Markets
Visualized: The Largest Trading Partners of the U.S.
Visualized: The Largest Trading Partners of the U.S.
The United States is the world’s biggest goods importer making it a powerhouse in the global movement of goods.
With so many imports, it goes without saying that the country has a significant goods deficit with many of its trading partners. The deficit with China, for example, is $383 billion. Meanwhile, the total goods trade deficit is nearly $1.2 trillion and it increased by 9% in 2022.
Given that the country has trade relations with more than 200 countries, regions, and territories, this network of relationships is complex. This visual, using data from the U.S. Bureau of Economic Analysis, makes trade relationships easier to understand, ranking the biggest trading partners of the U.S. in terms of goods trade alongside the value of exports and imports.
A Closer Look At U.S. Trade Balances
Trade balances are characterized in two ways: deficits and surpluses.
Each balance is determined by calculating the difference in U.S. exports and imports with a given trade partner. So while the balance with Ireland is a deficit of $66.1 billion, the balance with the Netherlands is a surplus of $38.3 billion.
Rank | Country | Exports | Imports | Balance |
---|---|---|---|---|
#1 | 🇨🇳 China | $153.8 B | $536.8 B | -$382.9 B |
#2 | 🇲🇽 Mexico | $324.4 B | $454.9 B | -$130.6 B |
#3 | 🇻🇳 Vietnam | $11.4 B | $127.5 B | -$116.1 B |
#4 | 🇨🇦 Canada | $356.1 B | $437.7 B | -$81.6 B |
#5 | 🇩🇪 Germany | $72.9 B | $146.6 B | -$73.7 B |
#6 | 🇯🇵 Japan | $80.3 B | $148.3 B | -$68.0 B |
#7 | 🇮🇪 Ireland | $16.0 B | $82.0 B | -$66.1 B |
#8 | 🇹🇼 Taiwan | $43.7 B | $91.8 B | -$48.1 B |
#9 | 🇰🇷 South Korea | $71.5 B | $115.3 B | -$43.9 B |
#10 | 🇹🇭 Thailand | $15.6 B | $58.7 B | -$43.1 B |
#11 | 🇮🇹 Italy | $27.4 B | $69.1 B | -$41.7 B |
#12 | 🇮🇳 India | $47.3 B | $85.7 B | -$38.3 B |
#13 | 🇲🇾 Malaysia | $18.1 B | $54.8 B | -$36.6 B |
#14 | 🇮🇩 Indonesia | $10.0 B | $34.6 B | -$24.6 B |
#15 | 🇨🇭 Switzerland | $36.9 B | $59.5 B | -$22.6 B |
#16 | 🇦🇹 Austria | $4.8 B | $17.8 B | -$13.1 B |
#17 | 🇷🇺 Russia | $1.7 B | $14.5 B | -$12.7 B |
#18 | 🇸🇦 Saudi Arabia | $11.6 B | $23.5 B | -$11.9 B |
#19 | 🇫🇷 France | $45.8 B | $57.4 B | -$11.5 B |
#20 | 🇸🇪 Sweden | $7.7 B | $17.1 B | -$9.4 B |
#21 | 🇿🇦 South Africa | $6.5 B | $14.6 B | -$8.1 B |
#22 | 🇮🇱 Israel | $14.2 B | $21.4 B | -$7.2 B |
#23 | 🇵🇭 Philippines | $9.3 B | $16.2 B | -$6.9 B |
#24 | 🇫🇮 Finland | $2.7 B | $8.7 B | -$6.1 B |
#25 | 🇭🇺 Hungary | $2.9 B | $7.7 B | -$4.8 B |
#26 | 🇨🇿 Czechia | $3.8 B | $7.5 B | -$3.7 B |
#27 | 🇳🇴 Norway | $4.7 B | $6.7 B | -$2.0 B |
#28 | 🇩🇿 Algeria | $1.2 B | $3.1 B | -$1.9 B |
#29 | 🇳🇬 Nigeria | $3.4 B | $4.8 B | -$1.4 B |
#30 | 🇵🇱 Poland | $11.3 B | $11.9 B | -$5.8 B |
#31 | 🇻🇪 Venezuela | $2.3 B | $0.4 B | +$1.9 B |
#32 | 🇨🇴 Colombia | $20.6 B | $18.6 B | +$2.0 B |
#33 | 🇪🇸 Spain | $26.5 B | $23.1 B | +$3.4 B |
#34 | 🇪🇬 Egypt | $6.6 B | $2.8 B | +$3.7 B |
#35 | 🇦🇷 Argentina | $12.9 B | $6.9 B | +$5.9 B |
#36 | 🇨🇱 Chile | $23.3 B | $15.6 B | +$7.7 B |
#37 | 🇧🇪 Belgium | $35.5 B | $26.8 B | +$8.8 B |
