That dollar amount results from a 22.9% increase from $1.643 trillion in 2019, but reflects a -2.1% year-over-year decline compared to $2.063 trillion for 2022.
To give some statistical perspective, America’s exports represent 8.2% of the overall value of all goods exported around the globe one year earlier in 2022 ($24.611 trillion). That percentage is a drop from a 9.3% share in 2022.
Applying a continental lens, 33.5% of exports from the United States by value was delivered to its fellow North American trade partners Canada and Mexico. A lesser 29.6% was sold to Asian importers with another 23.8% worth of goods going to Europe. In contrast, American exporters sold 9.8% to Latin America excluding Mexico but including the Caribbean.
Smaller percentages went to Oceania (1.9%) led by Australia and New Zealand, and Africa (1.4%).
United States of America’s Top Trading Partners
Below is a list showcasing 25 of America’s top trading partners in terms of generating US export sales; that is, countries that imported the most American shipments by dollar value during 2023. Also shown is each import country’s percentage of total American exports.
- Canada: US$352.8 billion (17.5% of total US exports)
- Mexico: $323.2 billion (16%)
- China: $147.8 billion (7.3%)
- Netherlands: $82.2 billion (4.1%)
- Germany: $76.7 billion (3.8%)
- Japan: $76.2 billion (3.8%)
- United Kingdom: $74.1 billion (3.7%)
- South Korea: $64.8 billion (3.2%)
- France: $45.3 billion (2.2%)
- Brazil: $44.8 billion (2.2%)
- Singapore: $42.4 billion (2.1%)
- India: $40.1 billion (2%)
- Taiwan: $39.8 billion (2%)
- Belgium: $38.8 billion (1.9%)
- Australia: $33.7 billion (1.7%)
- Italy: $28.9 billion (1.4%)
- Switzerland: $28 billion (1.4%)
- Hong Kong: $27.8 billion (1.4%)
- Spain: $25 billion (1.2%)
- United Arab Emirates: $24.9 billion (1.2%)
- Malaysia: $19.4 billion (1%)
- Chile: $18.7 billion (0.9%)
- Colombia: $17.6 billion (0.9%)
- Ireland: $16.9 billion (0.8%)
- Thailand: $15.7 billion (0.8%)
Over four-fifths (84.5%) of American exports in 2023 was delivered to the above 25 trade partners.
The greatest percentage increases in purchases of US exported goods among these top trading partners belong to buyers in the United Arab Emirates (up 19.2% from 2022), Netherlands (up 12.8%), Australia (up 11.5%) and Belgium (up 9.3%).
Posting double-digit declines among the top 25 customers for American exports were Switzerland (down -24.4% from 2022), Chile (down -19.7%), Brazil (down -16.4%), India (down -15.2%) then Colombia (down -14.7%).
Countries Causing Biggest US Trade Deficits
Overall, the United States of America incurred a -US$1.153 trillion trade deficit for 2023. That deficit represents a -12.2% decline from the -$1.313 trillion in red ink resulting from America’s international trade one year earlier in 2022.
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have incurred a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
United States incurred the highest trade deficits with the following countries.
- China: -US$300.2 billion (country-specific trade deficit in 2023)
- Mexico: -$156.9 billion
- Vietnam: -$109.1 billion
- Germany: -$86.4 billion
- Canada: -$78.4 billion
- Japan: -$75.4 billion
- Ireland: -$65.8 billion
- South Korea: -$54.9 billion
- Taiwan: -$50.1 billion
- India: -$47.2 billion
Among America’s trading partners that cause the greatest negative trade balances, US deficits with Mexico (up 16.3%), Germany (up 11.4%) and South Korea (up 11.1%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate America’s competitive disadvantages with the above countries, but also represent key opportunities for United States to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating Greatest US Trade Surpluses
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
United States incurred the highest trade surpluses with the following countries.
- Netherlands: US$42.8 billion (country-specific trade surplus in 2023)
- Hong Kong: $23.5 billion
- United Arab Emirates: $18 billion
- Australia: $17.3 billion
- Belgium: $15.3 billion
- Panama: $10.7 billion
- United Kingdom: $8.6 billion
- Dominican Republic: $5.8 billion
- Argentina: $4.7 billion
- Guatemala: $4.4 billion
Among America’s trading partners that generate the greatest positive trade balances, US surpluses with Belgium (up 90.3%), United Arab Emirates (up 32.8%) and Australia (up 27.3%) grew at the fastest pace from 2022 to 2023.
US trade surpluses shrank by double-digits with the United Kingdom (down -27.7% year over year), Argentina (down -15.2%) then the Dominican Republic (down -13.8%).
The positive cashflow streams clearly indicate America’s competitive advantages with the above countries, and also represent key opportunities for United States to develop country-specific strategies to optimize its overall position in international trade.
Exports Companies Servicing American Trading Partners
According to JOC.com, the following were the top US companies that shipped products from United States to its importing partners around the globe. Shown within parenthesis is the product category that the American business specializes in.
- DeLong (animal feed, grain)
- Denison International (recyclable paper)
- DuPont (diversified chemicals)
- International Paper (paper, packaging)
- Koch Industries (recovered wastepaper, plastic scrap, animal feeds)
- MeadWestvaco/RockTenn (paper, packaging)
- Newport CH International (recycled paper, metals, plastics)
- Potential Industries (paper for recycling)
- Sims Metal Management (recycled metals, electronics)
See also United States Top 10 Imports, United States Top 10 Exports, Top United States Trade Balances, America’s Top 20 Export States and United States Top 100 Consumer Product Exports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on March 1, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 1, 2024
International Trade Centre, Trade Map. Accessed on March 1, 2024
Investopedia, Net Exports Definition. Accessed on March 1, 2024
JOC.com, Top 100 US Exporters. Accessed on March 1, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 1, 2024
Wikipedia, List of Companies of United States. Accessed on March 1, 2024