In his March 11, 2010 State of the Union Address, President Obama announced National Export Initiative goals to double U.S. exports and create 2 million jobs over the next 5 years.
During 2009, America’s recovery in international trade had already gained traction.
The U.S. trade deficit fell 37.4% to US$500.9 million from $800 million in 2008. America also generated trade surpluses with 142 of the 233 countries and territories that exchange exported and imported goods with the U.S. in 2009.
Top 10 U.S. Trade Surplus Amounts by Country
Listed below are the top 10 U.S. trade surplus amounts by trade partner country in 2009.
- Hong Kong … US$17.6 billion American trade surplus (up 15.9% from 2008)
- Netherlands … $16.2 billion (down 14.9%)
- Australia … $11.6 billion (down 2.5%)
- United Arab Emirates … $10.6 billion (down 26.6%)
- Belgium … $7.8 billion (down 32.7%)
- Singapore … $6.6 billion (down 48.8%)
- Brazil … $6.1 billion (up 148.9%)
- Panama … $4.1 billion (down 10.6%)
- Turkey … $3.43 billion (down 40.9%)
- Chile … $3.41 billion (down 12.5%).
Hong Kong imports were responsible for America’s largest trade surplus amount last year. Hong Kong imports of American aircraft and spacecraft, diamonds and computer processors contributed the most to America’s trade surplus.
Netherland’s top 3 imports that boosted U.S. trade profits the most were petroleum oils, medications as well as American aerospace products.
U.S. exports of aircraft and spacecraft resulted in a $1.5 billion trade surplus with Australia, followed by American gold shipments to the Land Down Under at $878 million.
United Arab Emirates paid $3.1 billion towards the U.S. trade surplus through imported aircraft and spacecraft purchases. The U.S. also had net sales for passenger vehicles to the UAE of $448.7 million.
Top 10 U.S. Fastest-Growing Trade Surplus Amounts by Country
Smaller trading partners dominate the list of top 10 fastest-growing contributors to America’s bottom line in international trade.
- Mayotte … US$1.1 million American trade surplus (up 2,602.2% from 2008)
- Heard Island and McDonald Islands … $7.1 million (up 2,282.7%)
- Marshall Islands …. $63.9 million (up 992%)
- Mongolia … $25.7 million (up 475%)
- Afghanistan … $1.4 billion (up 251.5%)
- Kenya … $373.8 million (185.7%)
- Niue … $1.2 million (up 173.8%)
- Brazil … $6.1 billion (up 148.9%)
- Uganda … $88.2 million (up 146.2%)
- Peru … $733.1 million (up 123.6%).
The tiny French island of Mayotte located between Mozambique and Madagascar had the greatest percentage gain in adding to America’s trade surplus by country. Leading the most profitable U.S. exports to Mayotte were paper, women’s cotton trousers and cotton seeds.
Described in the CIA World Factbook as Australia’s uninhabited and sub-Arctic islands, Heard Island and McDonald Islands racked up $6.5 million in charges for imported optical media from the U.S.
Previously owned by the U.S. and located between Hawaii and Australia, Marshall Islands imported $43.9 million worth of made-in-USA aircraft and spacecraft in 2009. Imported modems, switches, routers and similar communication equipment also posted major gains. Some areas in the Marshall Islands are used for U.S. missile tests.
Among better-known importing countries, Afghanistan importers were major buyers of American-made special purpose vehicles, larger passenger cars and parts for airplanes and helicopters.
Brazil is the most heavily populated country on either of the above lists. Top U.S. exports to Brazil that account for the greatest trade surplus contributions include American aerospace products, coal and computer parts and accessories.
Meeting National Export Initiative Goals by Country
From the world’s fifth-largest country Brazil (population 198.7 million) to uninhabited sub-Arctic territories, the U.S. made major gains in establishing trade balances in 2009.
The U.S. has established competitive advantages and demand for its exported products. American exporters are set to improve their trade balance report cards in 2010 as the global economy continues to improve.