From a trade standpoint, the U.S. moved from a formerly consistent producer and net-exporter of goods to a dependable net-importer of goods.
The charts below show that we import billions of dollars of products each month from our major global competitors, such as China, Germany, Japan, Taiwan, and South Korea, as well as from our regional competitors, Mexico and Canada. With China alone, the U.S. has net imports totaling roughly $7 trillion since 1985.
The U.S. continues to import many of its critical goods, including microchips, pharmaceuticals, and even tractors. This represents a shift in power where we’re strengthening competitors like China and enabling them to be technologically dominant.
The data in the charts that follow shows that the change from net-exporter of goods to net-importer sets us up for vulnerability as a nation on many levels.
The United States has had roughly
$
in net imports since 1985
Cumulative U.S. Goods Trade Balance: 1940 – August 2023 (Trillions of USD)
| Year | Cumulative Goods Trade Balance |
|---|---|
| 1960 | $0.01 |
| 1980 | -$0.13 |
| 2000 | -$3.22 |
| 2020 | -$17.61 |
| August 2023 | -$25.01 |
- Census Bureau
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U.S. Goods Trade Deficit for August 2023 (Billions of USD)
| Country | U.S. Goods Trade Deficit | Percentage of July Goods Trade Deficit |
|---|---|---|
| China (Mainland) | $26.0 | 27.5% |
| Mexico | $12.7 | 13.5% |
| Vietnam | $9.4 | 10.0% |
| Germany | $7.1 | 7.5% |
| Ireland | $5.8 | 6.1% |
| Japan | $5.6 | 5.9% |
| Canada | $5.2 | 5.5% |
| Taiwan | $4.7 | 5.0% |
| South Korea | $4.4 | 4.6% |
| Italy | $4.0 | 4.2% |
- Source: Census Bureau
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Cumulative U.S. Goods Trade Balance by Country: 1985 – August 2023 (Trillions of USD)
| Country | Cumulative Goods Trade Balance |
|---|---|
| China (Mainland) | -$6.731 |
| Japan | -$2.469 |
| Mexico | -$1.701 |
| Germany | -$1.478 |
| Canada | -$1.250 |
| Ireland | -$0.751 |
| Vietnam | -$0.676 |
| Italy | -$0.668 |
| Taiwan | -$0.614 |
| South Korea | -$0.422 |
- Census Bureau
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Five Largest U.S. Trade Deficits by Product - 2022 (Billions of USD)
| Item | Deficit |
|---|---|
| Telephone Sets / Telephones | -$117.12 |
| motor cars & other vehicles | -$112.12 |
| Automatic data processing machines (including chips) | -$111.03 |
| Crude Petroleum Oils | -$91.11 |
| Medicines (Including Insulin, Penicillin, etc.) | -$64.73 |
- World Bank: Obtained using WITS
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Five Largest U.S. Trade Surpluses by Product - 2022 (Billions of USD)
| Item | Surplus |
|---|---|
| Petroleum Gases & Other Gaseous Hydrocarbons | $72.09 |
| Other petroleum oils | $51.59 |
| Soya beans & other related products | $33.97 |
| Maize (Corn) | $18.66 |
| Coal briquettes & similar fuels made from coal | $16.48 |
- World Bank: Obtained using WITS
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Largest U.S. Trade Deficits with China by Product (2022)
| Product | Deficit (Billions of USD) |
|---|---|
| Telphone sets / telephones | -$64.87 |
| Automatic data processing machines (including chips) | -$55.43 |
| Toys, Tricycles & Scooters | -$15.94 |
| Furniture (Specifically Chairs) | -$11.51 |
| Video Game Consoles & Machines | -$10.64 |
- Source: World Bank via WITS
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Largest U.S. Trade Surpluses with China by Product (2022)
| Product | Surplus (Billions of USD) |
|---|---|
| Soya Beans | $17.87 |
| Maize (corn) | $5.26 |
| Petroleum Gases | $3.99 |
| Electronic integrated circuits | $3.98 |
| Footwear (specifically rubber footwear) | $3.94 |
- Source: World Bank via WITS
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Largest Global Importers of Tractors in 2022 (Millions of USD)
| Nation | Imports |
|---|---|
| United States | $18,813.70 |
| Canada | $4,754.78 |
| Germany | $3,919.98 |
| United Kingdom | $2,847.19 |
| Spain | $1,507.71 |
- Source: World Bank via WITS
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U.S. Exports of Semiconductors, Computer Chips, and Parts Thereof (Millions of USD)
| Year | China, Mainland | U.S. |
|---|---|---|
| 1990 | $127.61 | $11,401.38 |
| 2000 | $4,489.89 | $45,197.76 |
| 2010 | $62,416.26 | $31,618.56 |
| 2020 | $153,789.36 | $27,576.80 |
| 2022 | $220,009.24 | $28,381.73 |
- Source: World Bank via WITS
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U.S. Pharmaceutical and Medicinal Imports by Weight in 2022 (Kilograms)
| Country | Total Import Weight | % of All Pharma Imports to the U.S. |
|---|---|---|
| India | 108,532,764 | 16.79% |
| China | 99,418,288 | 15.38% |
Additionally, 90+% of all Antibiotics in the USA come from China, which poses a significant risk to our national security. (NY Times, 2020)
In case of war, the U.S. would not be able to survive without access to these critical goods.
- Source: World Bank via WITS
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