Top 10 US Main Exports in 2024

In the context of international trade and economics, keeping an eye on and researching export data is essential to learning about a nation's overall economic performance. In the global trade market, the United States holds a prominent position, and its export numbers for 2024 are primarily promising. With $1.29 trillion of total exports in 2024 first half, the United States is the second-largest exporter in the globe. A wide range of items are exported from the country to several overseas locations. Let's examine US export information for 2024. To understand the trends and opportunities in export trade, we will examine US exports overall, US exports by nation, and the Top US exports in 2024 in this article.

US Exports: A Major Force Behind Economic Development

US exports are a critical factor in the nation's financial growth and job creation. The United States exports numerous goods, which include equipment, electronics, pharmaceuticals, and mineral oil. The rate index for US exports expanded to 0.8% in February 2024 from a 0.9% benefit in January 2024. The US is anticipated to grow its exports of products and offerings from countries encircling the worldwide commerce arena in 2024.

US Export Trends and Market Insights for 2024

• Total Exports: $1.29 trillion

• Trade Balance: $360 billion

• Export Share in GDP: 10%

• Biggest Export: Mineral fuels and mineral oils ($81.28 billion)

• Top Export Destination: Canada ($85.69 billion)

Which commodities are the Top 10 US Exports in 2024?

The United States of America persisted in exporting a broad variety of goods to the world market in 2024. The United States of America's top exports in the first quarter of 2024 were mineral fuels and oils, valued at $81.28 billion. When combined, these important export goods accounted for 16.3% of all US exports. Among the top 10 US exports in 2024 are:

1. Mineral fuels and mineral oils: $81.28 billion

The US continued to be a major exporter of fuel and oil in 2024. Mineral fuels and mineral oils have the HS code 27. Its percentage of US exports is 16.02%. Leading US companies in this industry include ExxonMobil, Chevron, and ConocoPhillips.

2. Nuclear reactors and mechanical appliances: $60.09 billion

This is an important export sector since the US is recognized for its cutting-edge equipment and generation. 84 is the HS code for household mechanical equipment and nuclear reactors. Its export proportion of the top US exports is 11.84%. Among the top US companies in the field are General Electrics (GE), John Deere, and Caterpillar Inc.

3. Electrical equipment and machinery: $50.08 billion

America is a major exporter of electrical gear thanks to advancements in electronics and technology. Electrical equipment and machinery have the HS Code 85. It represents 9.87% of the US export market share. Prominent American corporations encompass the semiconductor industry's Intel Corporation and the consumer electronics sector's Apple Inc. Other noteworthy participants include Qualcomm, Cisco, Microsoft, NVIDIA, and Texas Instruments.

4. Vehicles: $35.48 billion

Many vehicles are exported from the US to other countries across the world, making the auto industry a significant player in the export market. Motors have the HS code 87. Its overall percentage among the top US exports is 6.99%. This industry is dominated in the US by well-known American corporations including General Motors (GM), Ford, and Tesla.

5. Aircraft, spacecraft, and parts thereof: $30.92 billion

Since the US leads the globe in the aerospace sector, this is the best export category for the country. Aircraft, spacecraft, and parts use the HS code 88. 6.1% of the top US exports are made up of this commodity. Leading the way in the aviation industry are companies such as Boeing and Lockheed Martin, which help the US retain its unparalleled dominance by providing the globe with state-of-the-art airplanes and spacecraft.

6. Optical, measuring, or surgical instruments: $26.37 billion

The US is well-known for its advanced medical technology, leading to exports in this field. This product's HS code is 90. Its overall export percentage among the top US exports is 5.2%.

7. Pharmaceutical products: $22.13 billion

Prescription medicine exports from the US are a major industry player with a significant global footprint. Pharmaceutical products have the HS code 30. 4.36% of the top US exports come from it. The top US companies in this industry include Pfizer, Johnson & Johnson, Merck, and Medtronic.

8. Precious stones and metals: $21.14 billion

Treasured metals and gemstones are a growing export commodity for the US, which is a sizable exporter of these goods. Precious stones and metals have the HS code 71. The total export percentage of this commodity among the top US exports is 4.17%. This industry is led by well-known companies in the US including Tiffany & Co., Signet Jewelers, and Newmont Corporation.

