Market snapshot: United States of America

Buyer’s market

A global giant sees continued trade deficits as export volume lags import demand

The United States of America is the third largest country in the world in terms of area, behind Russia and Canada and just ahead of China. Its coastlines extend across more than 12,300 miles (19,900 kilometers), and its elevation runs from a depth of about –282 feet (–86 meters) at Death Valley to about 20,300 feet (6,190 meters) at Denali (which are, respectively, the lowest and highest points in North America).^a

The record-setting continues in the global marketplace: The country is the world’s largest importer and second largest exporter.^b For 2023, imports totaled an estimated $3.832 trillion, down from $3.97 trillion in 2022 but rebounded from $3.409 trillion in 2021. China is the source of 18% of imports into the U.S., followed by Canada and Mexico (14% each), Germany (5%), and Japan (4%). Major imports include crude petroleum, cars, broadcasting equipment, garments, and computers.

Export volume for 2023 totaled an estimated $3.052 trillion, up slightly from $3.018 trillion in 2022 and significantly from $2.567 in 2021. Canada is the destination for 16% of U.S. exports, followed by Mexico (15%), China (8%), and Japan and the United Kingdom (4% each). Leading export commodities include refined petroleum, crude petroleum, natural gas, cars, and integrated circuits.

Based on the number of people ages 15 or older who are employed or seeking work, the U.S. had an estimated 2023 labor force of 170.549 million.

Real GDP was an estimated $24.662 trillion for 2023, which represents a growth rate of 2.54% from $24.051 trillion in 2022. That breaks down to an estimated per capita GDP of $73,600 for 2023, up from $72,200 in 2022.

The U.S. economy is largely dependent on the services sector, which generates 80% of GDP; industry accounts for 19.1% and agriculture for 0.9%. Despite that distribution, the CIA World Factbook notes that the U.S. has the world’s second largest industrial output. Dominant industries include petroleum, steel, motor vehicles, aerospace, telecommunications, chemicals, electronics, food processing, consumer goods, lumber, and mining. The top 10 agricultural products, based on tonnage, are maize, soybeans, milk, wheat, sugarcane, sugar beets, chicken, potatoes, beef, and pork.

On July 12, 2024, the Bureau of Economic Analysis (BEA) announced preliminary statistics for new foreign direct investment in the U.S. for 2023.^c According to the notice, “Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $148.8 billion. Expenditures decreased $57.4 billion, or 28%, from $206.2 billion in 2022 and were below the annual average of $265.6 billion for 2014–2022. As in previous years, acquisitions of existing U.S. businesses accounted for most of the expenditures…In 2023, employment at newly acquired, established, or expanded foreign-owned businesses in the United States was 110,000 employees.”

On July 23, 2024, the BEA announced that “The U.S. direct investment abroad position, or cumulative level of investment, increased $364.0 billion to $6.68 trillion at the end of 2023…The increase reflected a $147.1 billion increase in the position in Europe, primarily in Ireland, Switzerland, and the Netherlands.”^d

The Office of the United States Trade Representative is a resource for information about trade agreements, countries and regions, and a slate of trade topics. The International Trade Administration, an agency of the U.S. Department of Commerce, provides support in export solutions, regulations and agreements, and research. In addition, it offers country commercial guides and information about buying from or investing in U.S. businesses.