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Role Of Export in USA |
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Since ages United States have been recognized as the most developed country, with the largest economy in the world. All the sectors present in the cities of United States add to the per capita GDP (Gross Domestic Product) of the country. Almost all the features of United State’s economy, such as increase in investment, low rate of unemployment and so forth shows a high growth of productivity. The import and export sector of United States has also played a significant role in upgrading the social, economical and political status of the country to a large extent.
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As the factors of United States on which the export industry largely depends on, such as modern transportation, globalization, multinational corporations, industrialization and so forth, has been flourishing throughout the year; hence the growth of exports in United States in inevitable.
In 2006 the GDP growth rate of United States had soar by 3.2%, with GDP per capita calculated as $44,000. In the growth of 2006, the estimated monetary contribution of exports of United States is $1.024 trillion. Some of the principle goods and services which are exported by United States every year are agricultural products, capital goods, motor vehicle parts, industrial supplies, aircrafts, computers, telecommunications, and consumer goods like medicines, automobiles and so forth. The main countries which are the export partners of United States of America are Canada, contributing the maximum percentage, followed by Mexico, Japan, Mainland China and United Kingdom. In terms of international trade United States have an affluent position among all the nations. Since decades it has been one among the top three exporters of the world and has been consistently maintaining its position.
Role of export in USA has served as an example for other developed as well as developing nations. USA exports the surplus amount of goods and services produced in the nation, which in-turn augments the country’s capital growth. The country has been in an advantageous position for all its developed features and powerful economical status. For a prosperous and rightful trading, United States has been a part of several international trade organizations. By doing so it comes in mutual terms with the countries with which USA would execute the export business. As per United State’s exports report, carried out in the year 2004, the position of Canada has been at the highest position, followed by countries like Mexico, Japan, United Kingdom, China, Germany, Korea, Netherlands, Taiwan, France, Singapore and so forth. Almost 23% of the total export of United States was channelized to Canada. A total amount of 817, 939 million dollars of goods and services were exported by United States.
If we study the growth of exports of USA, from 1960 till 2004, then we can clearly see the steady growth of exports of goods and services. However, the percentage of goods exported is substantially higher than that of services. USA’s economy, not only exhibits surplus goods in almost all the sectors but in services as well; hence exporting services are also a common phenomenon.
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