Trade In USA
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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.
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.
Table of Contents
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:
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Industrial supplies, including electrical machinery, transport equipments and power generating machinery (29.8%)
- Non-auto consumer goods like organic chemicals (12.4%)
- Motor vehicles and their parts (9.3%)
- Food and beverages (8.3%)
- Aircraft and parts (6.6%)
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Canada
- Mexico
- China
- Germany
- The UK
US Trade: Imports
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export road vehicles
- petroleum
- petroleum products
- apparels
- clothing accessories
- non metallic minerals.
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China
- Canada
- Mexico
- Japan
- Germany
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All commodities entering the US must clear customs. They are liable to pay customs duty unless exempted by law.
- 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
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Anchorage, Alaska
- Baltimore, Maryland
- Boston, Massachusetts
- Charleston, South Carolina
- Port Canaveral, Florida
- San Diego, California
- Portland, Oregon