Flag United States

Econ Complexity (2018): 1.57, Rank 9 of 137

Product Exports (2018): $1.44T, Rank 3 of 222

Exports Per Capita (2018): $4.41k, Rank 141 of 219

Product Imports (2018): $2.41T, Rank 1 of 221

Imports Per Capita (2018): $7.37k, Rank 166 of 219

Service Exports (2017): $571B, Rank 1 of 117

Service Imports (2017): $422B, Rank 2 of 117

GDP (2018): $18.2T, CONST 2011 USD
Rank 3 of 188

GDP growth (2008 - 2018): 19.1%, CONST 2011 USD
Rank 131 of 188

GDP PC (2018): $55,719, CONST 2011 USD
Rank 12 of 188

GDP PC GROWTH (2008 - 2018): 10.7%, CONST 2011 USD
Rank 112 of 188

Overview: In 2018 United States was the number 3 economy in the world in terms of GDP (constant 2011 international USD) and the number 9 most complex economy. In 2018, United States exported $1.44T and imported $2.41T, resulting in a negative trade balance of -$967B. In 2018, United States's exports per capita were $4.41k and its imports per capita were $7.37k.

Trade: The top exports of United States are Refined Petroleum ($95.8B), Planes, Helicopters, and/or Spacecraft ($57.9B), Cars ($51.4B), Crude Petroleum ($45.5B), and Integrated Circuits ($37.1B). The top imports of United States are Cars ($177B), Crude Petroleum ($140B), Broadcasting Equipment ($84.9B), Computers ($80.8B), and Vehicle Parts ($73.6B).

Destinations: United States exports mostly to Mexico ($237B), Canada ($190B), China ($119B), Japan ($73.5B), and South Korea ($55.8B), and imports mostly from China ($499B), Mexico ($340B), Canada ($314B), Japan ($135B), and Germany ($132B).

Location: United States borders Canada and Mexico by land and Bahamas by sea.

Product Exports

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Value

Top Export (2018): Refined Petroleum, $95.8B

Top Destination (2018): Mexico, $237B

In 2018 United States exported a total of $1.44T, making it the number 3 exporter in the world. During the last five years the exports of United States have changed by -$19.1B from $1.46T in 2013 to $1.44T in 2018.

The most recent exports are led by Refined Petroleum ($95.8B), Planes, Helicopters, and/or Spacecraft ($57.9B), Cars ($51.4B), Crude Petroleum ($45.5B), and Integrated Circuits ($37.1B). The most common destination for the exports of United States are Mexico ($237B), Canada ($190B), China ($119B), Japan ($73.5B), and South Korea ($55.8B).

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Product Imports

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Value

Top Import (2018): Cars, $177B

Top Origin (2018): China, $499B

In 2018 United States imported $2.41T, making it the number 1 trade destination in the world. During the last five years the imports of United States changed by $245B from $2.16T in 2013 to $2.41T in 2018.

The most recent imports of United States are led by Cars ($177B), Crude Petroleum ($140B), Broadcasting Equipment ($84.9B), Computers ($80.8B), and Vehicle Parts ($73.6B). The most common import partners for United States are China ($499B), Mexico ($340B), Canada ($314B), Japan ($135B), and Germany ($132B).

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Flow

Fastest Growing Export Markets (2017 - 2018)

  • Mexico, $55.3B (+ 30.4%)
  • Canada, $40.5B (+ 27%)
  • Other Asia (Chinese Taipei), $20.4B (+ 190%)

Fastest Growing Import Markets (2017 - 2018)

Between 2017 and 2018, the exports of United States grew the fastest in Mexico ($55.3B), Canada ($40.5B), and Other Asia (Chinese Taipei) ($20.4B). Between 2017 and 2018, United States imports from Canada ($38.7B), Mexico ($32.7B), and China ($22.7B) grew the fastest.

United States Exports Services (2017): $571B

United States Imports Services (2017): $422B

In 2017, United States exported $571B worth of services. The top services exported by United States in 2017 were Business travel ($156B), Miscellaneous business, professional, and technical services ($112B), Air transport ($65.2B), Other royalties and license fees ($59.7B), and Franchises and similar rights ($47B).

