USA’s TRADE HIKE IN 2023

Business
Posted by Amit Singh
5
Oct 1, 2024
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The United States in the Northern portion of America is an influential economy of the continent with a wide range of exports heavily reliant on the trade rate of agricultural and industrial goods. The growing economy of the nation is an initial result of cutting-edge manufacturing and mining technologies and the vast government reforms supporting the trade of the nation to a huge extent. The US with a vast land area of 1.8 square miles and its maritime borders with the Pacific Ocean and Alaska in the Northwestern region serves as an initial trade key player of the European continent by its evolving trade relation with the top traders via the overseas transportation ports.

 

The growing import and export trade rate of the nation by significant growth in its rising domestic needs and production efficacy has attained a staggering value of 2.5 trillion US dollars and 3.5 trillion US dollars in 2023. The GDP with a substantial contribution of all the factors accounting growing economy like import and export trade rates, tourism sectors, finance sector, agricultural sector, and hospitality of the nation has recorded a GDP of 24.9 trillion US dollars in 2023. Import Global provides you with a detailed outlook of the key insights of the country’s global growth for a clear visualization of the significant factors behind the growing economy.

 

TOP 10 GOVERNMENT INITIATIVES BEHIND THE GROWING ECONOMY OF THE USA IN 2023

 

The government in the past few decades has established different government reforms for the betterment of the industrial infrastructure which has recorded a positive growth trend in the country’s economy. According to the USA Trade Data, the top 10 government initiatives behind the growing economy of the nation in 2023 are discussed below,

 

  • Infrastructure Investment and Jobs Act
  • CHIPS and Science Act
  • Inflation Reduction Act (IRA)
  • Reshoring and Supply Chain Resilience Initiatives
  • Energy Sector Investments
  • Tax Incentives for Small Businesses
  • Expansion of Affordable Healthcare
  • Student Loan Forgiveness and Education Funding
  • Federal Reserve’s Monetary Policy
  • Immigration Reforms

 

TOP IMPORTED PRODUCTS OF USA IN 2023

 

The country’s growing domestic and industrial necessities are leading to the expansion of import trade rates over the top traders worldwide for significant revenue generation. As per the USA Import Data, the top 10 government initiatives behind the growing economy of the nation in 2023 are discussed below,

 

  • Electronic equipment (HS code – 85) – Market cost rate of Electronic equipment imports   2023 -400 billion US dollars

VARIATIONS OF USA ELECTRONIC EQUIPMENT IMPORTS

a.      Mobile Phones

b.      Laptops/Notebooks

c.       Audio/Video Equipment

d.      Wearable Devices

e.      Computer Parts and Accessories

  • Crude oil (HS code – 15) – Market cost rate of Crude oil imports   2023 – 300 billion US dollars

VARIATIONS OF USA CRUDE OIL IMPORTS

a.        Light Sweet Crude Oil

b.       Heavy Sour Crude Oil

c.        Canadian Tar Sands Oil

d.       Russian Urals Blend Crude Oil

e.       OPEC Crude Oil

  • Cars and motor vehicles (HS code – 87) – Market cost rate of Cars and motor vehicles imports   2023 - 200 billion US dollars

VARIATIONS OF USA CARS AND MOTOR VEHICLES IMPORTS

a.        Passenger Cars

b.       SUVs

c.        Trucks

d.       Luxury Cars

e.       Electric Vehicles

  • Pharmaceuticals (HS code – 29) – Market cost rate of Pharmaceuticals imports  2023 - 150 billion US dollars

VARIATIONS OF USA PHARMACEUTICALS IMPORTS

a.        Biologics

b.       Generic Drugs

c.        Active Pharmaceutical Ingredients (APIs)

d.       Medical Devices

e.       Wellness Products

  • Machinery (HS code – 84) – Market cost rate of Machinery imports   2023 – 100 billion US dollars

VARIATIONS OF USA MACHINERY IMPORTS

a.        Construction Machinery

b.       Industrial Machinery

c.        Agricultural Machinery

d.       Electrical Machinery

e.       Medical Equipment

 

TOP EXPORTED PRODUCTS OF USA IN 2023

 

The increasing production rate of the industrial sectors due to the continuous efforts of the skilled workforce engaged in it is leading to increased export of top-demanded commodities. As per the USA Export Data, the top exported products of the nation in 2023 are discussed below,

 

  • Machinery (HS code – 84) – Market Cost rate of Machinery exports   2023 – 410 billion US dollars

VARIATIONS OF USA MACHINERY EXPORTS

a.        Industrial Machinery

b.       Agricultural Machinery

c.        Construction Machinery

d.       Electrical Machinery

e.       Cutting-Edge Medical Equipment

  • Electrical machinery (HS code – 85) – Market Cost rate of Electrical machinery exports   2023 – 390 billion US dollars

VARIATIONS OF USA ELECTRICAL MACHINERY EXPORTS

a.        Integrated Circuits

b.       Electric Motors and Generators

c.        Electrical Transformers

d.       Electric Storage Batteries

e.       Electronic Printed Circuits

  • Vehicles (HS code – 87) – Market Cost rate of Vehicles exports   2023 –270 billion US dollars

VARIATIONS OF USA VEHICLES EXPORTS

a.        Passenger Cars

b.       Commercial Trucks

c.        SUVs

d.       Motorcycles

e.       Outdoor Recreational Vehicles

  • Pharmaceuticals (HS code – 29) – Market Cost rate of Pharmaceuticals exports  2023 – 200 billion US dollars

VARIATIONS OF USA PHARMACEUTICALS EXPORTS

a.        Medicinal preparations

b.       Vaccines

c.        Diagnostic test kits

d.