It's common for U.S. businesses to trade with companies in other countries. From Europe to Asia, American corporations operate on a global scale. Some countries are more popular than others due to their favorable trade and business regulations, and less time-intensive customs processes. But since regulations often change, so too can the amount of trade between countries.
Tariffs between the U.S. and China has impacted trade between the two countries, and yet China remains the biggest exporter to the U.S., with goods totaling $382.1 billion year-to-date as of the end of October 2019. The largest group of imports is in electronic machinery and equipment, as well as tech machines, such as tablets and smartphones. Other items imported from China include mineral fuels, cars, furniture and bedding, toys, plastics, gems, copper, and foods and spices.
Mexico comes in at second place, with 14.4% of U.S. total imports for $301.3 billion dollars year-to-date October 2019. Mexico's primary exports to the U.S. from south of the border are manufactured or assembled goods, such as automobiles, computers and machinery, mineral fuels, and optical and medical instruments. The U.S. imports a significant amount of agricultural produces from Mexico too, such as fresh vegetables, fruits, wine and beer, and snack foods. Lower wages and the closeness of manufacturing facilities make Mexico an attractive exporter for U.S. companies.
Our neighbor in the north sends $267.2 billion worth of oil, vehicles, machinery, prepared food, vegetables, and non-alcoholic beverages, except juices to the U.S. Canada's exports account for over 12.7% of the total products brought into the country.
The automotive industry is the primary source of Japan's export of products to the U.S. Sending cars and vehicle related parts and goods into the country amounted to $120.6 billion of Japanese imports into the country in 2019 up to October.
Of the countries in the European Union, Germany is the top exporter to the U.S. Like Japan and Canada, Germany’s biggest export to the U.S. is passenger vehicles, followed by machinery and pharmaceuticals. There's been $106.8 billion in imports int 2019 through October.
South Korean exports have grown over the past few years, sending $64.6 billion in goods to the U.S. in 2019 up through October. The products this country supplies are machinery and vehicles, oil, aircraft parts, frozen beef, medical instruments, and plasma, vaccines and blood.
Not included on this list in 2018, imports from Vietnam has picked up due to the trade war with China. In 2019, imports from Vietnam grew over 30% and through October 2019, amounted to $55.4 billion in goods. Top imports from Vietnam are computers, telephone equipment, and other machinery.
The United Kingdom's industries have exported $52.5 billion in goods so far this year. The primary exports remain vehicles and machinery.
Exports totaling $43 billion have been shipped into the U.S. from Ireland through October 2019. Ireland is a major exporter of pharmaceuticals and organic chemicals.
Also new to the list this year is France, exporting $49.2 billion in goods to the U.S. in 2019. Top exports include civilian aircraft parts, oil and other fuels, painting and artworks, medical instruments, and cellphones and related equipment.
India and Italy
Dropping to eleventh and twelfth places in 2019 were India and Italy, which last year, 2018, did $41 billion and $40.3 billion in exports respectively to the U.S. Up to October 2019, they did $48.9 and $47.9, which was more than 2019, but they were still out done by newcomers to the list France and Vietnam.
The Economic Climate
As the economy continues to evolve and shift, more countries are becoming major exporters in various industries. For example, now joined together in a common global economy, the countries of the European Union make a significant trade partner when grouped together. In 2018, the EU made up the second largest supplier of imports to the U.S at $487.9 billion. Those numbers in 2019 would make it number one.
The export business for these countries is expected to continue to grow significantly, producing profits in the billions and benefiting those countries' economies, as the U.S. continues to outsource work and bring in more products from overseas. Of course, changing political climates can affect growth, and primarily trade agreements. Changes can occur with each presidential administration.