The United States ranks first in the world in terms of foreign trade in goods and services. The volume of exports of goods from the United States in 2000 amounted to 781.1 billion dollars, imports – 1257.6 billion dollars. In 2000, the United States accounted for 12.3% of world merchandise exports and 18.9% of world imports. For many dozens of countries, the United States is the main trading partner, and the well-being of the population of these countries directly depends on the development of trade relations. The United States is the world’s largest exporter of food, entire regions depend on its supply.
In the structure of exports, the first place is occupied by finished industrial products, it is about 50%. Machinery and consumer products predominate, with agricultural products in second place in exports, with the United States exporting 25% of the country’s agricultural products.
The role of the United States in world services markets is great. In the structure of services, the first place belongs to information services, tourist, banking, medical, transport and other services are provided.
Imports are playing an increasingly important role in meeting the domestic needs of the U.S. economy. According to A.S. Bulatov, in
In the 90s, the share of imports in domestic consumption of consumer electronics, footwear and a number of other consumer goods exceeded 80%, metalworking machines and oil – 50%, ferrous metals and textiles – 20%. In the late 90s, a number of American economists and members of the government expressed concern about the growing dependence of the American economy on imports.
The main trading partners of the United States include neighboring countries – Canada and Mexico. With them, the United States is a member of one of the largest economic organizations in the world – the North American Free Trade Association (NAFTA). An important partner for the United States was Japan, the share of the first three trading partners accounts for 40% of the country’s foreign trade turnover. Then follow the countries of Western Europe and the countries of East and Southeast Asia – South Korea, Singapore, Taiwan, China.
No less important role than trade in the foreign relations of the United States is played by the export and import of capital. U.S. Foreign Direct Investment at the End
The 90s of the twentieth century exceeded $ 0.5 trillion, and one third of them accounted for Canada and the UK. American capital is also rushing to other developed countries, and in the developing world it is concentrated mainly in industries related to the development of minerals and other natural resources, as well as in the assembly of equipment with the help of cheap local labor.
The import of capital into the United States is also growing (0.3-0.4 trillion dollars annually), as the country’s stable and prosperous economy is very attractive to foreign investors. Declining interest rates in the late 90s in Western Europe and Japan contributed to the overflow of capital into the United States. Foreign investment was made in existing industrial enterprises (80%) and in the construction of new facilities (20%). The largest investor for the United States in the late 90s was Japan (automotive industry, electronics, etc.), followed by Canada, whose capital is invested in real estate. Very active companies in the UK and the Netherlands (mainly oil production). German companies are active in the chemical industry.