Top 10 exporters of advanced technology products to the United States
China and Mexico emerged as the leading exporters of advanced technology products to the United States in 2022, according to Commerce Department data.
While China’s exports totalled 150,202 million dollars, with a 0.4% year-on-year reduction, Mexico’s exports totalled 82,749 million dollars, with a 21.7% increase, at year-on-year rates.
Among the goods included in this classification are flexible manufactures, information and communication products, life sciences products, advanced materials, electronic, biotechnological and aerospace products, nuclear technology, weapons and optoelectronic products.
From around the world, the United States imported this basket of goods for a total of $634.623 billion in 2022, an increase of 14.7%, year on year.
After China and Mexico, they followed in descending order: Taiwan ($44,848 million, +22.5 per cent), Ireland ($42,458 million, +27.7 per cent) and Malaysia ($30,384 million, -4.3 per cent).
About 500 of the 22,000 Harmonised Tariff Schedule classification codes used to report US merchandise trade are identified as “advanced technology” codes, and meet the following criteria:
- The code contains products whose technology comes from a recognised high-technology field (e.g., biotechnology).
- These products represent state-of-the-art technology in that field.
- The products constitute a significant part of all items included in the selected classification code.
Other outstanding suppliers were: South Korea ($29.319 billion, +21.7%), Germany ($28.618 billion, +5.9%), Japan ($25.319 billion, +18.3%), Thailand ($21.614 billion, +24%) and Canada ($16.970 billion, +26.1 percent).
On the other hand, US affiliates of international companies in the United States not only support US employment in high-tech industries, but also make important contributions to the economy through research and development (R&D) spending, exports and value-added activities.
The value-added of foreign investment in high technology is significant in the United States. Foreign Direct Investment (FDI) inflows in the high-tech sector continue to grow and support the competitiveness of the US economy in global markets.