#38 | 🇬🇧 United Kingdom | $77.3 B | $64.0 B | +$13.3 B |
#39 | 🇦🇺 Australia | $30.2 B | $16.2 B | +$14.0 B |
#40 | 🇸🇬 Singapore | $46.2 B | $31.6 B | +$14.5 B |
#41 | 🇧🇷 Brazil | $53.6 B | $39.0 B | +$14.6 B |
#42 | 🇭🇰 Hong Kong | $25.9 B | $4.8 B | +$21.1 B |
#43 | 🇳🇱 Netherlands | $72.9 B | $34.6 B | +$38.3 B |
Total | $2.07 T | $3.25 T | -$1.18 T |
Note: Balances may not add up exactly due to rounding. Smaller trade relationships excluded on above table.
The U.S.’ largest trading partners are some of the world’s biggest exporters. ‘Made in China’ is ubiquitous for a reason. Manufacturing in places like Vietnam is playing a more essential role in the global economy, and thus the country shows up prominently on the chart above. Taiwan is also a major player due to its dominance in the semiconductor market.
Additionally, some of the most important partners are a case of proximity. Canada and Mexico are members of the USMCA agreement (which replaced NAFTA), making North America one of the world’s largest free trade zones. The U.S. dollar is typically stronger than the Canadian dollar and Mexican peso, making imports from Canada and Mexico relatively cheaper for U.S. consumers and businesses. Mexico’s lower labor costs and Canada’s petroleum surplus both play a role in trade imbalances as well.
While number one in terms of imports and services exports, the U.S. is the 2nd biggest goods exporter globally, revealed in its trade surpluses with countries like Hong Kong and the UK.
What’s Being Traded?
Without context, the chart above simply consists of large numbers. Below, we look at the actual goods moving between countries.
U.S. Exports
Overall, exports increased by 18% year-over-year. Here’s a look at some of the biggest recorded export items in 2022, alongside the dollar values:
- Crude oil: $47.5 billion
- Natural gas: $22.9 billion
- Civilian aircraft engines: $7.2 billion
- Soybeans: $7.0 billion
This list largest exports includes both commodities as well as items higher up on the economic complexity ladder, like airplane engines.
Foreign Imports
Imports increased by 15% last year. Interestingly, one of the top imports was crude oil—also one of the country’s top exports—equalling $65.1 billion. Here’s a look at the other big import items:
- Telecommunications equipment: $12.6 billion
- Pharmaceutical preparations: $18.8 billion
- Cell phones and other household goods: $11.0 billion
- Passenger cars: $19.0 billion
America’s largest imports tend to be vehicles and electronics. Non-tech goods like pharmaceuticals and furniture also rank high on the list.
The Trade Deficit Over Time
The U.S. has been at a deficit for over 40 years, so the current trend is no surprise.
While total trade (this time including both goods and services) dipped during the pandemic, the graph below reveals that trade figures are now higher than pre-pandemic levels and the overall deficit continues to increase.
Despite the trade deficit and a drop in manufacturing employment over time, U.S. industrial production has been increasing over the long term.
Notably, there have been some recent efforts to onshore manufacturing in a few key sectors.
