THE UNITED STATES EXPERIENCED GROWTH IN ITS IMPORTS AND EXPORTS IN 2022

 

THE UNITED STATES EXPERIENCED GROWTH IN ITS IMPORTS AND EXPORTS IN 2022

In the year 2022, the US Trade Data showed a rise in imports as well as exports with other countries like China. Although there is a tussle going on between the US and China, both countries are still exchanging their goods and services in large quantities to facilitate their trade data.

IMPORTS AND EXPORTS TRENDS TO AND FROM THE UNITED STATES

Based on the US Export Data for the year 2022, the country exported goods to over 70 countries at record-breaking values. Still, the nation is experiencing a trade deficit of USD 1.2 trillion. In 2021, this value was USD 101.2 billion. The only cause behind this enormous trade deficit is that along with exporting, the US imported goods also from 90+ countries as mentioned in the US Import Data for the same year.

Based on the values mentioned in the US Import Data for the year 2022, the US imported goods worth USD 537 billion only from China which was USD 505 billion in 2021.



On the other hand, the US exported its domestic goods also to China worth USD 154 billion in 2022 as against USD 151 billion in 2021. This boils down to a net trade deficit of USD 383 billion only with China.

US-CHINA TRADE – WHAT DO EXPERTS HAVE TO SAY ON THIS?                    

Craig Allen, who is the president of the US-China business council said that it is a very positive sign that the trade between these two nations is growing and crossing new benchmarks every year. As per Craig Allen, the rise in trade between both countries is important to bridge the gap between China and the US.

He wishes that this bilateral trade keeps on rising every year and never stops. The US Trade Data along with the trade data of China are rising and that seems like a silver lining to the president of the US-China business council.

Besides China, other countries like Canada and Mexico also contributed majorly to the bilateral trade with the United States. As these nations share a long border with the United States, they have signed a three-way trade agreement with the US. As of 2022, US-Canada trade amounted to USD 794 billion and US-Mexico trade amounted to USD 780 billion. Japan is also in the race with a total trade of USD 230 billion with the US.

CONCLUSION

We saw that the United States is going through a huge trade deficit which is more than 1 trillion dollars. Although the country is exporting in huge numbers to 70+ nations, at the same time, it is also importing goods from 90+ countries. Due to this factor, the US is going through this situation. To curb this problem and narrow the trade deficit, the US should try to reduce its imports by making goods available to its citizens by producing them domestically. As per the US Trade Data 2022, the main trade partners of the US were China, Mexico, Canada, Australia, and Japan with whom the US performed bilateral trade.

It is suggested that the United States should reduce its imports from these nations and increase its exports.

FOLLOW US TO KNOW MORE

If you liked our report and if you want to know more about the international market of the US, then get in touch with us and get complete information on US Trade with our interactive and accurate reports. We provide full-length, as well as customized databases of the US to our clients.

For more clarity and explanation, contact us at info@tradeimex.in or visit our website https://www.usimportdata.com

 

 

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