Einar H. Dyvik
Research expert covering Nordics and global data for society, economy, and politics
Imports in the U.S. - statistics & facts
As the world's largest importer, imported goods hold significant influence over the U.S. economy and lives of everyday Americans. In 2024, the total value of international U.S. imports of goods and services amounted to 4.1 trillion U.S. dollars, marking one of the highest figures observed since the turn of the millennium. While this substantial number of imports helps to keep consumer costs low, there is a long-standing debate in the U.S. around free-trade.
Imports of goods and services amounted to around 14 percent of U.S. gross domestic product. Imported goods include a wide variety of items including merchandise, raw materials, and supplies, including petroleum and related products. Computers and electronic products were the most valuable imports, valued at nearly 550 billion U.S. dollars in 2024. Other leading imported goods included transportation equipment, chemicals, and machinery.
Generally, economists cannot agree on if trade deficits are good or bad for an economy. On the one hand, a deficit could make an economy weaker, as more imports equals more money spent and more currency exiting the country. Many politicians in the U.S. cite the trade deficit with China as the reason for a decline in U.S. manufacturing jobs, as well as automation and technological advancements. While some view an economy buying more goods and services than it is selling may hurt job creation and economic growth, others believe a trade deficit could have the potential to attract more foreign investment in U.S. assets. Foreign firms operating in the U.S. tend to pay higher than average wages, invest more in research and development, and increase the efficiency of U.S. companies that they compete with.
Goods and services
Mexico emerged as the leading source of U.S. imports in 2024, with goods valued at 505.85 billion U.S. dollars. China and Canada followed closely, underscoring the importance of regional trade agreements such as the United States-Mexico-Canada Agreement. Germany and Japan also maintained strong trade relationships with the U.S., each contributing over 140 billion U.S. dollars in imports. The balance of trade, which quantifies the value of imports and exports within a country's economy, is determined by subtracting the total value of imports from the total value of exports. Due in part to the United States-Mexico-Canada Agreement (USMCA), Canada and Mexico were among the top single-country import partners of the United States in 2024. Additionally, the total import value of trade goods from China to the United States amounted to approximately 439 billion U.S. dollars.Imports of goods and services amounted to around 14 percent of U.S. gross domestic product. Imported goods include a wide variety of items including merchandise, raw materials, and supplies, including petroleum and related products. Computers and electronic products were the most valuable imports, valued at nearly 550 billion U.S. dollars in 2024. Other leading imported goods included transportation equipment, chemicals, and machinery.
A long-standing deficit
Despite the substantial value of imports, the United States faced a trade deficit of approximately 918 billion U.S. dollars in 2024. This deficit has been a persistent feature of U.S. trade, with 2023 marking a rare decrease from the previous year. Looking ahead, imports are expected to grow by 1.21 percent in 2029, indicating a continued reliance on foreign goods and services. However, potential changes in trade policies, such as proposed tariffs on imports from key partners like China, Canada, and Mexico, could significantly impact these projections and alter the landscape of U.S. international trade.Generally, economists cannot agree on if trade deficits are good or bad for an economy. On the one hand, a deficit could make an economy weaker, as more imports equals more money spent and more currency exiting the country. Many politicians in the U.S. cite the trade deficit with China as the reason for a decline in U.S. manufacturing jobs, as well as automation and technological advancements. While some view an economy buying more goods and services than it is selling may hurt job creation and economic growth, others believe a trade deficit could have the potential to attract more foreign investment in U.S. assets. Foreign firms operating in the U.S. tend to pay higher than average wages, invest more in research and development, and increase the efficiency of U.S. companies that they compete with.
