As the world's largest importer, imported goods hold significant influence over the U.S. economy and lives of everyday Americans. In 2023, the total value of international U.S. imports of goods and services amounted to 3.83 trillion U.S. dollars, marking one of the highest figures observed since the turn of the millennium. While this substantial number of imports helps to keep consumer costs low, there is a long-standing debate in the U.S. around free-trade.
Goods and services
The balance of trade, which quantifies the value of imports and exports within a country's economy, is determined by subtracting the total value of imports from the total value of exports. Due in part to the United States-Mexico-Canada Agreement (USMCA), Canada and Mexico were among the top single-country import partners of the United States in 2022. Despite the trade war piloted by former President Donald Trump, China has consistently been the country's biggest import partner. Chinese imports declined in 2019 and 2020 but continued to rise in the subsequent years. In 2023, the total import value of trade goods from China to the United States amounted to approximately 427 billion U.S. dollars. In 2022, the state of California imported goods worth about 449.48. billion U.S. dollars, more than any other state. Texas had the second highest value of imports, totaling around 382.09 billion U.S. dollars.
As of 2022, imports of goods and services amounted to around 15.59 percent of U.S. gross domestic product. Imported goods include a wide variety of items including merchandise, raw materials, and supplies, including petroleum and related products. Computers and electronic products were the most valuable imports, valued at nearly 500 billion U.S. dollars in 2022. Other leading imported goods included transportation equipment, chemicals, and machinery. In total, about 7.8 percent of all goods imported were agricultural products, with the vast majority manufactured commodity products. Regarding imported services, more than 40 percent were transportation or travel services in 2023.
A long-standing deficit
The balance of trade in the United States has been a longstanding topic of conversation among economists, business interests, and politicians. When a country imports more than it exports, this is known as a trade deficit. While large export industries have been present in the United States for many years, the U.S. trade deficit has been increasing and is the largest volume of any nation.
Generally, economists cannot agree on if trade deficits are good or bad for an economy. On the one hand, a deficit could make an economy weaker, as more imports equals more money spent and more currency exiting the country. Many politicians in the U.S. cite the trade deficit with China as the reason for a decline in U.S. manufacturing jobs, as well as automation and technological advancements. While some view an economy buying more goods and services than it is selling may hurt job creation and economic growth, others believe a trade deficit could have the potential to attract more foreign investment in U.S. assets. Foreign firms operating in the U.S. tend to pay higher than average wages, invest more in research and development, and increase the efficiency of U.S. companies that they compete with.
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FAQs
Imported goods include a wide variety of items including merchandise, raw materials, and supplies, including petroleum and related products. Computers and electronic products were the most valuable imports, valued at nearly 500 billion U.S. dollars in 2022.
What are 5 major imports of the US? ›
Imports The top imports of United States are Crude Petroleum ($199B), Cars ($159B), Broadcasting Equipment ($116B), Computers ($108B), and Packaged Medicaments ($91.3B), importing mostly from China ($551B), Canada ($438B), Mexico ($421B), Germany ($153B), and Japan ($137B).
What are the top 3 major imports? ›
Most Imported Products:
- Crude oil/Petroleum products.
- Semiconductors.
- Natural Gas.
While the Bureau of Economic Analysis divides imports into six categories, the three largest are: capital goods, consumer goods, and industrial supplies.In May 2022: Computers were the top imports in the capital goods category. Pharmaceuticals, including packaged medications, were the top category in consumer goods.
What are some of the US fastest growing imports? ›
Fastest Growing Industries by Imports in the US in 2024
- Fruit & Nut Farming in the US. ...
- Hybrid & Electric Vehicle Manufacturing in the US. ...
- Frozen Food Production in the US. ...
- Ship Building in the US. ...
- Wineries in the US. ...
- Cider Production in the US. ...
- Meat Alternatives Production in the US. ...
- Colocation Facilities in the US.
What Are the Major U.S. Imports?
- Machinery (including computers and hardware) – $386.4 billion.
- Electrical machinery – $367.1 billion.
- Vehicles and automobiles – $306.7 billion.
- Minerals, fuels, and oil – $241.4 billion.
- Pharmaceuticals – $116.3 billion.
- Medical equipment and supplies – $93.4 billion.
India top imports include crude oil, coal, diamonds, chemicals, pharmaceuticals, rubber, plastics, electronics, and machinery, which account for 82% of all goods imports. China is still India's major import partner, followed by the US, UAE, Saudi Arabia, Iraq, and others.
What are 2 examples of import? ›
Specific examples of imports are cars, gas and oil, clothing, and computers. Economists and politicians may disagree about the benefits of imports for their nation. Imports may allow businesses to access goods, services, and natural resources from other countries.
Who is the US's biggest importer? ›
The top five suppliers of U.S. goods imports in 2022 were: China ($536.3 billion), Mexico ($454.8 billion), Canada ($436.6 billion), Japan ($148.1 billion), and Germany ($146.6 billion). U.S. goods imports from the European Union 27 were $553.3 billion.
What food does the US import? ›
Sweeteners, and processed sugar, and confections are groups of products where the United States is reliant on imports. Fruits, nuts, and vegetables are also frequently imported. The United States tends to have a lower reliance on imports for unprocessed commodities such as feed grains, livestock, and oilseeds.
Computers and electronic products were the most valuable imports, valued at nearly 500 billion U.S. dollars in 2022. Other leading imported goods included transportation equipment, chemicals, and machinery.
What are the top US crop imports? ›
Farm Fresh: Fruit and Vegetable Imports
| Fruit or Vegetable | Largest Exporting Country | U.S. Import Value (2020) |
|---|
| Tomatoes | Mexico | $2.5B |
| Avocados | Mexico | $2.1B |
| Peppers | Mexico | $1.4B |
| Bananas | Guatemala | $1.0B |
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In 2022, of $536.8 billion in U.S. imports from China, the top commodity sectors were, Machinery and Mechanical Appliances (46.4% of total U.S. imports from China), Furniture, Bedding, Lamps, Toys, Games, Sport Equipment, Paint, and Other Miscellaneous Manufactured Items (12.9%), and Chemicals, Plastics, Rubber, and ...
What food does the US import the most? ›
Sweeteners, and processed sugar, and confections are groups of products where the United States is reliant on imports. Fruits, nuts, and vegetables are also frequently imported. The United States tends to have a lower reliance on imports for unprocessed commodities such as feed grains, livestock, and oilseeds.
How many imports does the US get? ›
U.S. imports for 2022 was $3,966.17B, a 16.37% increase from 2021. U.S. imports for 2021 was $3,408.28B, a 22.75% increase from 2020. U.S. imports for 2020 was $2,776.50B, a 10.92% decline from 2019. U.S. imports for 2019 was $3,116.95B, a 0.45% decline from 2018.
What raw materials does the US import? ›
U.S. Import Reliance, by Mineral
| Mineral | Net Import Reliance as Percentage of Consumption | Primary Import Source (2018-2021) |
|---|
| Rare Earths (compounds and metals) | 95% | China |
| Titanium (metal) | 95% | Japan |
| Antimony | 83% | China |
| Chromium | 83% | South Africa |
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