For example, the U.S. government has stressed the importance of American-made semiconductor chips, after pandemic delays in Taiwan put major strain on a wide range of industries. The government introduced the CHIPS Act, which will help set up two semiconductor chip manufacturing hubs by 2030, among other things.
Markets
Mapped: The State of Economic Freedom in 2023
How free are people to control their own labor, property, and finances? This map reveals the state of economic freedom globally.

Mapped: The State of Economic Freedom in 2023
The concept of economic freedom serves as a vital framework for evaluating the extent to which individuals and businesses have the freedom to make economic decisions. In countries with low economic freedom, governments exert coercion and constraints on liberties, restricting choice for individuals and businesses, which can ultimately hinder prosperity.
The map above uses the annual Index of Economic Freedom from the Heritage Foundation to showcase the level of economic freedom in every country worldwide on a scale of 0-100, looking at factors like property rights, tax burdens, labor freedom, and so on.
The ranking categorizing scores of 80+ as free economies, 70-79.9 as mostly free, 60-69.9 as moderately free, 50-59.9 as mostly unfree, and 0-49.9 as repressed.
Measuring Economic Freedom
This ranking uses four broad categories with three key indicators each, both qualitative and quantitative, to measure economic freedom.
- Rule of law: property rights, judicial effectiveness, government integrity
- Size of government: tax burdens, fiscal health, government spending
- Regulatory efficiency: labor freedom, monetary freedom, business freedom
- Open markets: financial freedom, trade freedom, investment freedom
The 12 indicators are weighted equally and scored from 0-100. The overall score is then determined from the average of the 12 indicators.
Here’s a closer look at every country’s score:
Rank | Country | 2023 Score |
---|---|---|
#1 | 🇸🇬 Singapore | 83.9 |
#2 | 🇨🇭 Switzerland | 83.8 |
#3 | 🇮🇪 Ireland | 82.0 |
#4 | 🇹🇼 Taiwan | 80.7 |
#5 | 🇳🇿 New Zealand | 78.9 |
#6 | 🇪🇪 Estonia | 78.6 |
#7 | 🇱🇺 Luxembourg | 78.4 |
#8 | 🇳🇱 Netherlands | 78.0 |
#9 | 🇩🇰 Denmark | 77.6 |
#10 | 🇸🇪 Sweden | 77.5 |
#11 | 🇫🇮 Finland | 77.1 |
#12 | 🇳🇴 Norway | 76.9 |
#13 | 🇦🇺 Australia | 74.8 |
#14 | 🇩🇪 Germany | 73.7 |
#15 | 🇰🇷 South Korea | 73.7 |
