Economy of The United States - International Trade

International Trade

The United States is the world's largest trading nation. There is a high amount of U.S. dollars in circulation all around the planet. The dollar is also used as the standard unit of currency in international markets for commodities such as gold and petroleum.

In 2010, U.S. exports amounted to $1.3 trillion and imports amounted to $1.9 trillion. Trade deficit was $634.9 billion. The deficit on petroleum products was $270 billion. The trade deficit with China was $295 billion in 2011, a new record and up from $304 million in 1983. The United States had a $168 billion surplus on trade in services, and $803 billion deficit on trade in goods in 2010. China has expanded its foreign exchange reserves, which included $1.6 trillion of U.S. securities as of 2009. In 2010, the ten largest trading partners of the U.S. were Canada, China, Mexico, Japan, Germany, the United Kingdom, South Korea, France, Taiwan, and Brazil.

According to the KOF Index of Globalization and the Globalization Index by A.T. Kearney/Foreign Policy Magazine, the U.S. has a relatively high degree of globalization. U.S. workers send a third of all remittances in the world.