Export to USA
In 2015, total U.S. trade with foreign countries was $4.99 trillion. That was $2.23 trillion in exports and $2.76 trillion in imports of both goods and services. The U.S. was the world's third-largest exporter, after China and the European Union (EU). It's the world's largest importer.
More than 80% of U.S. imports are goods ($2.273 trillion). Slightly less than a third of these are industrial machinery and equipment ($486 billion). The largest sub-category is oil and petroleum products, at $180 billion.
Capital goods make up one-fourth of all goods imported ($599 billion). That includes computers ($120 billion) and telecommunications equipment, including semiconductors ($112 billion). Nearly another quarter is consumer goods ($595 billion). Of this, the cell phone/TV category is the largest ($137 billion). That's followed by pharmaceuticals ($108 billion), and apparel/footwear ($121 billion). The fourth largest category was automotive vehicles, parts, and engines at $348 billion. The food, feeds, and beverages category was the smallest, at $128 billion. (Source: U.S. Census, Exhibit 6 - Imports by End-Use Category).
Services make up 18% of imports ($489 billion). The largest category is travel and transports at $218 billion. The next is business services, such as banking and insurance, at $169 billion. The United States imported $40 billion in royalties and license fees services. Last but not least was U.S. Government service imports at $21 billion.
Since the United States imports more than it exports, it has a trade deficit of $532 billion. Even though U.S. exports billions in oil, consumer goods, and automotive products, it imports even more.
Source of U.S. Export-Import Statistics
International Trade Administration Trade Data & Analysis
U.S. Census Bureau U.S. International Trade Data
Trading Economics The U.S. Exports - Imports
The Balance Import and Export Trade Statistics
GlobalEdge Trade Statistics
United Nation UN Comtrade Database
How to Export to U.S
Canadian Trade Commissioner Service Exporting to the United States
U.S. Food & Drug Administration Importing Food Products into the United States
Export Wise Export to US White Paper
Small Business Committee Small Business Export Guide
U.S.Custom & Border Protection Basic Importing and Exporting
U.S. International Trade Commission Official Harmonized Tariff Schedule 2016
The 2001 U.S.–Vietnam Bilateral Trade Agreement (BTA) transformed the bilateral commercial relationship between our two nations and accelerated Vietnam’s entry into the global economy, with Vietnam joining the WTO in January of 2007. Since the BTA, bilateral trade increased from $2.9 billion in 2002 to over $45 billion in 2015.
The U.S. is now Vietnam’s largest export market and a major source of foreign direct investment, helping fuel Vietnam’s remarkable economic growth. U.S. exports to Vietnam grew by 23.3 % to $7.1 billion in 2015, of which the U.S. food and agricultural products account for $US2.3 billion. This was by far the largest increase out of the U.S.’s top 50 export markets. During the same period, Vietnam’s exports to the U.S. increased 24.2 % to $38 billion, resulting in a $30.9 billion bilateral trade deficit with Vietnam.
Vietnam ranks as the United States’ 11th-largest agricultural export market, with top products including cotton, tree nuts, soybeans, and dairy. The Trans-Pacific Partnership (TPP) Agreement, which both countries signed in 02/2016, but have yet to ratify, will offer further opportunities to break down trade barriers and expand market access for U.S. technologies & goods.
Industrial inputs continued to see steady growth as Vietnam continues to import machinery, chemicals, instruments and software to support its growing industrial sector. Over $900 million (roughly 13%) of U.S. exports were represented by aircraft, as Boeing delivered several 787s to Vietnam Airlines in 2015.
Market Opportunities for Vietnamese Companies
- Exports to the world’s largest market given the low regulatory barriers
- Access to global supply chains that can lead to exports for other markets
- Investments opportunities for both individuals & companies ie. immigration, real estate, business development, M&A…
- Productive and skilled labour force with high mobility
- Ease of doing business & strong rule of law
If you would like more information on specific business opportunities in the U.S., go to the following website.
Austrade Market Profile
The Bureau of Economic Analysis U.S. Economic Accounts