#16 | 🇨🇦 Canada | 73.7 |
#17 | 🇱🇻 Latvia | 72.8 |
#18 | 🇨🇾 Cyprus | 72.3 |
#19 | 🇮🇸 Iceland | 72.2 |
#20 | 🇱🇹 Lithuania | 72.2 |
#21 | 🇨🇿 Czechia | 71.9 |
#22 | 🇨🇱 Chile | 71.1 |
#23 | 🇦🇹 Austria | 71.1 |
#24 | 🇦🇪 United Arab Emirates | 70.9 |
#25 | 🇺🇸 United States | 70.6 |
#26 | 🇲🇺 Mauritius | 70.6 |
#27 | 🇺🇾 Uruguay | 70.2 |
#28 | 🇬🇧 United Kingdom | 69.9 |
#29 | 🇧🇧 Barbados | 69.8 |
#30 | 🇵🇹 Portugal | 69.5 |
#31 | 🇯🇵 Japan | 69.3 |
#32 | 🇧🇬 Bulgaria | 69.3 |
#33 | 🇸🇰 Slovakia | 69.0 |
#34 | 🇮🇱 Israel | 68.9 |
#35 | 🇬🇪 Georgia | 68.7 |
#36 | 🇶🇦 Qatar | 68.6 |
#37 | 🇸🇮 Slovenia | 68.5 |
#38 | 🇼🇸 Samoa | 68.3 |
#39 | 🇯🇲 Jamaica | 68.1 |
#40 | 🇵🇱 Poland | 67.7 |
#41 | 🇲🇹 Malta | 67.5 |
#42 | 🇲🇾 Malaysia | 67.3 |
#43 | 🇧🇪 Belgium | 67.1 |
#44 | 🇵🇪 Peru | 66.5 |
#45 | 🇨🇷 Costa Rica | 66.5 |
#46 | 🇭🇷 Croatia | 66.4 |
#47 | 🇨🇻 Cabo Verde | 65.8 |
#48 | 🇧🇳 Brunei Darussalam | 65.7 |
#49 | 🇦🇱 Albania | 65.3 |
#50 | 🇦🇲 Armenia | 65.1 |
#51 | 🇪🇸 Spain | 65.0 |
#52 | 🇧🇼 Botswana | 64.9 |
#53 | 🇷🇴 Romania | 64.5 |
#54 | 🇭🇺 Hungary | 64.1 |
#55 | 🇵🇦 Panama | 63.8 |
#56 | 🇲🇰 North Macedonia | 63.7 |
#57 | 🇫🇷 France | 63.6 |
#58 | 🇷🇸 Serbia | 63.5 |
#59 | 🇻🇨 Saint Vincent and the Grenadines | 63.5 |
#60 | 🇮🇩 Indonesia | 63.5 |
#61 | 🇲🇽 Mexico | 63.2 |
#62 | 🇨🇴 Colombia | 63.1 |
#63 | 🇧🇦 Bosnia and Herzegovina | 62.9 |
#64 | 🇬🇹 Guatemala | 62.7 |
#65 | 🇩🇴 Dominican Republic | 62.6 |
#66 | 🇧🇸 The Bahamas | 62.6 |
#67 | 🇫🇲 Micronesia | 62.6 |
#68 | 🇧🇭 Bahrain | 62.5 |
#69 | 🇮🇹 Italy | 62.3 |
#70 | 🇻🇺 Vanuatu | 62.1 |
#71 | 🇰🇿 Kazakhstan | 62.1 |
#72 | 🇻🇳 Vietnam | 61.8 |
#73 | 🇲🇳 Mongolia | 61.7 |
#74 | 🇸🇹 São Tomé and Príncipe | 61.5 |
#75 | 🇦🇿 Azerbaijan | 61.4 |
#76 | 🇵🇾 Paraguay | 61.0 |
#77 | 🇲🇪 Montenegro | 60.9 |
#78 | 🇽🇰 Kosovo | 60.7 |
#79 | 🇱🇨 Saint Lucia | 60.7 |
#80 | 🇹🇭 Thailand | 60.6 |
#81 | 🇨🇮 Côte d'Ivoire | 60.4 |
#82 | 🇹🇴 Tonga | 60.0 |
#83 | 🇹🇿 Tanzania | 60.0 |
#84 | 🇧🇯 Benin | 59.8 |
#85 | 🇧🇿 Belize | 59.8 |
#86 | 🇩🇲 Dominica | 59.7 |
#87 | 🇸🇨 Seychelles | 59.5 |
#88 | 🇹🇹 Trinidad and Tobago | 59.5 |
#89 | 🇵🇭 Philippines | 59.3 |
#90 | 🇧🇹 Bhutan | 59.0 |
#91 | 🇲🇬 Madagascar | 58.9 |
#92 | 🇰🇮 Kiribati | 58.8 |
#93 | 🇯🇴 Jordan | 58.8 |
#94 | 🇭🇳 Honduras | 58.7 |
#95 | 🇴🇲 Oman | 58.5 |
#96 | 🇲🇩 Moldova | 58.5 |
#97 | 🇲🇦 Morocco | 58.4 |
#98 | 🇸🇦 Saudi Arabia | 58.3 |
#99 | 🇬🇭 Ghana | 58.0 |
#100 | 🇫🇯 Fiji | 58.0 |
