In the world of global trade and economy, monitoring and studying export statistics is vital for information on the overall economic performance of a country. The United States is the dominant player in the worldwide trade marketplace, and export figures for 2023-24 are mainly attractive. The United States is the second largest exporter in the world, with overall exports of $2.01 trillion in 2023, and an extensive form of goods are exported to many global destinations internationally. Let's dive into US export data for 2023-24. In this article, we will explore the total US exports, US exports by country, and the Top US exports in 2023-24 to perceive the export trade tendencies and possibilities.

US Exports: A Key Driver of Economic Growth

US exports have a central place in driving economic growth and creating jobs within the United States. The United States has a wide range of exports, including mineral oil, machinery, electronics, and pharmaceuticals. After a 0.9% gain in January 2024, the price index for US exports rose to 0.8% in February 2024. In 2023-24, the US is expected to grow its export goods and curiosities from the countries surrounding the global trade arena.

What are the Top 10 US Exports in 2023?

In 2023, the USA persevered to export a wide range of products to the global marketplace. Mineral fuels and oils had been the largest exports of the USA with an export fee of $323.15 billion in 2023. Together, these significant export commodities made for 16.3% of total US exports. The top 10 US exports in 2023 encompass:

1. Mineral fuels and mineral oils: $323.15 billion

The US is a main exporter of oil and fuel, and this is anticipated to hold in 2023-24. The HS code for mineral fuels and mineral oils is 271091. It has a 16% export share in US exports.

2. Nuclear reactors and mechanical appliances: $232.99 billion

The US is known for its advanced machinery and generation, making this a key export category. The HS code for nuclear reactors and mechanical home equipment is 84198911. It has an 11.5% export share in top US exports.

3. Electrical equipment and machinery: $200.64 billion

With innovations in electronics and technology, America is a huge exporter of electrical machinery. The HS Code for electrical devices and machinery is 85434000. It accounts for 9.9% of the export share in US exports.

4. Vehicles: $152.82 billion

The automobile enterprise inside the US is a key participant in the export marketplace, with more than a few vehicles being exported to international locations around the arena. The HS code for motors is 87039000. It has a total share of 7.6% in the top US exports.

5. Aircraft, spacecraft, and parts thereof: $124.88 billion

The US is a worldwide chief in the aerospace industry, making this a pinnacle export class for the US. The HS code for planes, spacecraft, and components is 88079090. This commodity accounts for a 6.2% export share in the top US exports.

6. Optical, measuring, or surgical instruments: $105.09 billion

The US is known for its superior medical era, riding exports in this class. The HS code for this product is 90314. It has a total export share of 5.2% in the major US exports.

7. Pharmaceutical products: $90.29 billion

The US is a chief exporter of prescription drugs, with a strong presence within the worldwide marketplace. The HS code for pharmaceutical products is 300410. Its export share is 4.5% of the top US exports.

8. Plastics and articles thereof: $77.77 billion

Plastics are a key export for the USA, with a range of merchandise being exported to various international locations. The HS code for Plastics and articles is 39269080. It accounts for 3.9% of the export share in the top US exports.

9. Precious stones and metals: $76.65 billion

The US is a good-sized exporter of treasured metals and gemstones, riding export growth in this class. The HS code for precious stones and metals is 711590. This commodity has a total export share of 3.8% in the major US exports.

10. Commodities not elsewhere specified: $67.33 billion

This category consists of several items and merchandise that can be exported by using the US to diverse nations around the world. The HS Code for Commodities not elsewhere specified is 9999. This commodity has a total export share of 1.9% in the top US exports.

Total US Exports in Different Regions

According to the most recent data, entrants from the following countries bought more US shares worth 63.8% of exports: Canada (17.5% of total U.S. exports), Mexico (16%), mainland China (7.3%), the Netherlands (4.1%), and Germany (3.8), Japan (3.8%), the United Kingdom (3.7%), South Korea (3.2%), France (2.2%), and Brazil (2.2%).

On the continent part, the other two North American trading partners, Canada, and Mexico, accounted for 33.5% of the value of US exports. Products worth another 23.8% were shipped to Europe, while a lesser 29.6% were sold to importers in Asia. Conversely, 9.8% of American exporters' sales went to South America, which includes the Caribbean but does not include Mexico. Buyers in Oceania (1.9%), which was led by Australia and New Zealand, and Africa (1.4%) received smaller percentages.

Top 10 export partners of the US |  US Exports by Country 

The US exports its items and services to an extensive range of nations, with a few countries being key companions in trade with the US. In 2023-24, the top export locations for the USA are predicted to include China, Canada, Mexico, Japan, and Germany. These nations have strong trade relationships with the US, and their demand for American goods and offerings will drive export increases in the fiscal year 2024. The US exported goods worth $2.01 trillion in 2023. The top 10 US exports by the importing countries in 2023 include:

1. Canada: $352.83 billion
2. Mexico: $323.21 billion
3. China: $147.78 billion
4. Netherlands: $82.16 billion
5. Germany: $76.68 billion
6. Japan: $76.14 billion
7. United Kingdom: $74.07 billion
8. South Korea: $64.81 billion
9. France: $45.23 billion
10. Brazil: $44.79 billion

What are the top export companies in the US?

The US is home to some of the biggest export companies in the world. Some of the top US export companies in 2023 include:

1. Chevron Corporation: oil, gas
2. Apple: computer hardware
3. Boeing: aerospace
4. AbbVie: pharmaceuticals
5. Cisco Systems: Communications equipment

The US Export Landscape in 2024

In 2024, US export statistics highlight the nation's trade performance on the worldwide stage. With meticulous statistical analysis and comprehensive reporting, these facts offer valuable insights into the US's export traits, and key industries using increased, and rising markets for American goods and services. By scrutinizing US export statistics for 2024, policymakers, economists, and companies can make knowledgeable choices to capitalize on opportunities and navigate demanding situations within the dynamic worldwide buying and selling landscape.

In January 2024, US exports had been worth $257.2 billion, up by $0.3 billion over the preceding month. This rise was partly attributed to a $0.2 billion boom in sales of products. Propelled by way of passenger vehicles and different car additives and add-ons, exports of automotive cars, parts, and engines climbed by $1.4 billion, even as those of capital and customer items multiplied by $0.6 billion apiece. Nevertheless, a $1.7 billion drop in income from commercial substances and commodities, basically related to crude and gas oil, countered these enhancements.

Key Highlights of the US export statistics in 2023-24

• The US exports accounted for a total value of $2.01 trillion in 2023.
• Exports in January 2024 totaled $257.2 billion, which was $0.3 billion more than exports in December 2023.
• Mineral Fuels and mineral oils were the largest exported goods from the US accounting for $323.15 billion in 2023.
• Canada was the biggest export partner of the US in 2023 with an export share of $352.83 billion.

Conclusion

To conclude, The US remains a dominant force within the international export market, with an extensive range of merchandise being shipped and exported to several international locations around the world. The US export statistics for 2023-24 are anticipated to show a sturdy upward push in key export instructions which consist of mineral fuels, machinery, electronics, and pharmaceuticals. Tracking and acquiring the US export data is critical for knowledge of the economic performance of the United States and its effect on the global trade market.

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