Trade In USA

By: EconomyWatch   Date: 30 June 2010

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EconomyWatch

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Trade in USA positioned the country as the world’s largest economy, where businesses are free to make market decisions. Trading in international markets is part of its ‘capitalist economy’ outlook.

Trade in the US is regulated by the Office of the United States Trade Representative. This body recommends trade policies to the US President. It conducts trade negotiations at both bilateral and multilateral levels.

 

The US Trade: Market Share

The United States is the world’s biggest consumer. It is also one of the world’s top three exporters. A 2009 survey conducted by the US Census Bureau and the US Bureau of Economic Analysis states that the country’s sum total of imported merchandise in February 2009 amounted to $152.7 billion. Its exported merchandise reached $126.8 billion. This gap has shocked the country and sent out signals of alarm as its trade deficit stood at $26.0 billion. However, trade deficit in the month of February is less compared to that of January.

 

 

The US Trade: Exports

In 2008, US trade exports are:

  • Industrial supplies, including electrical machinery, transport equipments and power generating machinery (29.8%)
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  • Non-auto consumer goods like organic chemicals (12.4%)
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  • Motor vehicles and their parts (9.3%)
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  • Food and beverages (8.3%)
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  • Aircraft and parts (6.6%)
The country’s leading export partners in 2008 are:
  • Canada
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  • Mexico
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  • China
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  • Germany
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  • The UK

US Trade: Imports

Spanning several decades, the US has been the world’s leading importer of goods and services. Its major imports are:
  • export road vehicles
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  • petroleum
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  • petroleum products
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  • apparels
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  • clothing accessories
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  • non metallic minerals.
In 2008, the top five countries from which the US imports are listed in order of their ranking as on 2008 are:
  • China
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  • Canada
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  • Mexico
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  • Japan
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  • Germany
Some key import-related facts are:
  • All commodities entering the US must clear customs. They are liable to pay customs duty unless exempted by law.
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  • The process of customs clearance can be accelerated by the Automated Commercial System (ACS), through which the entry of cargo and disposition documentation are processed electronically.

US Trade: Ports

Important ports in the US where trading takes place are:
  • Anchorage, Alaska
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  • Baltimore, Maryland
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  • Boston, Massachusetts
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  • Charleston, South Carolina
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  • Port Canaveral, Florida
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  • San Diego, California
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  • Portland, Oregon
The country’s trade deficit surged by 5.5% to reach above $27 billion in March 2009 as global recession seemed to tighten the main trading partners of the US in Europe, North America and Asia.

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