Top 3 U.S. Export Destinations

Canada, Mexico and China were the top three destinations for U.S. exports in the January-July 2023 period.

This is how the amounts totaled: U.S. goods were sold to Canada for $206.537 billion, with no percentage change; to Mexico for $186.958 billion (-0.5%); and to China for $83.248 billion (-1.1 percent).

Globally, merchandise exports from the U.S. totaled $1.164.93 billion, down 2 percent over the first seven months of 2022.

Going forward, the International Monetary Fund (IMF) forecasts global GDP growth of 3.0% in 2023 and 2024.

Also, the IMF forecasts GDP growth in emerging Asian economies to increase from 4.5% in 2022 to 5.3% in 2023 and grow another 5.0% in 2024.

In addition, inflation is projected to decline from 8.7% in 2022 to 6.8% and 5.2% in 2023 and 2024, respectively, according to the IMF.

While growth in China continues to lag, the country’s government recently pledged to implement several measures to stimulate consumer demand, including measures to meet the needs of homebuyers in an effort to support the domestic real estate sector.

Exports

Globally, expectations of a decline in inflation and an improving growth outlook have begun to emerge.

While core inflation, which excludes the more volatile energy and food prices, remains above most central banks’ targets, it has started to gradually decline, raising hopes of a so-called «soft landing.»

In particular, the global commodities market is currently facing great uncertainty amid geopolitical tension related to the Ukraine-Russia conflict, in addition to the earlier supply chain crisis as a result of Covid-19.

The World Bank has indicated that it expects commodity prices to remain elevated through the end of 2024.

To Canada, the United States exports mainly cars, petroleum oils (except crude oil) and goods vehicles; to Mexico, it sells petroleum oils (except crude oil), auto parts and gas; and to China it trades soybeans, electronic integrated circuits and petroleum.