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Israel and Costa Rica Joint Declaration

עורך ראשי — Sun, 16 Apr 2023 05:30:03 +0000

We, Manuel Tovar, Minister of Foreign Trade of Costa Rica and Nir Barkat, Minister of Economy and Industry of Israel, are pleased to announce the decision to negotiate a Free Trade Agreement (FTA) between Costa Rica and Israel.

Despite the geographical distance, our nations share an enduring relationship that encompasses longstanding social, cultural, and political ties. Accordingly, our countries have engaged in conversations about pursuing closer bonds and taking our bilateral relationship to the next level.

Both our countries are members of the WTO and the OECD and strategic partners in our journey towards development. Each country offers various opportunities to the other. Israel has a technologically advanced market economy, leading in various innovation industries such as high-tech, agritech, and cleantech.

Costa Rica has transformed its economy and expanded from agricultural products to advanced medical manufacturing, electronics, tourism, information technology (IT) and sophisticated business support services. Therefore, the consolidation of a solid collaboration that strengthens supply chains and promotes the exchange of our high-quality goods and services is key for the synergy of our economies.

We have instructed our technical teams to work on drafting a clear Roadmap that encompasses our bilateral commitments as well as all the required preliminary steps that must be completed, including a Joint Study that properly assesses the expected gains from the FTA. Upon satisfactory implementation of the Roadmap by August 2023 at the latest, the negotiations for the FTA shall begin during the last quarter of 2023.

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CE marking – what does it really mean

עורך ראשי — Sun, 26 Mar 2023 05:00:00 +0000

Many products placed on the EU market have CE marking affixed to them. This marking is the visible symbol showing that the manufacturer has taken all necessary measures to ensure that the product complies with the applicable safety legislation. It plays a crucial part in the New Legislative Framework for the EU internal market for goods which entered into force at the beginning of 2010. The New Legislative Framework provides for the appropriate control of testing laboratories and certification bodies, and more importantly sets out a Union policy on surveillance of products on the market and of effective controls of products from third countries.

European product legislation was revolutionized by the “New Approach” introduced in 1985. This New Approach has become a role model for Better Regulation. The Legislation sets out the levels of protection that must be achieved and does not pre-judge the choice of technical solutions to achieve the levels. Today, the so called New Approach directives cover a large proportion of products marketed in the EU in more than 20 industrial sectors, including electro-technical products, machinery, radio/telecoms equipment, toys, medical devices, construction products and high-speed rail systems. It is estimated that the trade in products covered by the major New Approach sectors is in excess of €1500 billion per year. Most products covered by this legislation have CE marking affixed to them, which is the visible symbol that indicates that a product complies with all the applicable safety legislation.

1. Improving the understanding of CE marking
The CE marking is required for specific product categories and indicates that such products meet EU safety, health or environmental requirements. It guarantees the free movement of safe products within the European market and is a key indicator of a product’s compliance with EU legislation.

The CE marking is affixed by the manufacturer to its products. By placing CE marking on a product, he declares the product’s conformity with the applicable legal requirements valid in Europe. The manufacturer on his sole responsibility has to verify that the goods he is selling comply with all relevant legislations or – if necessary – has to have it examined by a notified conformity assessment body for that purpose.

Not all products sold in the EU need to bear CE marking. CE marking applies to 24 different product categories, ranging from electrical equipment to toys and from explosives to medical devices. Each product falls under one or more Directives, which determine the specific requirements that the product must meet in order to be CE-marked. Only the product categories subject to specific directives are required to be CE marked.

Wholesalers and retailers also bear some responsibility: they must verify that all the goods they distribute which require a CE marking are actually carrying one and that the necessary controls have been carried out.

In order to avoid non-conformity abuses, legal measures and economic sanctions have been established to deter the vast majority from doing so.

Six steps to obtain the CE marking

To comply with legal requirements, manufacturers have to follow six necessary steps in order to make their products ready for the market:

• Identify the directive(s) and harmonized standards applicable to the product. The essential requirements products have to fulfill (e.g. safety) are harmonized at EU level and are set out in general terms in the Directives. Harmonized European standards are issued with reference to the applied directives and express in detailed technical terms the essential requirements.

