Top US Trading Partners 2023 (2024)

The United States sold US$2.019 trillion worth of exports shipped to international markets in 2023.

That dollar amount results from a 22.9% increase from $1.643 trillion in 2019, but reflects a -2.1% year-over-year decline compared to $2.063 trillion for 2022.

To give some statistical perspective, America’s exports represent 8.2% of the overall value of all goods exported around the globe one year earlier in 2022 ($24.611 trillion). That percentage is a drop from a 9.3% share in 2022.

Applying a continental lens, 33.5% of exports from the United States by value was delivered to its fellow North American trade partners Canada and Mexico. A lesser 29.6% was sold to Asian importers with another 23.8% worth of goods going to Europe. In contrast, American exporters sold 9.8% to Latin America excluding Mexico but including the Caribbean.

Smaller percentages went to Oceania (1.9%) led by Australia and New Zealand, and Africa (1.4%).

Over four-fifths (84.5%) of American exports in 2023 was delivered to the above 25 trade partners.

The greatest percentage increases in purchases of US exported goods among these top trading partners belong to buyers in the United Arab Emirates (up 19.2% from 2022), Netherlands (up 12.8%), Australia (up 11.5%) and Belgium (up 9.3%).

Posting double-digit declines among the top 25 customers for American exports were Switzerland (down -24.4% from 2022), Chile (down -19.7%), Brazil (down -16.4%), India (down -15.2%) then Colombia (down -14.7%).

Overall, the United States of America incurred a -US$1.153 trillion trade deficit for 2023. That deficit represents a -12.2% decline from the -$1.313 trillion in red ink resulting from America’s international trade one year earlier in 2022.

As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have incurred a negative trade balance or deficit.

It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.

United States incurred the highest trade deficits with the following countries.

Among America’s trading partners that cause the greatest negative trade balances, US deficits with Mexico (up 16.3%), Germany (up 11.4%) and South Korea (up 11.1%) grew at the fastest pace from 2022 to 2023.

These cashflow deficiencies clearly indicate America’s competitive disadvantages with the above countries, but also represent key opportunities for United States to develop country-specific strategies to strengthen its overall position in international trade.

Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.

United States incurred the highest trade surpluses with the following countries.

Among America’s trading partners that generate the greatest positive trade balances, US surpluses with Belgium (up 90.3%), United Arab Emirates (up 32.8%) and Australia (up 27.3%) grew at the fastest pace from 2022 to 2023.

US trade surpluses shrank by double-digits with the United Kingdom (down -27.7% year over year), Argentina (down -15.2%) then the Dominican Republic (down -13.8%).

The positive cashflow streams clearly indicate America’s competitive advantages with the above countries, and also represent key opportunities for United States to develop country-specific strategies to optimize its overall position in international trade.