USA’s TRADE HIKE IN 2023
The
United States in the Northern portion of America is an influential economy of
the continent with a wide range of exports heavily reliant on the trade rate of
agricultural and industrial goods. The growing economy of the nation is an
initial result of cutting-edge manufacturing and mining technologies and the
vast government reforms supporting the trade of the nation to a huge extent.
The US with a vast land area of 1.8 square miles and its maritime borders with
the Pacific Ocean and Alaska in the Northwestern region serves as an initial
trade key player of the European continent by its evolving trade relation with
the top traders via the overseas transportation ports.
The
growing import and export trade rate of the nation by significant growth in its
rising domestic needs and production efficacy has attained a staggering value
of 2.5 trillion US dollars and 3.5 trillion US dollars in 2023. The GDP with a
substantial contribution of all the factors accounting growing economy like
import and export trade rates, tourism sectors, finance sector, agricultural
sector, and hospitality of the nation has recorded a GDP of 24.9 trillion US
dollars in 2023. Import Global provides you with a detailed outlook of the key
insights of the country’s global growth for a clear visualization of the
significant factors behind the growing economy.
TOP
10 GOVERNMENT INITIATIVES BEHIND THE GROWING ECONOMY OF THE USA IN 2023
The
government in the past few decades has established different government reforms
for the betterment of the industrial infrastructure which has recorded a
positive growth trend in the country’s economy. According to the USA Trade
Data, the top 10 government initiatives behind the growing economy of the
nation in 2023 are discussed below,
- Infrastructure Investment and Jobs Act
- CHIPS and
Science Act
- Inflation
Reduction Act (IRA)
- Reshoring
and Supply Chain Resilience Initiatives
- Energy
Sector Investments
- Tax
Incentives for Small Businesses
- Expansion of
Affordable Healthcare
- Student Loan
Forgiveness and Education Funding
- Federal
Reserve’s Monetary Policy
- Immigration
Reforms
TOP
IMPORTED PRODUCTS OF USA IN 2023
The
country’s growing domestic and industrial necessities are leading to the
expansion of import trade rates over the top traders worldwide for significant
revenue generation. As per the USA Import Data, the top 10 government
initiatives behind the growing economy of the nation in 2023 are discussed
below,
- Electronic
equipment (HS code – 85) – Market cost rate of Electronic equipment
imports 2023 -400 billion US dollars
VARIATIONS OF USA ELECTRONIC EQUIPMENT IMPORTS
a.
Mobile Phones
b.
Laptops/Notebooks
c.
Audio/Video Equipment
d.
Wearable Devices
e.
Computer Parts and Accessories
- Crude oil (HS
code – 15) – Market cost rate of Crude oil imports 2023 –
300 billion US dollars
VARIATIONS OF USA CRUDE
OIL IMPORTS
a.
Light Sweet Crude Oil
b. Heavy Sour Crude Oil
c.
Canadian Tar Sands Oil
d. Russian Urals Blend
Crude Oil
e. OPEC Crude Oil
- Cars and
motor vehicles (HS code – 87) – Market cost rate of Cars and motor
vehicles imports 2023 - 200 billion US dollars
VARIATIONS OF USA CARS AND MOTOR
VEHICLES IMPORTS
a.
Passenger Cars
b. SUVs
c.
Trucks
d. Luxury Cars
e. Electric Vehicles
- Pharmaceuticals
(HS code – 29) – Market cost rate of Pharmaceuticals imports 2023
- 150 billion US dollars
VARIATIONS OF USA
PHARMACEUTICALS IMPORTS
a.
Biologics
b. Generic Drugs
c.
Active Pharmaceutical Ingredients (APIs)
d. Medical Devices
e. Wellness Products
- Machinery (HS
code – 84) – Market cost rate of Machinery imports 2023 –
100 billion US dollars
VARIATIONS OF USA
MACHINERY IMPORTS
a.
Construction Machinery
b. Industrial Machinery
c.
Agricultural Machinery
d. Electrical Machinery
e. Medical Equipment
TOP
EXPORTED PRODUCTS OF USA IN 2023
The
increasing production rate of the industrial sectors due to the continuous
efforts of the skilled workforce engaged in it is leading to increased export
of top-demanded commodities. As per the USA Export Data, the top exported products of the nation in 2023 are discussed
below,
- Machinery (HS
code – 84) – Market Cost rate of Machinery exports 2023 –
410 billion US dollars
VARIATIONS OF USA MACHINERY EXPORTS
a.
Industrial Machinery
b. Agricultural Machinery
c.
Construction Machinery
d. Electrical Machinery
e. Cutting-Edge Medical
Equipment
- Electrical
machinery (HS code – 85) – Market Cost rate of Electrical machinery
exports 2023 – 390 billion US dollars
VARIATIONS OF USA
ELECTRICAL MACHINERY EXPORTS
a.
Integrated Circuits
b. Electric Motors and
Generators
c.
Electrical Transformers
d. Electric Storage
Batteries
e. Electronic Printed
Circuits
- Vehicles (HS
code – 87) – Market Cost rate of Vehicles exports 2023
–270 billion US dollars
VARIATIONS OF USA VEHICLES EXPORTS
a.
Passenger Cars
b. Commercial Trucks
c.
SUVs
d. Motorcycles
e. Outdoor Recreational
Vehicles
- Pharmaceuticals
(HS code – 29) – Market Cost rate of Pharmaceuticals exports
2023 – 200 billion US dollars
VARIATIONS OF USA
PHARMACEUTICALS EXPORTS
a.
Medicinal preparations
b. Vaccines
c.
Diagnostic test kits
d.