United States (USA) Exports, Imports, and Trade Partners | The Observatory of Economic Complexity (2024)

FAQs

What is Observatory of Economic Complexity USA? ›

The Observatory of Economic Complexity (OEC) is the world's leading data visualization tool for international trade data. The OEC makes more than 50 years of international trade data available through dozens of millions of interactive visualizations.

The OEC is currently designed and developed by Datawheel, but it began as a research project at MIT's Collective Learning group (former Macro Connections Group).

A country's importing and exporting activity can influence its GDP, its exchange rate, and its level of inflation and interest rates. A rising level of imports and a growing trade deficit can have a negative effect on a country's exchange rate.

It includes subnational level data for dozens of countries, sourced directly from their public customs records. This makes the OEC much more recent, relevant, and higher resolution.

The Economics Observatory (ECO) is a new project that bridges the gap between academic research, government policy and the general public. Our goal is to provide balanced and reliable answers to questions about the economy. We make it our mission to make these answers as accessible and engaging as possible.

Economic Complexity In 2022, the world most complex economies were Chinese Taipei (2.19), Japan (2.17), Switzerland (2.02), South Korea (1.9), and Germany (1.8). In contrast, the world least complex economies were Democratic Republic of the Congo (-1.8), Liberia (-1.88), Chad (-2.04), Mali (-2.21), and Guinea (-2.29).

Economic Complexity. + A measure of the knowledge in a society as expressed in the products it makes. The economic complexity of a country is calculated based on the diversity of exports a country produces and their.

Predictor of Growth: Research has shown that countries with higher economic complexity often experience faster economic growth. They possess a diversified portfolio of products and services, making them less susceptible to economic shocks.

The top five purchasers of U.S. goods exports in 2022 were: Canada ($356.5 billion), Mexico ($324.3 billion), China ($150.4 billion), Japan ($80.2 billion), and the United Kingdom ($76.2 billion).

Who is the US #1 import country? ›

Texas is the leading U.S. exporter to major global economies, including Canada, China, the U.K. and Germany.

U.S. has a highly flexible labor market, where the industry adheres to a hire-and-fire policy, and job security is relatively low. Among OECD nations, the U.S. has a highly efficient and strong social security system; social expenditure stood at roughly 30% of GDP.

Trade is critical to America's prosperity - fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.

Economic Complexity Ranking

During the last 20 years United States's⁩ ⁨economy has become relatively less complex, moving from the ⁩⁨6th to the 10th⁩ position in the ECI rank. These economic complexity rankings use 6 digit exports classified according to the HS96 classification.

Among the largest, best developed, and most renowned of these high altitude sites is the Mauna Kea Observatory located near the summit of a 4,205 m (13,796 ft) volcano in Hawaii, which has grown to include over a dozen major telescopes during the four decades since it was founded.

Even the simplest observatories can provide a detailed look at stars whose light has traveled for thousands of years before reaching Earth. The largest and most sophisticated observatories routinely study objects from which light has traveled for 10 billion years or more.

OEC is a privately held company, a wholly owned subsidiary of Novonor, which provides services in the heavy civil construction and industrial construction, assembly and maintenance segments. The company, based in Brazil, primarily serves four markets: Brazil, Angola, Peru and the United States.