#101 | 🇬🇲 The Gambia | 57.9 |
#102 | 🇳🇦 Namibia | 57.7 |
#103 | 🇸🇳 Senegal | 57.7 |
#104 | 🇹🇷 Türkiye | 56.9 |
#105 | 🇬🇾 Guyana | 56.9 |
#106 | 🇬🇷 Greece | 56.9 |
#107 | 🇸🇧 Solomon Islands | 56.9 |
#108 | 🇰🇼 Kuwait | 56.7 |
#109 | 🇺🇿 Uzbekistan | 56.5 |
#110 | 🇰🇭 Cambodia | 56.5 |
#111 | 🇧🇫 Burkina Faso | 56.2 |
#112 | 🇬🇦 Gabon | 56.1 |
#113 | 🇩🇯 Djibouti | 56.1 |
#114 | 🇸🇻 El Salvador | 56.0 |
#115 | 🇰🇬 Kyrgyzstan | 55.8 |
#116 | 🇿🇦 South Africa | 55.7 |
#117 | 🇲🇷 Mauritania | 55.3 |
#118 | 🇹🇬 Togo | 55.3 |
#119 | 🇪🇨 Ecuador | 55.0 |
#120 | 🇸🇿 Eswatini | 54.9 |
#121 | 🇳🇮 Nicaragua | 54.9 |
#122 | 🇲🇱 Mali | 54.5 |
#123 | 🇧🇩 Bangladesh | 54.4 |
#124 | 🇳🇬 Nigeria | 53.9 |
#125 | 🇷🇺 Russia | 53.8 |
#126 | 🇳🇪 Niger | 53.7 |
#127 | 🇧🇷 Brazil | 53.5 |
#128 | 🇰🇲 Comoros | 53.5 |
#129 | 🇬🇳 Guinea | 53.2 |
#130 | 🇦🇴 Angola | 53.0 |
#131 | 🇮🇳 India | 52.9 |
#132 | 🇹🇳 Tunisia | 52.9 |
#133 | 🇲🇼 Malawi | 52.8 |
#134 | 🇲🇿 Mozambique | 52.5 |
#135 | 🇰🇪 Kenya | 52.5 |
#136 | 🇱🇰 Sri Lanka | 52.2 |
#137 | 🇷🇼 Rwanda | 52.2 |
#138 | 🇹🇩 Chad | 52.0 |
#139 | 🇨🇲 Cameroon | 51.9 |
#140 | 🇵🇬 Papua New Guinea | 51.7 |
#141 | 🇱🇸 Lesotho | 51.6 |
#142 | 🇳🇵 Nepal | 51.4 |
#143 | 🇺🇬 Uganda | 51.4 |
#144 | 🇦🇷 Argentina | 51.0 |
#145 | 🇧🇾 Belarus | 51.0 |
#146 | 🇹🇯 Tajikistan | 50.6 |
#147 | 🇱🇦 Laos | 50.3 |
#148 | 🇸🇱 Sierra Leone | 50.2 |
#149 | 🇭🇹 Haiti | 49.9 |
#150 | 🇱🇷 Liberia | 49.6 |
#151 | 🇪🇬 Egypt | 49.6 |
#152 | 🇵🇰 Pakistan | 49.4 |
#153 | 🇬🇶 Equatorial Guinea | 48.3 |
#154 | 🇨🇳 China | 48.3 |
#155 | 🇪🇹 Ethiopia | 48.3 |
#156 | 🇨🇬 Congo | 48.1 |
#157 | 🇨🇩 Democratic Republic of the Congo | 47.9 |
#158 | 🇿🇲 Zambia | 47.8 |
#159 | 🇹🇱 Timor-Leste | 47.2 |
#160 | 🇲🇻 Maldives | 46.6 |
#161 | 🇹🇲 Turkmenistan | 46.5 |
#162 | 🇲🇲 Myanmar | 46.5 |
#163 | 🇸🇷 Suriname | 46.1 |
#164 | 🇱🇧 Lebanon | 45.6 |
#165 | 🇬🇼 Guinea-Bissau | 44.6 |
#166 | 🇨🇫 Central African Republic | 43.8 |
#167 | 🇧🇴 Bolivia | 43.4 |
#168 | 🇩🇿 Algeria | 43.2 |
#169 | 🇮🇷 Iran | 42.2 |
#170 | 🇧🇮 Burundi | 41.9 |
#171 | 🇪🇷 Eritrea | 39.5 |
#172 | 🇿🇼 Zimbabwe | 39.0 |
#173 | 🇸🇩 Sudan | 32.8 |
#174 | 🇻🇪 Venezuela | 25.8 |
#175 | 🇨🇺 Cuba | 24.3 |
#176 | 🇰🇵 North Korea | 2.9 |
- | 🇮🇶 Iraq | N/A |
- | 🇱🇾 Libya | N/A |
- | 🇱🇮 Liechtenstein | N/A |
- | Afghanistan | N/A |
Only four countries in the world have a score of 80 or above, Ireland, Singapore, Switzerland, and Taiwan, categorizing them as completely free economically.
