
US exports to exceeded its imports from Latin America (excluding Mexico) and Caribbean Islands by $31.8 billion in 2014. Similarly, America ran a $3.5 billion trading surplus with Africa.
The fact that the US earns these trade surpluses indicates American competitive advantages albeit for a specific set of export products.
These major product supply advantages provide a silver lining for the grim fact that the US carried by far and away the world’s biggest trade deficit during 2014, lagging China’s $384.3 billion trade surplus by over a trillion dollars.
America’s trade deficit in 2014 has grown by 14.5% since 2010 when its negative balance stood at $634.1 billion.
US Major Product Supply Advantages
- Top 10
- Growth
- Detail
Top 10
Presented in descending order, the following list showcases the general product categories under which the US earned the highest trade surpluses in 2014.
- Aircraft, spacecraft: US$90.9 billion (37.4% of all product surpluses)
- Oil seed: $25.3 billion (10.4%)
- Cereals: $19.6 billion (8%)
- Plastics and plastic articles: $15.1 billion (6.2%)
- Other chemical goods: $15.0 billion (6.2%)
- Optical, technical and medical apparatus: $9.8 billion (4%)
- Meat: $9.4 billion (3.8%)
- Food industry waste and animal fodder: $8.9 billion (3.7%)
- Cotton: $5.4 billion (2.2%)
- Woodpulp: $5.4 billion (2.2%)
The above top 10 product categories represent 74.8% of America’s overall product-category surplus subtotal which amounted to $243.1 billion. Thirty-three of America’s 97 general product categories delivered a surplus in 2014.
Growth
Detail
US Major Product Supply Advantages by Country
- Top 10
- Growth
- Hong Kong
- Netherlands
- UAE
Top 10
Presented in descending order, the following list shows with which trade partners the US earned the highest trade surpluses in 2014.
- Hong Kong: US$35 billion (16% of US country-specific surpluses)
- Netherlands: $22.3 billion (10.2%)
- United Arab Emirates: $19.2 billion (8.8%)
- Australia: $16 billion (7.3%)
- Belgium: $13.9 billion (6.3%)
- Singapore: $13.8 billion (6.3%)
- Brazil: $11.9 billion (5.4%)
- Panama: $10 billion (4.6%)
- Chile: $7 billion (3.2%)
- Argentina: $6.6 billion (3%)
The above 10 trade partners represent 71.1% of America’s subtotal surplus of $219 billion from the 128 countries with which the US demonstrated competitive trade advantages.That subtotal excludes the 92 trade partners with which the US incurred trade deficits.
Growth
Hong Kong
Netherlands
UAE
See also United States Top 10 Exports, Fastest-Growing American Export Products, United States Top 10 Imports and America’s Top Import Partners
Research Sources:
The World Factbook, Country Profiles, Central Intelligence Agency. Accessed on November 25, 2015
Trade Map, International Trade Centre. Accessed on November 25, 2015
Investopedia, Net Exports Definition. Accessed on November 25, 2015