The United States imported $336.7 billion in goods in May 2024, a decrease of $1.2 billion from the previous year as per the U.S. Bureau of Economic Analysis (BEA). The U.S. goods and trade deficit increased 0.8%, or $75.1 billion, from just one year before.
What are the top imports? The raw figures from the BEA aren’t very revealing. Top of the list is industrial supplies and materials, followed by consumer goods and capital goods. Other sources provide more detail. Key Takeaways: The United States imports billions of dollars worth of goods and services each year. The top three categories of imports are capital goods, consumer goods, and industrial supplies and materials. In 2024, Mexico, Canada, and China exported the most goods to the U.S. Understanding U.S. Imports: The top U.S. imports in 2022, by dollar value, were crude petroleum, cars, broadcasting equipment, computers, and packaged medication according to the Organization of Economic Cooperation. The countries from which these products were imported were China, Canada, Mexico, Germany, and Japan in that order of volume. Import Data from the Census Bureau: A closer look at the current composition of U.S. goods imports. All figures are based on U.S. Census Bureau data for 2024. Capital goods, excluding automotive, took the top spot in 2023 at $859.1 billion. Electric devices and computers were the two highest types of capital goods imported. Telecommunications equipment and industrial machinery followed in terms of highest values of imports. This category also includes semiconductors, food machinery, and aircraft parts. Consumer goods were the second-largest commodity imported by the U.S. with $757.7 billion worth of goods imported. Pharmaceutical preparations were the top commodity followed by products in the cell phones and other household goods category. Consumer goods also include furniture, artwork, apparel, and glassware. Next on the list were industrial supplies and materials at $675.4 billion. Crude oil held the top spot in the category followed by petroleum products and industrial supplies. This category also includes finished metal and plastic. The States That Import the Most: California is the top state importer of foreign goods. Followed by Texas, Illinois, Michigan, New Jersey, New York, and Georgia as of May 2024 according to the U.S. Census Bureau. Top Exporters to the United States: Mexico is the top exporter of goods and services to the U.S. In May 2024, it provided 15.9% of the country’s total imports. Canada and China followed with 13% and 12.7% respectively. All other countries that import to the U.S. are in the single digits, including Germany at 5% and Japan at 4.5%. What Are the 3 Largest Exports and the Three Largest Imports of the U.S.? The Bureau of Economic Analysis divides imports into six categories. The three largest are: capital goods, consumer goods, and industrial supplies.In May 2024, the United States’ top imports were as follows:
– Computers topped the list in the capital goods category.
– Pharmaceuticals, including packaged medications, were the leading category in consumer goods.
– Crude oil secured the top spot in industrial supplies.
As for exports, industrial supplies took the lead, which includes crude oil, fuel oil, and natural gas. Capital goods were the next significant export category, led by other industrial machinery, civilian aircraft engines, and semiconductors.
Regarding food imports, the U.S. imports only about 15% of its food supply each year. This includes a significant 94% of its fresh fish, 55% of fresh fruit, and 32% of fresh vegetables. The U.S.’s largest sources of imported food are Canada and Mexico, with France, Italy, and Singapore also being major suppliers.
The largest trading partners of the U.S. as of May 2024 were Mexico, Canada, and China, in that order. The U.S. experienced the largest deficits in trading with China, Mexico, and Vietnam, in that order.
The United States, being the world’s largest economy, relies on inputs imported from other countries to produce finished goods for domestic consumption. The majority of the country’s imports come from its major trading partners like Mexico, Canada, and China. Even though some of these products originate from overseas, their role in the manufacturing process is crucial for keeping the U.S. economy vibrant.