U.S.-APEC Trade Facts

APEC Members

APEC has 21 members, referred to as “Member Economies”, which account for approximately 41 percent of the world’s population, 54 percent of the world’s total GDP and 44 percent of the world’s trade. APEC Member Economies are Australia; Brunei Darussalam; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Republic of the Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; the United States of America; and Viet Nam.

Why APEC is Important to U.S. Exporters

      • Nine of the top 15 U.S. export markets for goods are APEC Member Economies.
      • In 2010, U.S. exports to APEC accounted for almost 60 percent of overall U.S. exports.

In 2009, goods and services exports to APEC totaled $795 billion.

U.S.-APEC Trade Facts

U.S. goods and services trade with APEC economies totaled $1.9 trillion in 2009 (latest data available for goods and services trade combined). Exports totaled $795 billion; Imports totaled $1.1 trillion. The U.S. goods and services trade deficit with APEC economies was $302 billion in 2009.

The United States has a $1.6 trillion in total (two ways) goods trade with APEC economies during 2009. Goods exports totaled $774 billion; Goods imports totaled $1.2 trillion. The U.S. goods trade deficit with APEC economies was $461 billion in 2010.

Trade in services with APEC economies (exports and imports) totaled $278 billion in 2009 (latest data available for services trade). Services exports were $177.2 billion; Services imports were $100.8 billion. The U.S. services trade surplus with APEC economies was $76.5 billion in 2009.

Exports

U.S. goods exports to APEC economies in 2010 were $774 billion, up 25.3% ($156.5 billion) from 2009, and up 138% from 1994 (the year prior to Uruguay Round). U.S. exports to APEC economies account for 60.6% of overall U.S. exports in 2010.

The five largest export markets are: Canada ($248.2 billion), Mexico ($163.3 billion), China ($91.9 billion), Japan ($60.5 billion), and Korea ($38.8 billion).

The top export categories (2-digit HS) in 2010 were: Machinery ($116.0 billion), Electrical Machinery ($110.4 billion), Vehicles ($69.6 billion), Mineral Fuel (oil) ($39.1 billion), and Optic and Medical Instruments ($37.9 billion).

U.S. exports of agricultural products to APEC economies totaled $83.2 billion in 2010. Leading categories include: soybeans ($15.8 billion), coarse grains ($7.9 billion), red meats, fresh/chilled/frozen ($7.3 billion), cotton ($4.3 billion), and fresh fruit ($3.4 billion).

U.S. exports of private commercial services* (i.e., excluding military and government) to APEC were $177.2 billion in 2009 (latest data available), down 2.6% ($4.7 billion) from 2008, but up 113% since 1994.

Imports

U.S. goods imports from APEC economies totaled $1.trillion in 2010, up 24.1% ($239.7 billion) from 2009, and up 171% over the last 16 years. U.S. imports from APEC economies account for 64.6% of overall U.S. imports in 2010.

The five largest country suppliers of imports are: China ($364.9 billion), Canada ($276.5 billion), Mexico ($229.7 billion), Japan ($120.3 billion), and Korea ($48.9 billion).

The five largest categories in 2010 were: Electrical Machinery ($229.5 billion), Machinery ($192.3 billion), Vehicles ($146.7 billion), Mineral Fuel (crude oil) ($142.4 billion), and Furniture and Bedding ($34.2 billion).

U.S. imports of agricultural products to APEC economies totaled $50.3 billion in 2010. Leading categories include: fresh vegetables ($5.0 billion), snack foods (including chocolate) ($4.5 billion),), fresh fruit (excluding bananas and plantains) ($4.1 billion), processed fruit and vegetables ($4.0 billion) and red meats, fresh/chilled/frozen ($3.9 billion).

U.S. imports of private commercial services* (i.e., excluding military and government) were $100.8 billion in 2009 (latest data available), down 11.6% ($13.2 billion) from 2008, but up 120% since 1994.

Trade Balance

The U.S. goods trade deficit with APEC economies was $461.1 billion in 2010, a 22.0% increase ($83.2 billion) over 2009.

The United States has a services trade surplus of $76.5 billion with APEC economies in 2009 (latest data available).

Investment

U.S. foreign direct investment (FDI) in the APEC economies (stock) totaled $892.9 billion in 2009 (latest data available), up 7.0% from 2008.

U.S. direct investment in the APEC economies is concentrated in the manufacturing, nonbank holding companies, and finance/insurance sectors.

The APEC economies’ FDI in the United States economies (stock) was $600 billion in 2009 (latest data available), up 7.7% from 2008.

The APEC economies direct investment in the U.S. is led by the manufacturing, wholesale trade, and finance/insurance sectors.

APEC economies consist of Australia; Brunei; Canada; Chile; China; Hong Kong, China; Indonesia; Japan; Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; Philippines; Russia; Singapore; Chinese Taipei (Taiwan); Thailand; and Vietnam

 

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Reference: http://www.ustr.gov/trade-agreements/other-initiatives/asia-pacific-economic-cooperation-apec/us-apec-trade-facts

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