Overview In December 2023 United States exported $168B and imported $247B, resulting in a negative trade balance of $79.7B. Between December 2022 and December 2023 the exports of United States have decreased by $-1.1B (-0.65%) from $169B to $168B, while imports decreased by $-5.67B (-2.24%) from $253B to $247B.
Trade In December 2023, the top exports of United States were Aircraft Parts ($11.3B), Refined Petroleum ($10.7B), Crude Petroleum ($10.7B), Commodities not elsewhere specified ($6.47B), and Petroleum Gas ($5.81B). In December 2023 the top imports of United States were Cars ($20.6B), Crude Petroleum ($13.9B), Telephones ($10.2B), Commodities not elsewhere specified ($10.1B), and Computers ($8.19B).
Origins In December 2023 the exports of United States were mainly from Texas ($37.9B), California ($14.9B), Louisiana ($8.93B), Illinois ($6.77B), and New York ($6.73B), while imports destinations were mainly California ($36.6B), Texas ($29B), Illinois ($17.8B), Michigan ($14.4B), and New Jersey ($11.9B).
Destinations In December 2023, United States exported mostly to Canada ($27.8B), Mexico ($23.8B), China ($12B), Netherlands ($7.65B), and United Kingdom ($7.17B), and imported mostly from Mexico ($36.6B), China ($34.1B), Canada ($33.4B), Germany ($13.7B), and Japan ($11.6B).
Growth In December 2023, the decrease in United States's year-by-year exports was explained primarily by an decrease in exports to China ($-1.78B or -12.9%), Mexico ($-1.1B or -4.41%), and Austria ($-617M or -61.7%), and product exports decrease in Soybeans ($-2.38B or -47.8%), Petroleum Gas ($-1.83B or -24%), and Cars ($-577M or -10.8%). In December 2023, the decrease in United States's year-by-year imports was explained primarily by an decrease in imports from China ($-3.21B or -8.61%), Japan ($-1.88B or -13.9%), and Denmark ($-974M or -58.1%), and product imports decrease in Nitrogen Heterocyclic Compounds ($-1.15B or -69%), Computers ($-933M or -10.2%), and Packaged Medicaments ($-826M or -11.5%).
FAQs
The Observatory of Economic Complexity combines a number of international trade data sets, including data from Feenstra, Lipset, Deng, Ma, and Mo's World Trade Flows: 1962-2000 dataset, cleaned and made compatible through a National Bureau of Economic Research (NBER) project and HS4 aggregated from the HS6 ...
What is the observatory of the economic complexity? ›
A visualization tool that allows users to create a visual narrative of countries, and the products they trade. A visualization tool that allows users to create a visual narrative of countries, and the products they trade.
How does importing and exporting affect the economy in the United States and the trading partners of the United States? ›
A country's importing and exporting activity can influence its GDP, its exchange rate, and its level of inflation and interest rates. A rising level of imports and a growing trade deficit can have a negative effect on a country's exchange rate.
Is OEC a reliable source? ›
It includes subnational level data for dozens of countries, sourced directly from their public customs records. This makes the OEC much more recent, relevant, and higher resolution.
Who runs the Observatory of Economic Complexity? ›
The OEC is currently designed and developed by Datawheel, but it began as a research project at MIT's Collective Learning group (former Macro Connections Group). The OEC was the Master Thesis of Alex Simoes (2012), directed by Professor Cesar A. Hidalgo. In 2012 the OEC was spun out of MIT as an open-source project.
What is an observatory and why is it important? ›
An observatory is a facility for observing or monitoring environmental conditions or phenomena on Earth or in space. Meteorological observatories examine the weather.
What does economic complexity measure? ›
The Economic Complexity Index, or ECI, is a measure of an economy's capacity which can be inferred from data connecting locations to the activities that are present in them.
Is economic complexity good? ›
Predictor of Growth: Research has shown that countries with higher economic complexity often experience faster economic growth. They possess a diversified portfolio of products and services, making them less susceptible to economic shocks.
What does high economic complexity mean? ›
The development of this index relies on the following assumption: when the exports of a country are more diverse and have fewer competitors, the economic complexity is higher (i.e.,).
What are the effects on US imports and exports when the US experiences economic growth? ›
The exchange rate of the dollar is important, as a stronger dollar makes foreign products cheaper for American consumers while making U.S. exports more expensive for foreign buyers. A growing U.S. economy also often leads to a larger deficit, since consumers have more income to buy more goods from abroad.
Expanding the production of America's most competitive industries and products, through exports, raises U.S. incomes. Shifting production to the most competitive areas of our economy helps raise the productivity of the average American worker and through that the income they earn.
What role do exports and imports play in the United States economy? ›
The United States is the world's largest economy and the largest exporter and importer of goods and services. Trade is critical to America's prosperity - fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.
What is economic complexity in trade? ›
Economic Complexity. + A measure of the knowledge in a society as expressed in the products it makes. The economic complexity of a country is calculated based on the diversity of exports a country produces and their.
What is the economic complexity index of trade? ›
The Economic Complexity Index (ECI) ranking is a measure of the amount of capabilities and knowhow of a given country determined by the diversity, ubiquity, and complexity of the products it exports.
Is an economics observatory reliable? ›
The Economics Observatory (ECO) is a new project that bridges the gap between academic research, government policy and the general public. Our goal is to provide balanced and reliable answers to questions about the economy. We make it our mission to make these answers as accessible and engaging as possible.
Where is OEC based? ›
The company, based in Brazil, primarily serves four markets: Brazil, Angola, Peru and the United States. OEC's commitment in these regions goes beyond the projects and includes actions aimed at sustainable development, as well as employment and income generation. > Access OEC's Annual Report 2022 | 2023.
What is the observatory of economic complexity by Alexander Simoes? ›
The Observatory of Economic Complexity, created by Alexander Simoes at Massachusetts Institute of Technology (MIT), ranks countries based on the amount of useful knowledge embedded in it. The ranking is based on the idea that a country's economy grows as the complexity and specialization of its products increases.
