The United States is a leading global exporter with more than 200 countries, territories, and regions worldwide. America’s top products are sold all over the globe, supporting industries like technology and agriculture. Let’s look at America’s top five exports and how they help the US economy.
US exports totaled over $3 trillion in 2022, up 17.5 percent ($307.3 billion) from 2021. Canada was the largest purchaser of US goods exports in 2022, accounting for 17.3 percent of total US goods exports.
Thanks to the United States-Mexico-Canada Agreement (USMCA), Canada and Mexico were the top export partners for the US in 2023. Additionally, the US exported over $368 billion of goods to the European Union that year.
Top purchasers of US exports in 2022:
- Canada ($356.5 billion)
- Mexico ($324.3 billion)
- China ($150.4 billion)
- Japan ($80.2 billion)
- United Kingdom ($76.2 billion)
Crude Oil and Mineral Fuels: $382.2 billion
Mineral fuels, including crude oil, refined petroleum products, and natural gas, are at the top of the list for America's top five exports. US oil producers have benefitted from high prices and low supply despite global market volatility. The main export destinations for these products include The Netherlands, Mexico, South Korea, and Canada.
New drilling techniques, like fracking, have increased output and boosted the performance of oil and gas companies, making the US a leading producer and exporter of oil and natural gas. A large portion of revenue comes from the transportation sector. However, the growing popularity of electric vehicles threatens this segment.
As oil reserves diminish and environmental concerns become more urgent, the industry will eventually decline. Despite a shift toward renewable energy, the U.S. remains a crucial supplier of fossil fuels.
Industrial Machinery and Mechanical Appliances: $240 billion
The United States is the third largest exporter of industrial machinery. This category includes engines, parts, construction equipment, and agricultural machinery. Most exports land in Canada, Mexico, China, Germany, and South Korea.
Countries worldwide rely on this machinery for their industrial and agricultural needs, making it a high-revenue export sector. Companies like Caterpillar and John Deere are prominent names in the agriculture field, while CrimsonLogic, Samsung, and LG are key manufacturers of other types of mechanical appliances.
Pharmaceuticals and Medical Equipment: $195.4 billion
The pharmaceutical and medical equipment industry, a major export sector, is a testament to the US's significant role in global healthcare. Home to leading pharmaceutical companies and medical device manufacturers like Pfizer, Johnson & Johnson, and Medtronic, the US exports a wide range of products, from life-saving medications to innovative medical devices. The largest export markets for these products include Belgium, the Netherlands, Canada, the UK, and Japan.
Pharmaceuticals
Due to increasing price scrutiny, competition from generics, and rising research and development costs, many pharmaceutical manufacturers are shifting their focus to more profitable therapy areas like rare diseases and oncology. Companies are now prioritizing treatments for rare diseases, where high per-unit costs and the advantage of orphan drug exclusivity balance low prescription volumes.
Medical Equipment and Supplies
The increasing use of healthcare services is boosting the industry. As more people seek healthcare, manufacturers are becoming more important in providing essential equipment. This growth is driven by an aging population and a higher rate of chronic illnesses, increasing the need for specialized supplies. Additionally, expanded insurance coverage has allowed millions of new consumers to access healthcare services, increasing the demand for medical supplies.
Electrical Equipment: $181 billion
Computers, telecommunications equipment, and consumer electronics are crucial US exports. Companies like Apple, Intel, and Cisco lead this sector, creating high-demand products sold globally. The growth of technology and the digital economy has made electrical machinery and equipment a significant revenue generator for US exports. These products are essential for various industries, including telecommunications and information technology.
Motor Vehicles and Parts: $152.8 billion
The US exports many cars, light-duty trucks, engines, and other components thanks to major car manufacturers. General Motors, Ford, and Stellantis are known as the “big three” American car companies. Their factories, primarily in the Midwest, manufacture cars and parts sold globally. The main export destinations for these American-made vehicles include Canada, Germany, China, South Korea, and Mexico.
These dominant automakers continue to control the industry because the high costs of production and entry make it almost impossible for new players to compete. However, electric vehicle manufacturer Tesla has gained global popularity, with notable exports to China and Europe. As a result, other manufacturers are rushing to develop electric vehicles to compete with Tesla’s growing demand.
America's top exports play a crucial role in driving economic growth and maintaining the country's strong position in global trade. These exports, ranging from technology to machinery, agricultural products, and energy resources, showcase the diversity and adaptability of US industries. They meet global market demands and contribute significantly to the country's economic strength.
