Exports from the U.S. have grown from $448bn to $1.55tn over the past 25 years, but which export categories make the most money?
The USA has 248 export categories valued over $1bn, three times greater than a quarter of a century ago.
But besides the stereotypical exports from The States such as corn and cotton, medicines, meat and gold, which are the top export market categories that actually rake in dollars?
Aircraft is far and away the largest export category in terms of monetary value from the U.S. – one-third more valuable than the second export with this list .
1 thing that’s certain is that the likes of Boeing would not enjoy a trade war between the world’s two export powerhouses.
The value of the gas market has increased massively in recent years, despite the clamour from governments to turn to renewable energy sources and international businesses to be seen as green.
Last year, gasoline (including other refined petroleum products) raked in only under $77.5bn whilst Mexico holds 27% market share and Canada 11%.
It is estimated that this year foreign motor brands will produce more vehicles in the United States compared to U.S. firms will. Last year, a vast majority of those exports entered the Canadian, Chinese and Mexican markets with two U.S. ports exporting more than $1b each throughout the year.
Perhaps not surprisingly, among the nations that lead in motor vehicle exports also makes a whole lot of cash exporting individual motor parts. However, the motor industry is cautious of possible NAFTA disturbance that could alter the face of this auto-exporting industry.
The first’modern’ export to make the top-5 U.S. export categories is that of computer chips. Given the small size of the export, the majority of the product travel abroad via airfreight – 50% of that from just four airports in Los Angeles, Dallas, San Francisco and Cleveland.
What other products are also leading exports for the U.S.? Food, drink and feed has been the top value class when combined worth some $133bn. Soybeans made up $22bn of the, with poultry and meat just behind at $18bn.
Concerning services, travel and transport ($136bn), finance and insurance ($76bn) and intellectual property earnings ($49bn) accounts for the most.