The top services imported by United States in 2017 were Business travel ($123B), Miscellaneous business, professional, and technical services ($69B), Air transport ($60.8B), Reinsurance ($45.1B), and Sea transport ($37.1B).

Trade Predictions

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This section shows predictions for total product exports and imports for United States. The Prediction is based in a Long-Short Term Memory Model constructed using yearly trade data.

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Tariffs by Product

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The top product import tariffs by their MFN Ad Valorem value for United States are Homogenized or reconstituted tobacco (350%) and Homogenized or reconstituted tobacco (350%).

Click any of the products in the bar chart to see the specific Ad Valorem Duty Rates by partner country.

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*The tariffs applied to imports for United States are:
75: AGOA preference on certain textiles and apparel for eligible countries
85: Australia - United States Free Trade Agreement (2004)
107: Canada United States Free Trade Agreement
110: CBERA Caribbean Basin Economic Recovery Act
111: Chile - United States Free Trade Agreement (2004)
129: Israel - United States Free Trade Agreement (incl. Palestinian Authority; 1985)
132: Jordan - United States Free Trade Agreement (2001)
135: Morocco - United States Free Trade Agreement (2006)
136: Most Favoured Nation duty rate treatement
139: Non-MFN duty rate for countries excluded from Most-Favoured- Nation (MFN) treatement
142: North American Free Trade Agreement (NAFTA)
146: Oman - United States Free Trade Agreement (2006)
147: Peru - United States Trade Promotion Agreement (2007)
189: Preferential tariff for Colombia
249: Preferential tariff for Korea, Republic of
276: Preferential tariff for Nepal
286: Preferential tariff for Panama (FTA) Free Trade Agreement
346: Preferential treatment under the African Growth and Opportunity Act (AGOA)
352: Singapore - United States Free Trade Agreement (2004)
385: United States - Caribbean Basin Trade Partnership Act (CBTPA)
386: United States - Dominican Republic - Central America Free Trade Agreement (DR-CAFTA; incl. Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and the Dominican Republic; 2005)
388: United States Generalized System of Preference
389: United States GSP for Least Developed Countries
390: United States-Bahrain Free Trade Agreement (2006)

Economic Complexity

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Economic Complexity Ranking

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During the last 20 years United States's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨6th to the 9th⁩ position in the ECI rank.

These economic complexity rankings use 6 digit exports classified according to the HS96 classification. We consider only countries with population of at least 1 million and exports of at least $1 billion, and products with world trade over $500 million. To explore different rankings and vary these parameters visit the custom rankings section.

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Most Specialized Products by RCA Index

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United States has a high level of specialization in Sorghum (9.03), Starch Residue (7.36), Other Locomotives (6.41), Oil Seed Flower (6.33), and Forage Crops (6.14). Specialization is measured using RCA, an index that takes the ratio between United States observed and expected exports in each product.

Most Complex Products by PCI

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The highest complexity exports of United States according to the product complexity index (PCI) are Photo plate, film, exposed or developed, except cine (2.4), Chemical element/compound wafers doped for electronics (2.2), Chemical preparations for photographic use (2.16), Photograph film, rolls, unexposed, not paper (2.02), and Machines nes having individual functions (2). PCI measures the knowledge intensity of a product by considering the knowledge intensity of its exporters.

Export Opportunities by Relatedness

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The top export opportunities for United States according to the relatedness index, are Newsprint (0.44), Leather Used in Machinery (0.43), Wheat Gluten (0.43), Tin Plating (0.43), and Radioactive Chemicals (0.43). Relatedness measures the distance between a country's current exports and each product. The barchart show only products that United States is not specialized in.

The product space is a network connecting products that are likely to be co-exported. The product space can be used to predict future exports, since countries are more likely to start exporting products that are related to current exports. Relatedness measures the distance between a product, and all of the products it is currently specialized in.

Diversification Frontier

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The Complexity-Relatedness diagram compares the risk and the strategic value of a country's potential export oppotunities. Relatedness is a predictive of the probability that a country increases its exports in a product. Complexity, is associated with higher levels of income, economic growth, less income inequality, and lower emissions.