Let’s now look at things from a more regional perspective.
Europe
From a regional perspective, Europe ranks the strongest in economic freedom.
Despite being a powerhouse within Europe, Germany ranks 10th in the continent, with a score of 73.7. One of the categories Germany scored the weakest in was government spending (28.3/100). Over the last three years, government spending has averaged 49% of GDP.
Ireland ranks third globally, scoring particularly high in categories like property rights and judicial effectiveness. The country also has no minimum capital requirement—which is typically a banking regulation and corporate law issue determining how many assets an organization must hold—making it attractive for businesses to set up shop on the Emerald Isle.
Africa
Currently, Africa is the continent with the least economic freedom in the world, however, it is also the region with the highest potential for economic growth. A booming population, and thus, labor force, are promising for future innovation. In fact, it’s anticipated that Africa will see an increase of 2.5 billion people by the end of the century.
The lowest scoring country in Africa is Sudan, a country under further strain thanks to rife civil conflict. Historically, economic development has been constrained by rampant corruption and a lack of institutional capacity.
Conversely, Botswana registered the highest score on continental Africa (64.9), ranking higher than countries like France and Italy.
The Americas
In the Americas, the United States ranks 3rd regionally—25th overall—with a score of 70.6. The report attributes the categorization of U.S. as only “mostly free” to issues like inflation, increasing government debt, and unchecked deficit spending. Public debt currently sits at a figure equivalent to more than 128% of GDP.
In South America, Chile comes out on top, ranking above many other economic powerhouses like the U.S., the UK, and Japan. However, the 2021 election of a new Constitutional Assembly could risk the current economic state, as it favors a much more socialist approach to the economy.
East Asia and Oceania
China’s score is among the lowest in East Asia & Oceania, ranking 154th in the world categorizing it as a repressed economy. The ruling Chinese Communist Party routinely exercises direct control over economic activity. China’s protectionist stance towards foreign investment and a plethora of trade tariffs imposed by other nations also factor in here.
In India, where public debt is equivalent to about 84% of GDP, fiscal health is the worst-scoring category. Additionally, much of the economy remains quite informal; a large share of people work in jobs without tax slips, recorded income, or formal contracts protecting them, which challenges labor freedoms.
The Middle East and Central Asia
It may come as no surprise that the United Arab Emirates has the highest score in the Middle East. The UAE has implemented various measures and initiatives, such as tax exemptions, duty-free zones, streamlined business registration processes, and flexible regulatory frameworks to encourage entrepreneurship and foreign direct investment. As well, the top individual and corporate tax rates in the country are 0%.
Türkiye’s lowest scoring category relates to judiciary effectiveness and the rule of law. President Recep Tayyip Erdoğan, who has already been in power for two decades, recently won the country’s election, again cementing his authority over Turkish politics. This makes it unlikely that Türkiye’s economic freedom score will recover in the short to medium term.
Where Does This Data Come From?
Source: The Index of Economic Freedom from the Heritage Foundation
Data notes: A number of countries were not ranked due to unavailable data or other factors, like ongoing war, that made it difficult to properly assess the economy. These countries include: Ukraine, Afghanistan, Iraq, Libya, Liechtenstein, Somalia, Syria, and Yemen.
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