This post is by Avery Koop from Visual Capitalist
Visualized: The Largest Trading Partners of the U.S.
The United States is the world’s biggest goods importer making it a powerhouse in the global movement of goods.
With so many imports, it goes without saying that the country has a significant goods deficit with many of its trading partners. The deficit with China, for example, is $383 billion. Meanwhile, the total goods trade deficit is nearly $1.2 trillion and it increased by 9% in 2022.
Given that the country has trade relations with more than 200 countries, regions, and territories, this network of relationships is complex. This visual, using data from the U.S. Bureau of Economic Analysis, makes trade relationships easier to understand, ranking the biggest trading partners of the U.S. in terms of goods trade alongside the value of exports and imports.
A Closer Look At U.S. Trade Balances
Trade balances are characterized in two ways: deficits and surpluses.
Each balance is determined by calculating the difference in U.S. exports and imports with a given trade partner. So while the balance with Ireland is a deficit of $66.1 billion, the balance with the Netherlands is a surplus of $38.3 billion.
|#1||China||$153.8 B||$536.8 B||-$382.9 B|
|#2||Mexico||$324.4 B||$454.9 B||-$130.6 B|
|#3||Vietnam||$11.4 B||$127.5 B||-$116.1 B|
|#4||Canada||$356.1 B||$437.7 B||-$81.6 B|
|#5||Germany||$72.9 B||$146.6 B||-$73.7 B|
|#6||Japan||$80.3 B||$148.3 B||-$68.0 B|
|#7||Ireland||$16.0 B||$82.0 B||-$66.1 (Read more...)|