. Japan, China, Singapore, Hong Kong, India are but a few of the US’s most significant trading partners. This change of trading patterns and arenas made the US the heralded “Leader of the Free World” that we now know.

The US import export data showcases how the smooth correlation of the two is efficient for the success of any country’s economy. For example, Apple is one of the leading brands in the technology industry. Much of their parts are imported from China, but they are assembled in California and thus, exported to the rest of the world.

3. Comparative Stagnancy And Decline

But as the US export statistics show us, all has not been rosy for the US. For example, despite the USA’s rising economy, their demands for imported goods have laid a considerable weight on the economy. Despite their highly exported goods and services, the import to export ratio is comparatively huge.

The falling exports added an impact to the oil crash in 2014 and 2015, contributing to the slight recession in manufacturing. Moreover, in the last few years, the export value has seen a consecutive decline affecting the economy.

What Do We Understand From The US Export Statistics?

The total value of international US exports of goods and services from 2000 to 2020 was worth $2.13 trillion. And as reported in 2020, total exports from the US was $1.43 trillion. In 2019, the US export of goods and services dipped by around -0.12 per cent compared to 2018. The US economy experienced a severe hit due to the pandemic of 2020 as well.

But their leading export of goods and services has maintained the economy from falling. Further, the presence of its leading brands and entertainment industry like Hollywood has risen progressively and continues to do so. The export of services will reportedly help the US pick up the pace and maintain its place at the top.