Latest Trade Analytics about the United States that you should know – Exclusive Report
The United States of America, also known as the United States (US) or the superpower of the world is a nation located in the northern part of the American continent.
ABOUT THE NATION – UNITED STATES OF AMERICA
The United States of America, also known as the United States (US) or the superpower of the world is a nation located in the northern part of the North American continent. The country comprises 50 identified states, one federal district, some unincorporated states, and a few islands. The USA is one of the largest nations in the world that shares its major boundaries with Canada and Mexico. The USA is a member of the NATO group too.
After studying the report released by IMF, the GDP of the nation, i.e., USD 22.7 trillion contributes almost 24% of the world’s GDP. The nation is considered as having the most powerful economy since 1900 and indeed it is called the world’s superpower. It is the most technologically advanced country with all high-tech and sophisticated gadgets and techniques.
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PERFORMANCE REPORT OF THE UNITED STATES IN THE INTERNATIONAL EXCHANGE
The highest and the most trusted bureaus of the US, “The US Census Bureau” and “the US Bureau of Economic Analysis” released a report based on the US Trade Data on the 5th of January 2023 which included facts and figures about the total international transactions made and received by the USA in the year 2022. Based on these latest reports, we get to know that the US was experiencing a huge trade deficit as of November 2022 which was close to USD 61.5 billion. In the month of October 2022, it was USD 77.8 billion.
As per the records mentioned in the US Export Data for November 2022, the country’s exports were USD 252 billion, which was lower by approximately USD 5 billion as compared to exports made in the month of October of the same year. On comparing the year 2022 with 2021, the trade deficit of the nation is increased by USD 121 billion or 15.8%. Exports became USD 440 billion (19% increase) whereas, imports became USD 560 billion (18% increase).
THREE-MONTH AVERAGES (SEPTEMBER-NOVEMBER 2022)
The goods and services trade deficits decreased by USD 1.43 billion to USD 71.1 billion in these three months.
- Average exports reduce by USD 3.3 billion to USD 256 billion in the month of November 2022.
- Average imports increased by USD 4.7 billion to USD 327.01 billion in the month of November 2022.
If we talk every year, then as compared to November 2021, the trade deficit has reduced by USD 3.7 billion in the quarter ending with November 2022.
- Exports grew by USD 34 billion as compared to November 2021.
- Imports grew by USD 30.23 billion as compared to November 2021.
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CHANGE IN EXPORTS AND IMPORTS OF THE USA
The total exports from the USA as mentioned in the US Export Data decreased by USD 5.3 billion to USD 170.8 billion in the month of November 2022.
The exports of the following goods were affected (reduced) as compared to November 2021 in November 2022.
- Exports of industrial supplies decreased by USD 3.62 billion which included a decrease in the export of natural gas (by USD 1.6 billion); non-monetary gold (by USD 0.81 billion); Crude oil (by USD 0.65 billion).
- Exports of capital goods in all decreased by USD 1.3 billion where the main change was observed in the export of passenger planes by USD 0.5 billion.
The exports of the following goods and services increased as compared to November 2021 in November 2022 by USD 0.2 billion to USD 81 billion.
- Telecommunication, mobile phones, and IT services rose by USD 0.1 billion.
- Multiple business services rose by USD 0.1 billion.
- Pricing for using any intellectual property grew by USD 0.1 billion.
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The total Imports to the USA as per the US Import Data decreased by USD 20.7 billion to USD 255 billion in the month of November 2022.
The imports of the following goods and services were affected (reduced) as compared to November 2021 in November 2022.
- Imports of consumer goods and items decreased by USD 8.81 billion which included a decrease in the import of pharmaceutical items (by USD 2.9 billion); Mobile phones and consumer goods (by USD 2.7 billion); industrial goods and supplies (by USD 3.73 billion).
- Imports of crude oil decreased by USD 1.7 billion.
- Imports of automobiles, spare parts, and engines were reduced by USD 3.32 billion, including civilian cars and other miscellaneous spare parts.
- Various services like transportation, traveling, and property charges decreased by USD 0.7 billion, USD 0.4 billion, and USD 0.2 billion respectively.
FOR MORE INFORMATION, VISIT OUR WEBSITE: https://www.usimportdata.com/
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MAJOR TRADE PARTNERS OF THE USA – OCTOBER 2022
Till this point, we have discussed almost everything about the US Trade Data, the products that dominated imports and exports of the nation, and general fluctuation in the export and import values. Now, in this section, we are going to look at those nations that were the major import and export partners of the USA as of October 2022.
The top 5 import partners of the USA as per the US Export Data who imported goods from the USA were:
- Canada (USD 30 billion)
- Mexico (USD 28.5 billion)
- China (USD 15.78 billion)
- The United Kingdom (USD 7.05 billion)
- Japan (USD 6.70 billion)
Similarly, the top 5 export partners of the USA as per the US Import Data who exported their goods to the USA were:
- China (USD 44.65 billion)
- Mexico (USD 40.54 billion)
- Canada (USD 35.55 billion)
- Germany (USD 14.45 billion)
- Japan (USD 13 billion)
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OUR LAST VERDICT
In the end, we hope you liked reading one of our most interactive blogs. After analyzing the current scenario, we would just want to state that being a superpower and the greatest rival in the world, the USA would surely play its cards and become a trade surplus nation in the next few years.
As the country is importing a variety of items, it can also be deduced that the demand of the citizens is more as compared to the supply in the nation. The USA would surely strategize its international business in the coming years and again will become a profitable country.
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