International trade to the U.S. economy

Question

How important is international trade to the U.S. economy?  In terms of volume, does the United States trade more with industrially advanced economies or with developing economies? What country is the United States’ most important trading partner, quantitatively?  

Answer 1

Exports and imports constituted 12 percent and 17 percent of GDP respectively in 2000.  These proportions have more than doubled since 1975.  The United States trades more with industrially advanced economies although the U.S. trade with Mexico is substantial.  The U.S.’s most important trading partner quantitatively is Canada, buying 24 percent of our exports and providing 20 percent of our imports in 1999.