Gdp Growth of USA in 2023

The United States in the Northern Region of the American continent is a globally growing economy with a diverging range of imports and exports serving the trade growth of the nation to a huge extent. The highly diverse economy of the nation is heavily reliant on the agriculture, manufacturing, and services sectors for the majority of its economic revenue. The country occupies a land area of 3.8 square miles and has maritime borders with the Pacific Ocean and Alaska in the Northwestern region. The highly developed market-oriented economy of the nation is based on the higher productivity rates of the manufacturing sectors.



The increased focus of the government authorities on international trade and the inbuilt infrastructure of the transportation ports have led to a GDP of 24.9 trillion US dollars in 2023. The import trade value has stood up at a staggering point of 2.5 trillion US dollars in 2023

accompanied by an export trade value of 3.5 trillion US dollars.

VALUATIONS OF TOP IMPORT DESTINATIONS

The increasing domestic demands of the people residing in the nation and the deficiency of the products in the industrial sectors accounts for the majority of the imports for a balance between the consumer rate and the production rate. As per the USA Trade Data, the valuation of the top importers in 2023 are discussed below,

 

  • China – Valuation of imports from  China  2023 – 482 billion US dollars
  • Mexico – Valuation of imports from  Mexico  2023 – 358 billion US dollars
  • Canada – Valuation of imports from  Canada  2023 – 310 billion US dollars
  • Japan – Valuation of imports from  Japan  2023 – 136 billion US dollars
  • Germany – Valuation of imports from  Germany  2023 – 126 billion US dollars
  • Brazil – Valuation of imports from  Brazil  2023 – 76 billion US dollars
  • South Korea – Valuation of imports from  South Korea  2023 – 73 billion US dollars
  • United Kingdom – Valuation of imports from   the United Kingdom 2023 – 66 billion US dollars
  • France – Valuation of imports from  France  2023 – 56 billion US dollars
  • India – Valuation of imports from  India 2023 – 44 billion US dollars

VALUATIONS OF TOP IMPORTS

According to the USA Import Data, the different types of products that the country used to import in 2023 with their valuations and subcategories are mentioned below,

  • Electronic equipment (HS code – 85) – Valuation of Electronic equipment imports   2023 -400 billion US dollars

IMPORT VARIATIONS

·         Mobile Phones

·         Laptops/Notebooks

·         Audio/Video Equipment

·         Wearable Devices

·         Computer Parts and Accessories

  • Crude oil (HS code – 15) – Valuation of Crude oil imports   2023 – 300 billion US dollars

IMPORT VARIATIONS

·         Light Sweet Crude Oil

·         Heavy Sour Crude Oil

·         Canadian Tar Sands Oil

·         Russian Urals Blend Crude Oil

·         OPEC Crude Oil

  • Cars and motor vehicles (HS code – 87) – Valuation of Cars and motor vehicles imports   2023 - 200 billion US dollars

IMPORT VARIATIONS

·         Passenger Cars

·         SUVs

·         Trucks

·         Luxury Cars

·         Electric Vehicles

  • Pharmaceuticals (HS code – 29) – Valuation of Pharmaceuticals imports   2023 - 150 billion US dollars

IMPORT VARIATIONS

·         Biologics

·         Generic Drugs

·         Active Pharmaceutical Ingredients (APIs)

·         Medical Devices

·         Wellness Products

  • Machinery (HS code – 84) – Valuation of Machinery imports   2023 – 100 billion US dollars

IMPORT VARIATIONS

·         Construction Machinery

·         Industrial Machinery

·         Agricultural Machinery

·         Electrical Machinery

·         Medical Equipment

VALUATIONS OF EXPORT DESTINATIONS

To record a higher global trade rank the country has been focusing more on its production rates by inducing more industrial necessities via different means of transport. According to the USA Export Data, the valuations of the top 10 export destinations in 2023 are discussed below,

  • Canada – Valuation of exports to Canada 2023 – 337 billion US dollars
  • Mexico – Valuation of exports to Mexico 2023 – 288 billion US dollars
  • China – Valuation of exports to China 2023 – 186 billion US dollars
  • Japan – Valuation of exports to Japan 2023 – 72 billion US dollars
  • United Kingdom – Valuation of exports to the United Kingdom 2023 – 64 billion US dollars
  • South Korea – Valuation of exports to South Korea 2023 – 62 billion US dollars
  • Germany – Valuation of exports to Germany 2023 – 60 billion US dollars
  • Netherlands – Valuation of exports to the Netherlands 2023 – 56 billion US dollars
  • France – Valuation of exports to France 2023 – 55 billion US dollars
  • Brazil – Valuation of exports to Brazil 2023 – 50 billion US dollars

VALUATIONS OF EXPORTS

As per the USA Export Data, the valuations of the top exports of the nation in 2023 with its subcategories are discussed below,

 

  • Machinery (HS code – 84) – Valuation of Machinery exports   2023 – 410 billion US dollars

EXPORT VARIATIONS

·         Industrial Machinery

·         Agricultural Machinery

·         Construction Machinery

·         Electrical Machinery

·         Cutting-Edge Medical Equipment

  • Electrical machinery (HS code – 85) – Valuation of Electrical machinery exports   2023 – 390 billion US dollars

EXPORT VARIATIONS

·         Integrated Circuits

·         Electric Motors and Generators

·         Electrical Transformers

·         Electric Storage Batteries

·         Electronic Printed Circuits

  • Vehicles (HS code – 87) – Valuation of Vehicles exports   2023 –270 billion US dollars

EXPORT VARIATIONS

·         Passenger Cars

·         Commercial Trucks

·         SUVs

·         Motorcycles

·         Outdoor Recreational Vehicles

  • Pharmaceuticals (HS code – 29) – Valuation of Pharmaceuticals exports   2023 – 200 billion US dollars

EXPORT VARIATIONS

·         Medicinal preparations

·         Vaccines

·         Diagnostic test kits

·         Biologics

·         Active Pharmaceutical Ingredients (APIs)

  • Mineral fuels (HS code – 27) – Valuation of Mineral fuels exports   2023 – 180 billion US dollars

EXPORT VARIATIONS

·         Crude Oil

·         Refined Petroleum Products

·         Coal

·         Natural Gas

LNG

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