America's Top Imports & Exports 2008

U.S. Shows Trade Advantages in Civilian Aircraft and Semiconductors

© Daniel Workman

Oct 6, 2009

Generating a Gross Domestic Product (GDP) valued at US$14.265 trillion, America was the world’s richest country in 2008 based on economic output.

With a population of 307.2 million Americans who enjoyed an average GDP of $47,000 per person last year, America was also the 10th wealthiest nation in terms of GDP per capita.

As the world’s 3rd biggest exporting nation, America shipped $1.291 trillion worth of exports in 2008. Principal American exports were capital goods including aircraft, industrial supplies like organic chemicals, consumer goods including automobiles and agricultural products led by soybeans and corn. Based on 2008 statistics, America’s largest export clients were Canada (20.1%), Mexico (11.7%), China (5.5%), Japan (5.1%), Germany (4.2%) and the United Kingdom (4.1%).

According to the CIA World Factbook, America imported $2.112 trillion worth of foreign goods last year. Major commodities imported into America were industrial supplies including crude oil, consumer goods such as clothing and medicines, capital goods like telecommunications equipment, and agricultural products. Leading suppliers to America were China (16.5%), Canada (15.7%), Mexico (10.1%), Japan (6.6%) and Germany (4.6%).

In total, America’s international trade amounted to $3.403 trillion or 23.9% in relation to its overall GDP. This compares with roughly 35% for Mexico and 60% for Canada.

American Trade with the World

Last year, American exports to the world rose 12.1% to $1.287 trillion. Over that same period, America imported $2.104 trillion worth of products from other countries – an increase of 7.5%.

Therefore, America’s overall trade deficit in 2007 was an estimated $817 billion in 2008.

America’s Top Exports to Other Countries

Five of the top 10 American exports shipped around the world in 2008 were capital goods (aircraft, semiconductors, vehicle parts, industrial machinery and telecommunications equipment). Among the 5 other leading U.S. exports, 3 were industrial supplies (fuel oil, organic chemicals and plastics) while 2 were consumer goods (passenger cars and medicinal preparations).

1. Civilian aircraft … US$74 billion, up 1.3% from 2007 (5.7% of total US exports)
2. Semiconductors … $50.6 billion, up 0.3% (3.9%)
3. Passenger cars … $49.6 billion, up 13.3% (3.9%)
4. Medicinal, dental and pharmaceutical preparations … $40.4 billion, up 15% (3.1%)
5. Other vehicle parts and accessories … $39.9 billion, down 10.1% (3.1%)
6. Other industrial machinery … $38.1 billion, down 0.6% (3%)
7. Fuel oil … $34.9 billion, up 124.1% (2.7%)
8. Organic chemicals … $33.4 billion, up 5.5% (2.6%)
9. Telecommunications equipment … $32.9 billion, up 4.6% (2.6%)
10. Plastic materials … $31.6 billion, up 8.7% (2.5%).

Fastest-Growing U.S. Exports to Other Countries

Not only was American fuel oil among the highest volume exports from the U.S. in 2008, this heaviest form of commercial oil processed from crude led America’s top growing exports in 2008. Four of the other fastest-growing U.S. exports last year were also from the energy sector.

1. Fuel oil … US$34.9 billion, up 124.1% from 2007
2. Metallurgical grade coal … $5.8 billion, up 97.8%
3. Chemical fertilizers … $10.8 billion, up 71%
4. Other coal and fuels … $2.8 billion, up 66.6%
5. Non-farm tractors and parts … $3.4 billion, up 62.2%
6. Rice … $2.3 billion, up 57.1%
7. Oilseeds and food oils … $3.2 billion, up 56.8%
8. Natural gas liquids … $3.3 billion, up 54.7%
9. Natural gas … $4.9 billion, up 54.6%
10. Unmanufactured goods from agricultural industry … $3.3 billion, up 53.8%.

America’s Top Imports from Other Countries

America’s top 10 imports from other countries include far more consumer products than the list of leading U.S. exports above. Six of the leading U.S. import categories are consumer goods (cars, medicinal preparations, household goods, computer accessories, cotton wear and video equipment). Two other leading imports represent industrial supplies (crude oil and other petroleum products) while the remaining 2 are considered capital goods (motor vehicle parts and telecommunications equipment).

1. Crude oil … US$341.9 billion, up 44.1% from 2007 (16.3% of total US imports)
2. Passenger cars … $125.6 billion, down 6.2% (6%)
3. Medicinal, dental and pharmaceutical preparations … $78.9 billion, up 10% (3.8%)
4. Other vehicle parts and accessories … $64.9 billion, down 11.5% (3.1%)
5. Other household goods … $61.6 billion, up 9.9% (2.9%)
6. Computer accessories … $60.2 billion, down 4.5% (2.9%)
7. Other petroleum products … $52.3 billion, up 8.2% (2.5%)
8. Cotton apparel and household goods … $49.5 billion, down 2.7% (2.4%)
9. Telecommunications equipment … $44.8 billion, up 1.1% (2.1%)
10. Video equipment (television receivers, VCRs, DVD players) … $41 billion, up 3% (1.9%).

Fastest-Growing U.S. Imports from Other Countries

Crude oil, America’s largest imported commodity in terms of dollar value, also made the list of top 10 fastest-growing imports into the U.S. in 2008. Agricultural products were also represented on the high-growth list of American imports, with fertilizers and pesticides finishing 4th after attaining a hefty $15.1 billion in sales to U.S. clients last year.

1. Numismatic collectible coins … US$1.3 billion, up 268.6%
2. Sulfur and non-metallic minerals … $1.8 billion, up 105.9%
3. Other coal and related fuels… $4.7 billion, up 86.7%
4. Fertilizers and pesticides … $15.1 billion, up 58.5%
5. Food oils and oilseeds … $5.3 billion, up 58%
6. Oilfield and drilling equipment … $12.5 billion, up 57%
7. Feedstuff and foodgrains … $4.5 billion, up 54.4%
8. Other non-agricultural foods and additives … $709.4 million, up 53.6%
9. Unmanufactured steelmaking materials … $10.8 billion, up 48%
10. Crude oil … $341.9 billion, up 44.1%.

Comparative Trade Advantages

During 2008, America exported $74 billion worth of civilian aircraft to other countries around the globe while importing $35.4 million worth of foreign-made civilian aircraft engines and parts as well as complete aircraft. America also sold $50.6 billion worth of semi-conductors to the world while importing $25.7 billion worth of semi-conductors from other nations.

These trade statistics show that America has comparative advantages with its trade partners in civilian aircraft and semiconductor trade during 2008. On the other hand, America imported $341.9 billion worth of crude oil from foreign supplies contrasted with U.S. exports of American black gold that totaled 1 billion.

That the U.S. imported almost 350 times more in crude oil than it exported clearly shows America's comparative disadvantages in trading crude oil.

Sources

This analysis is based on latest statistics from the US Census Bureau- Foreign Trade Statistics and CIA World Factbook as of the date of article publication.

US Imports $342 Billion in Crude Oil for 2008

America Paid $125.6 Billion for Foreign Cars

US Imported $60.2 Billion in Computer Accessories

America Exported $74 Billion in Civilian Aircraft

America Exported $50.6 Billion in Semiconductors

Print Article

View All Articles

How to subscribe to feeds