Analysis and Studies - Country Analysis
United States: a look at the market
November 17th 2023
United States situated in the North America, bordering both the Nord Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico.
Moreover It’s the world’s third-largest country by size, after Russia and Canada and also by population after China and India.
Notably that the language English is spoken only by 78 % of people, others 13% Spanish and about 1% Chinese. These data represents the language spoken at home; in the United States there isn’t an official national language, but English has acquired official status in 32 of 50 states; Hawaiian is an official language in the state of Hawaii, and 20 indigenous languages are official in Alaska.
A look at the market
United States diversified from others economy for an high-income.
In August 2023 there was a negative trade balance: the exports of United States have decreased by -4,86% from $180 billion to $ 172 billion, while imports decreased significantly by -6,25% from $248 billion to $266 billion.
On the other side, in August 2023, United States exported mostly to Canada (£ 31 billion), Mexico ($ 29 billion), China ($10.8 billion), Germany ($6.77 billion), and Japan ($6.58 billion).
About imports, United States imported mostly from Mexico with a value of $41.8 billion, China with $36.7 billion, Canada, Germany and Japan with value respectively $36.2 billion, $13.9 billion and $12.2 billion.
In 2021, United States was the first economy in terms of GDP, and the second in total exports and the number one in total imports.
Refined Petroleum, petroleum Gas, Crude Petroleum, Cars are the top exports of United States, that are exporting mostly to Canada, Mexico, South Korea, China and Japan.
On the other hand Cars, Crude Petroleum, Computers, Broadcasting Equipment and Packaged Medicaments are the main imports of United States, importing mostly from leader states, such as China, Mexico, Canada, Germany and Japan.
Notably United States was the world’s biggest importer of Cars, Computers and Motor Vehicles in 2021.
In 2023 there was a decrease in United States’ exports, explained primarily by a decrease in exports to China (-16.6%), Japan (-15.6%) and Switzerland (-27.8%).
Equally in the same year there was a decrease in imports, explained by a decrease of imports in China (-27.1%), Canada (-6.65%) and Vietnam (-17,8%).
Nearly, United States has a high level of specialization in Sorghum, Starch Residue, Forage Crops and Oil Seed Flower.
Finally, during the last twenty years the economy of United States has become less complex, running from the 6th to the 10th in the Economic complexity Index rank (this is a measure of the relative knowledge intensity of an economy or a product).