9. Plastics and articles thereof: $20.07 billion

Plastics are a major export from the United States, with a variety of goods being shipped to other countries. 39 is the HS code for goods and plastics. 3.96% of the top US exports' export share is made up of it. Prominent US-based companies operating in this field are LyondellBasell, Dow, and ExxonMobil.

10. Commodities not elsewhere specified: $16.09 billion

This category includes a variety of goods and products that can be exported from the US to a variety of countries worldwide. For commodities not otherwise designated, the HS Code is 99. The total export percentage of this commodity in the top US exports is 3.17%.

US Exports by Area

Canada (17.5% of overall U.S. exports), Mexico (16%), China (7.3%), the Netherlands (4.1%), Germany (3.8), Japan (3.8%), the United Kingdom (3.7%), South Korea (3.2%), and Brazil (2.2%) were the countries from which more new entrants purchased US shares valued at 63.8% of exports. 33.5% of the value of US exports came from the two other North American economic partners, Canada and Mexico, on the continent. A further 23.8% of the products were delivered to Europe, while just 29.6% were sold to Asian importers. On the other hand, South America, which excludes Mexico but includes the Caribbean, accounted for 9.8% of sales for American exporters. Lower percentages were received by buyers in Africa (1.4%) and Oceania (1.9%), which was led by Australia and New Zealand.

Top 10 USA Export Partners in 2024 | US Exports by Nation

The United States exports goods and services to a wide variety of countries, some of which are important trading partners. The leading export destinations for American goods in 2024 are expected to be China, Canada, Mexico, Japan, and Germany. Due to their close trading ties with the US, these countries' increased demand for US products and services will result in higher export levels in the 2024 fiscal year. In 2024 Q1, the top 10 US export destinations include:

1. Canada: $85.69 billion

2. Mexico: $80.16 billion

3. China: $36.85 billion

4. Netherlands: $22 billion

5. Germany: $19.82 billion

6. Japan: $18.97 billion

7. United Kingdom: $18.73 billion

8. South Korea: $16.68 billion

9. France: $11.71 billion

10. Brazil: $11.53 billion

Which American companies are the leading exporters in the US?

Some of the largest export businesses in the world are based in the United States. Top US exporters in 2024 include the following:

• Chevron Corporation: oil, gas

• Apple: computer hardware

• Boeing: aerospace

• AbbVie: pharmaceuticals

• Cisco Systems: Communications equipment

The US Export Market Outlook for 2024

US export data for 2024 show the country's trade performance internationally. These facts, which are based on thorough statistical research and extensive reporting, provide insightful information about the export characteristics of the US and the major industries that use growing and expanding markets for US goods and services. Policymakers, economists, and businesses can make informed decisions to seize opportunities and handle challenging circumstances in the dynamic global purchasing and selling landscape by carefully examining US export figures for 2024.

The US exports accounted for $507.32 billion in 2024 Q1 and $791.4 billion in 2024 Q2 making a total of $1.29 trillion in the first six months of 2024. Exports of automobiles, parts, and engines increased by $1.4 billion, driven by passenger cars and various car accessories and add-ons, while those of capital and consumer goods increased by $0.6 billion each. However, these improvements were offset by a $1.7 billion decline in revenue from commercial chemicals and commodities, primarily connected to crude and gas oil.

Important Points of Interest for US Export Data for 2024

• In 2024, US exports brought in a total of $1.29 trillion.

• With $257.2 billion in exports in January 2024, there was a $0.3 billion increase over December 2023's total.

• In 2024, the United States' top export commodities were mineral fuels and mineral oils, valued at $81.28 billion.

• With a $85.69 billion export share in 2024, Canada was the US's largest trading partner.

US Exports in the Last Decade

Conclusion

In conclusion, the US continues to be a chief participant in the global export enterprise, delivering and exporting a huge variety of goods to many distinctive nations. It is projected that the US export data for 2024 will exhibit a robust rising fashion inside the main export classes, which encompass pharmaceuticals, equipment, electronics, and mineral fuels. To apprehend the United States economy and the way it influences the industrial trade market, it's far critical to know about the latest top 10 and main exports of the US for the fiscal year 2024. 

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