Latest U.S. Trade and Export Updates (2022 Edition)

The United States is a consumer powerhouse, with consumption accounting for about 70% of GDP. However, due to the large scale of imports of consumer goods, the country continues to run a trade deficit, with the U.S. trade deficit in 2021 reaching a record high of $1 trillion (about 125 trillion yen), an increase of 18.31 TP3T from the previous year.

Recent trends in US trade

Due to the stagnation of global economic activity caused by the spread of the new coronavirus, the United States experienced record declines in both exports and imports, but exports fell more than imports, leading to an expansion of the trade deficit. Furthermore, total trade (total exports and imports) recorded the lowest level since 2012 at $4,936.2 billion.

The sharp fall in crude oil prices also led to a decline in energy-related products, which was the main factor behind the decline in both imports and exports.

According to an analysis report by JETRO, exports included energy-related products including crude oil, civil aircraft, and civil aircraft engines and parts, while imports included energy-related products including crude oil, passenger automobiles (excluding those bound for Canada), and civil aircraft engines and parts.

America's main trade items

So far we have looked at the latest information and trends in trade with the United States, but what are the overall trade items? Trade items for the United States include machinery, automobiles, pharmaceuticals, and meat.
See below for details on exports and imports.

export

Looking at the major export items of the United States, there are machinery (36.8%), automobiles (27.5%), automobile parts (5.5%), scientific optical instruments (2.4%), aircraft parts (2.2%), etc. The total import value is about 12.6108 trillion yen.

Import

On the other hand, the main imports of the United States are machinery (25.8%), pharmaceuticals (7.6%), meat (5.5%), scientific and optical equipment (5.3%), LPG (3.9%), etc. The total import value is about 7.4536 trillion yen.

Major trading partners of the United States

So far we have looked at the main trade items of the United States, but what countries are the United States' trading partners? As you might imagine, the main trading partners include Canada and China.
See below for details on exports and imports.

export

The main export destinations for the United States are Canada, Mexico, China, Japan, the UK, Germany, etc. Of the total share, Canada accounts for 17.8%, Mexico 14.9%, and China 8.7%.

Import

The main import partners of the United States are China, Mexico, Canada, Japan, Germany, Vietnam, etc. Of the total shares, China accounts for 18.6%, Mexico 13.9%, Canada 11.6%, etc.

Japan-US Trade

What is the current situation regarding Japan-U.S. trade?

For Japan, the United States is a trading partner that accounts for 15% of total exports and imports, and the Japan-U.S. Trade Agreement, an agreement on trade in goods between Japan and the United States, came into effect on January 1, 2020.

Japan-US trade volume

What is the current status of trade between Japan and the United States? Below is the data for fiscal year 2020.

Japan's total exports to the United States were approximately 12.61 trillion yen. Meanwhile, total imports from the United States were approximately 7.45 trillion yen.

Main trade items

Japan's exports to the United States include machinery, which accounts for about 40% of the total, as well as automobiles, automobile parts, scientific and optical equipment, and aircraft parts.

Machinery accounts for the largest proportion of Japan's imports from the United States, followed by pharmaceuticals, meat, scientific and optical equipment, and LPG.

The Japan-US Trade Agreement came into effect in 2020, but since this is an agreement that only covers tariffs, it is an FTA. Although rice, which Japan considers the most important, is protected, the agreement also pressures Japan to import dairy products, beef, and other products.

If you want to start trading with the US and Japan, choose DigiTrad.

This time, we brought you "Basic knowledge of American trade and exports (updated for 2022)."

STANDAGE uses its own trade cloud service to provide "DigiTrad", a service that can "completely" handle trade for small and medium-sized enterprises. "DigiTrad" allows you to develop overseas sales channels at low cost by applying for IT implementation subsidies.
We can also handle small scale trade and domestic purchases that major trading companies cannot handle, so please feel free to contact us.

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