The United States was the world's largest importer in 2023, according to Statista. That year, imports totaled nearly $3.83 trillion, according to figures published by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Goods accounted $3.11 trillion of the total, reflecting a decrease of $160.5 billion from the previous year, while services imports increased $17.8 billion, to $714.5 billion.
Electrical and electronic equipment was the United States’ largest import category in 2023, at $463.36 billion, according to Trading Economics. Machinery, nuclear reactors, and boilers was the second-largest category at $459.20 billion, followed by vehicles (other than railways and tramways) at $381.04 billion. Mineral fuels, oils, and distillation products ($266.59 billion) and pharmaceutical products ($177.85 billion) rounded out the top five important categories.
The United States had the largest trade deficit in the world in 2023, according to Statista. The U.S. Census Bureau and the U.S. Bureau of Economic Analysis reported that the nation’s goods and services deficit totaled $773.4 billion in 2023. This reflected a decrease of $177.8 billion from $951.2 billion the previous year.
A major international trade development occurred in January 2020, when the United States-Mexico-Canada Agreement (USMCA) was submitted to President Trump for his signature. The International Trade Administration claimed the renegotiated version of the North American Free Trade Agreement (NAFTA) would "create more balanced, reciprocal trade that supports high-paying jobs for Americans and grows the North American economy." Key changes were made in several categories, including agriculture, small and medium-sized businesses, manufacturing, and dairy. Additionally, the agreement also involved the modernization of provisions pertaining to intellectual property, digital trade, the environment, labor, currency, financial services, and shipment value levels.
A coronavirus pandemic, which broke out in Wuhan, China, in January of 2020, deeply disrupted world trade. To slow the spread of the COVID-19 infection, international travel and shipping were restricted and shut down entirely in some cases. Product shortages occurred in many countries, and unemployment rose as business shuttered to protect workers from exposure to the virus. While conditions eventually normalized, the outbreak cast a harsh light on the vulnerability of world trade to such disruption and illustrated how global travel and trade contribute to the rapid spread of novel diseases.
Professions in import-export include purchasers, buyers, economists, marketing research analysts, delivery and logistics experts, and support personnel. Large companies may have these professionals on staff. Small to mid-sized companies hire these individuals through consulting firms.
Purchasers and buyers work in a number of capacities for large and small companies. Not all purchasers and buyers are involved with import or export. Those who are keep track of world markets to obtain the highest quality merchandise at the lowest possible purchase cost for their employers. In their search for these good deals, they review listings in catalogs, industry periodicals, directories, and trade journals as well as visit manufacturers or sellers. Purchasers who specialize in commodities (raw materials such as steel, lumber, and cotton) track such things as market conditions, price trends, and futures markets.
On the opposite side of the transaction are marketing research analysts. They are concerned with the potential sale of a product or service. For example, they analyze statistical data on the buying practices of consumers in foreign markets before a company introduces its product to that market. They gather data on competitors and analyze prices, sales, and methods and costs of marketing and distribution. Is the cost of marketing and delivering a product all the way overseas worth the profit it will make? Marketing research analysts help companies make that determination.
A host of other professions make up import-export careers. Accountants are responsible for trade and tariff payments, investments, and currency exchange. Interpreters and translators are needed for contracts, hiring, training, sales, and almost every other aspect of the work. International affairs specialists give advice to a company on the business and political climate of a foreign country.