US Export Import Dynamics In 2023

Hey everyone! Bogdan here from the Import Export Hub channel. Today, we're diving into the world of US import and export dynamics for 2023. Buckle up!

Exports:

US exports shrunk by $43 billion year-over-year (YoY), reaching around $2 trillion.
Canada, Mexico, and China remain the top partners.
These top 10 countries make up 64% of US exports, with Canada and Mexico (USMCA partners) contributing about 33% together.
The Compound Annual Growth Rate (CAGR) for the past five years is positive at 4%, partly due to the surge of US LNG exports to Europe in 2022.
China, Switzerland, Brazil, and India experienced significant YoY declines in US exports.
Netherlands and Germany saw some of the biggest YoY increases.

Imports:

2023 marked a historic moment: Mexico surpassed China as the US's number one trading partner for imports, likely due to nearshoring activities.
China is still number two, followed by Canada.
The CAGR for imports over the last five years is positive at 4.36%.
China's import value declined by 1%, reflecting a "China + 1" strategy by US companies diversifying their sourcing.

Product Dynamics:
We'll explore the top 10 products (by HS code) with the biggest export and import changes.
Petroleum products (gas and oil) saw the biggest export declines.
Unexpected growth came from "commodities not elsewhere specified" (likely aid) and tractor parts.
Human blood exports also increased significantly.
Petroleum imports dropped the most, followed by electronics and furniture.
Vehicles, human blood, and semiconductors led import growth.

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Stay safe and see you next time!

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