Top 3 United Sates trading partners
Mexico, Canada and China were the top three U.S. trading partners in the first quarter of 2023, considering only products, not services.
The United States imported $115.494 billion worth of goods from Mexico from January to March of this year, an increase of 8.7% year-over-year.
On the other hand, the United States sent goods to the Mexican market for 81.168 billion dollars, an increase of 6.9 percent.
Thus, Mexico ranked first among the United States’ largest trading partners.
The United States has a large economy that is highly integrated into the world economy. The GDP of the United States is the largest in the world. It is also a leader in global trade. Top importer of goods. Second largest importer of goods.
In terms of trade with Canada: the United States recorded quarterly exports of US$86,127 million (+4.5 percent, year-on-year) and imports of US$104,262 million (+0.7 percent).
Trading partners
The USMCA entered into force for the United States, Mexico and Canada on July 1, 2020 and replaced NAFTA.
Since then, the USMCA maintains the zero tariffs that already applied between the three countries under NAFTA.
In contrast, the United States applies unilateral tariffs to China as part of a trade war between the two powers.
In the first quarter of 2023, Chinese exports to the U.S. market were $99.663 billion, a year-on-year drop of 27.5 percent.
On the contrary, U.S. sales to the Chinese market totaled $38.892 billion, this is 6.9 percent more than in the same period of 2022.
From January to March 2023, U.S. product exports to the world totaled $508.651 billion, a 6.5 percent year-over-year growth.
At the same time, U.S. global imports were $747.967 billion, down 4% year-over-year.
U.S. trade policy towards China has been an important element in recent years, not only because of their direct bilateral relationship, but also because the situation between the world’s two major trading powers has a major impact or often a spillover effect on third countries.
