Export derives from the conceptual meaning as to ship the goods and services out of the port of a country. The seller of such goods and services is referred to as an “exporter” In International Trade, “exports” refers to selling goods and services produced in the home country to other markets. If we look at world’s largest exporter countries, United States is the world’s third largest exporter, after the European Union (EU) and China. In 2012, total U.S. trade with foreign countries was $4.9 trillion. This consisted of $2.194 trillion in exports of both goods and services.
Canada is number one export partner for US and it represents 19 percent of total exports of United States. Second biggest partner is European Union with 17 percent then Mexico with 14 percent, China with 7 percent and Japan with 5 percent is following Canada and EU. According to the Bureau of Economic report the U.S. exported $2.1 trillion worth of goods in 2011. Exports in the United States increased to 187403 USD Million in April of 2013 from 185208 USD Million in March of 2013. Exports in the United States is reported by the U.S. Census Bureau.
What are top five export commodities in USA?
1. Petroleum Refining
According to 2012 numbers Petroleum refining export is $108.0 billion. Despite the relatively tiny role of exports within the US Petroleum Refining industry (IBIS World report 32411) – exports account for an estimated 15.0% of the $725.0-billion industry) – foreign demand for refined products is expected to increase over the next 10 years. [Read more...]