The United
States of America is one of the world’s most
advanced economies, and certainly the world’s largest manufacturer of goods and
the world’s largest trading nation. The average import and export figures are
at approximately $2.5 trillion.
The USA
exports many food products such as meat and whole grains all over the world.
They are also leaders in aeronautical accessories and supplies. The USA export lists also include top name brand
automobiles such as Ford, Jeep, and Chevrolet. The USA is one of, if not the world’s
largest producer of steel goods and steel for production purposes in other
countries. Although the USA
is a giant in exporting circles, it also relies on imports to keep its economy
flourishing and its consumers spending.
If you browse through American stores, you will find many
goods manufactured in China
such as clothing, toys, electronic devices, pharmaceutical products from Germany and high quality furniture imported from
Scandinavia. The USA imports more oil and petroleum
products than it exports to fuel its industries and economy.
USA exporter attains the bulk of
their profits from their trade relationships with Canada,
Japan, China, the United
Kingdom, Mexico,
South Korea and Belgium.
American trade relationships exist globally and there are many countries which
import American goods.
Americans spend much of their trade bill on
coins, petroleum products, food additives, tin, coal and minerals. Although relations
with a country like Iran are
strained due to military differences and world peace issues, the USA import figures for 2010 still reflect
the purchase of antique furniture, saffron and rugs of various kinds. The USA has continued to supply Iran with
animal and human medicines, basic foodstuffs such as soy products and medical
supplies. Strained relations, it seems, need not affect trade relations
entirely.
The world-wide recession has affected domestic
investments and spending in America
as it has in other countries internationally. So important is the USA’s
trade relationship with other countries that President Barack Obama has set a
50% increase in exports as a target over the next five years to boost the
American economy.
Policy on keeping the low dollar rate where it
is has helped the USA
to export cheaper goods on the world markets. Despite all its efforts, the
fastest growing trade country, China,
accounts for only 7% of America’s
export figures. Despite this seeming hitch in maintaining its number one place
in the world of trade, America
is still home to 30% of the world’s millionaires and 40% of the world’s
billionaires. So the world’s wealthiest still migrate to the land of
opportunity of yesteryear.
Like the United
Kingdom, America
also faces the problem of unemployment, an ageing workforce and inadequate
health and medical cover. With export and import figures declining, President
Obama has his work cut out for him.