The United States stands as a global economic powerhouse and the world’s second-largest trading nation, only trailing China. In 2022, the total value of U.S. exports and imports of goods and services exceeded a staggering $7.0 trillion, highlighting the nation’s extensive involvement in international commerce. The U.S. maintains trade connections with over 200 countries, territories, and regional blocs worldwide, forming a complex web of economic partnerships that drive global trade flows.
Goods Trade: Export and Import Dynamics
The United States is a significant player in global goods trade, holding the position of the 2nd largest goods exporter globally, again after China, and the largest goods importer.
Top Destinations for US Goods Exports
In 2022, U.S. goods exports reached $2.1 trillion, demonstrating a robust 17.5 percent increase ($307.3 billion) compared to 2021. Canada emerged as the leading buyer of American-made goods, absorbing 17.3 percent of total U.S. goods exports. Looking at the top five purchasers, we see a strong North American presence alongside key Asian and European economies:
- Canada: $356.5 billion
- Mexico: $324.3 billion
- China: $150.4 billion
- Japan: $80.2 billion
- United Kingdom: $76.2 billion
Collectively, U.S. goods exports to the European Union (EU27) amounted to a substantial $350.8 billion, underscoring the importance of transatlantic trade relationships.
Leading Sources of US Goods Imports
On the import side, the U.S. goods imports totaled $3.2 trillion in 2022, marking a significant 14.6 percent rise ($413.7 billion) from the previous year. China was the foremost supplier of goods to the United States, accounting for 16.5 percent of the total goods imports. The top five countries supplying goods to the U.S. in 2022 were:
- China: $536.3 billion
- Mexico: $454.8 billion
- Canada: $436.6 billion
- Japan: $148.1 billion
- Germany: $146.6 billion
Goods imports from the European Union 27 into the U.S. market reached $553.3 billion, further emphasizing the strong trade volumes between the US and Europe.
Services Trade: A Growing Sector
Beyond goods, the United States is also a global leader in services trade, holding the top position as both the largest services exporter and importer worldwide.
Key Markets for US Services Exports
U.S. services exports in 2022 reached $926.0 billion, experiencing a healthy 16.4 percent growth ($130.7 billion) from 2021. Services exports represent a significant 30.7 percent of the overall U.S. export portfolio in 2022. Ireland was the largest consumer of U.S. services exports, making up 9 percent of the total. The top five destinations for U.S. services exports were:
- Ireland: $83.1 billion
- United Kingdom: $80.9 billion
- Canada: $69.5 billion
- Switzerland: $52.4 billion
- China: $42.2 billion
Services exports to the European Union 27 totaled $238.6 billion, again highlighting the EU as a crucial trading partner for the United States.
Major Providers of US Services Imports
In 2022, U.S. services imports amounted to $680.3 billion, showing a substantial 23.7 percent increase ($130.3 billion) from 2021. Services imports constitute 17.2 percent of the total U.S. imports in 2022. The United Kingdom was the largest provider of services to the U.S., accounting for 10.4 percent of all service imports. The top five suppliers of U.S. services imports were:
- United Kingdom: $70.8 billion
- Germany: $42.0 billion
- Canada: $40.6 billion
- Japan: $38.5 billion
- Mexico: $37.3 billion
Services imports from the European Union 27 totaled $166.7 billion.
Conclusion: Diverse and Dynamic Trade Relationships
The data clearly illustrates that the United States engages in extensive and varied trade relationships across the globe. While Canada and Mexico are prominent partners due to geographical proximity and established trade agreements like USMCA, China, Japan, and the United Kingdom also feature as major trading partners across both goods and services. The European Union as a whole represents a critical trading bloc for the U.S., demonstrating the importance of both regional and global partnerships in the U.S. trade landscape. These relationships are dynamic and subject to geopolitical and economic shifts, but they fundamentally underpin the United States’ position in the global economy.
