When it comes to studying world trade, chances are, if you are an American, you usually don’t include the United States in your statistics.InternationalTrade may involve foreign countries dealing with the US for you, but for these nations the US is a foreign country and a very important player in global business. As the world’s largest manufacturer and largest trading nation, the United States is responsible for importing and exporting $ 2.5 trillion worth of products annually. While most of the products leaving the country are sent to border neighbors like Canada and Mexico, the United States looks to the East and Europe to bring in materials.
The United States imports goods from major trading partners in Europe and Asia on a daily basis. From clothing to electronics to food and beverages, it is a challenge to walk into any store and not find something imported from another country. Americans, in particular, tend to spend their hard-earned money on the following imports:
- Cars and auto parts: Fuel-efficient compacts from Japan, luxury sedans from Germany, and sports hatchbacks and sports utility vehicles from Korea are popular on American roads. What doesn’t come here in its entirety is imported for assembly plants in the United States.
- Video Accessories: Digital cameras, recorders, and peripherals are sought after in the US, as interest in creating short videos for social media grows.
- Oil: Although the US is known to export crude oil, the country relies on world trade for most of its oil-based needs.
- Various consumer goods, articles for daily life, are delivered to the busiest ports to be shipped to department stores from east to west. Toys from assembly plants in China, furniture from Scandinavia, and pharmaceuticals from Germany fall into this category.
The main products exported from the United States include:
- Food / Agriculture – America is a nation that takes the maxim “Feed the World” literally! As one of the world’s leading distributors of wheat and other grains, beef and pork, and dairy products, many tables around the world are adorned with American-sourced foods.
- Aerospace / Aviation Supplies – The United States currently leads the world in aircraft construction. If you’re ever expecting an Aer Lingus to Dublin or British Airways to Liverpool, chances are you’re flying an American-made plane.
- Steel – The industrial areas of Ohio, Pennsylvania and Indiana are known for their steel production, although there are companies throughout the country. The world knows the United States as one of the main producers of this product, which is exported for its manufacture.
- Automotive – Some might puzzle this entry, considering the prevalence of European and Asian automakers. In reality, the United States retains a good percentage of auto exports, with Chevrolet, Jeep, and Dodge and Ford among the most popular brands. Much of what is exported is used by armies around the world.
Because the US dollar is the most watched dollar in international business today, the strength and weakness of the US economy sets the stage for future events around the world. As long as Americans continue to buy products and maintain good relationships with their trading partners, the country will continue to prosper and contribute well to the global economy.