At the Exporting Excellence™ blog, we’re all about international trade. International trade does more to create jobs, promote cultural ties, create an interchange of ideas, transfer technology and promote understanding throughout the world than any other means of diplomacy, foreign aid, statecraft, etc. Most of all, international trade is a great enabler of economic growth and wealth creation for all countries of the world. While we have posted content about specific markets on this blog, we’d also like to introduce a series of lists that outline the best markets for U.S. exports in general and by specific industry.
The proof is overwhelming: export sales can grow your business far more than local sales. After all, why limit yourself to your zip code when you can literally sell to the world. Here then, is a look at the top 10 markets for U.S. exports:
# 1 – Canada. Value of U.S. exports purchased in 2013: US$301.6 billion. Exporters of automobiles, trucks and accessories thereof take note: Canadians love large and midsized cars and trucks made in the USA.
#2 – Mexico. Value of U.S. exports purchased in 2013: US$226.1 billion. America’s neighbor to the south is well situated to engage in two-way trade with all NAFTA countries as we detailed in a recent blog post. U.S. exporters of industrial machinery, agricultural products and dairy products will find a great deal of opportunity in Mexico.
# 3 – China. Value of U.S. exports purchased in 2013: US$121.7 billion. See, it’s not a one way street! While China does supply an enormous amount of manufactured goods to the United States, American companies exporting agricultural products and hi-tech equipment are going to see growth in China for years to come.
# 4- Japan. Value of U.S. exports purchased in 2013: US$65.2 billion. Japan has a diverse consumer market as demonstrated by the fact that U.S. exports of medical instruments, aircraft equipment and industrial machinery are in high demand. Japan, like China, is a good market for U.S. technological goods and services.
#5 – United Kingdom. Value of U.S. exports purchased in 2013: US$56 billion. See how trade works? Not only political allies, but also major trading partners, the U.S.-U.K. relationship remains one of the closest in the world on so many levels. U.S. exports of agricultural products as well as foods continue to enjoy growth in the U.K. despite the economic turbulence of recent years.
# 6 – Germany. Value of U.S. exports purchased in 2013: US$44.2 billion. Technological goods, pharmaceuticals and medical equipment from the United States are in high demand in Germany. It is the strongest of Europe’s economies and should be a key part of your Europe export strategy.
#7 – Brazil. Value of U.S. exports purchased in 2014: US$44.1 billion. We profiled Brazil in a recent blog post as it offers great potential for U.S. exports. Machinery and aircraft equipment account for the lion’s share of Brazilian imports from the U.S. Tourism also remains a growth sector with substantial interest from U.S. tourists and investors.
# 8 – The Netherlands. Value of U.S. exports purchased in 2013: US$42.6 billion. U.S. exporters in the fields of “Clean Tech”, medical equipment, and biotechnology will find The Netherlands to be an attractive market with strong growth potential.
# 9 – South Korea. Value of U.S. exports purchased in 2013: US$41.7 billion. Along with Canada and Mexico (NAFTA), South Korea is one of the few countries that shares a Free Trade Agreement with the United States. Opportunities abound for companies exporting aircraft related equipment and for providers of research and development services and technology.
# 10 – France. Value of U.S. exports purchased in 2013: US$31.8 billion. Known for their rich artistic tradition, ironically, French imports of U.S. artwork exceed $200 million annually. Industrial goods such as specialty chemicals and high technology equipment from the United States enjoy strong demand in France as well.
Additional country data was obtained from the U.S. Bureau of Census, and Inc. Magazine.