• Verify the product-specific requirements. It is up to manufacturer to ensure that his product complies with the essential requirements of the relevant EU legislation. Full compliance of a product to the harmonized standards gives to the product the “presumption of conformity” with the relevant essential requirements. The use of harmonized standards remains voluntary as manufacturers may decide to choose other ways to fulfill the essential requirements.

• Identify whether an independent conformity assessment is required from a Notified body. Each directive covering a particular product specifies whether an authorized third party (Notified Body) must be involved in the conformity assessment procedure necessary for CE marking.

• Test the product and check its conformity to the EU legislation. One part of the procedure is a risk assessment. By applying the relevant harmonized European standards, the manufacturer will be able to fulfill the essential legislative requirements of the directives.

• Draw up and keep available the required technical documentation. The manufacturer has to establish the technical documentation required by the Directive(s) for the assessment of the product’s conformity to the relevant requirements and a risk assessment. Together with the EC declaration of conformity, the technical documentation must be presented on request to the competent national authorities.

• Affixing the CE mark to your product and EC Declaration of Conformity. The CE Marking must be affixed by the manufacturer, according to its legal format visibly, legibly and indelibly to the product or its data plate. If a Notified Body was involved in the production control phase, its identification number must also be displayed.

2. Improved coherence and comparability of designation, operation and monitoring of Notified Bodies
New Approach directives require in certain circumstances that products are certified by third parties before being placed on the market. These third parties (so far 1800 in the EU) are laboratories, inspection and certification bodies which are known generally as conformity assessment bodies, or more formally as “Notified Bodies”. Member States have the responsibility to decide which of their conformity assessment bodies fulfil the necessary criteria to become notified since not all do. The minimum criteria include competence, impartiality, integrity, etc.

Notified bodies are private companies and operate in a competitive market. Whilst this can be good for the manufacturer, it can lead to unfair practices and less rigorous implementation of costly procedures, by those seeking to bend the rules. Also, different notified bodies may take different approaches when carrying out their work. This represents, not only a risk of unsafe products on the market, but also distorts competition within the manufacturing industry.

Unfortunately, some Member States have more stringent criteria than others for designation of Notified Bodies, which results in an uneven playing field in Europe. Accreditation is a formal system which provides an independent attestation of the competence, impartiality and integrity of conformity assessment bodies.

Accreditation bodies are organized at European level into the European co-operation for Accreditation (EA). EA ensures that National accreditation bodies all work to the same requirements, so that accreditation granted from one body is directly comparable to that granted from another. However, not all European accreditation bodies are members of EA and not all Notified Bodies undergo accreditation.

The New Legislative Framework for the free movement of goods therefore provides for:

• the decentralized competence assessment and monitoring of Notified Bodies under the responsibility of each Member State;

• a legal framework for accreditation and co-ordination at EU level using the existing organization of EA as a foundation for this.

This will provide the EA with public recognition and provide it with the authority it currently lacks to provide accreditation services to all Notified Bodies. It will also ensure that all Member States use accreditation as a basis of notification.

3. Common legal framework to ensure an equivalent level of market surveillance throughout the EU

The enforcement of product safety legislation is an important task; not only to protect consumers and other users from unsafe products but also to ensure a level playing field for reputable businesses. In the EU market surveillance is the responsibility of the Member States.

With the RAPEX system (see IP and Memo 10/130 on the 2009 Annual RAPEX Report) the European Union has an effective and efficient system in place to share information about dangerous products found on the European market.

At the same time, however, the devolved nature of enforcement responsibility means that in practice surveillance efforts are still largely guided by national priorities, risk assessments can diverge significantly for the same product, as do measures and penalties.

Moreover, the effect of continuing globalization, with more and more products coming into the EU's internal market from third countries, is making it increasingly difficult to justify a purely national approach to enforcement. The nature of our internal market, combined with the effects of global supply chains, make it necessary to adopt a truly co-ordinate approach to market surveillance. Despite significant progress in recent years, such cooperation has not yet become a reality.

Therefore, the New Legislative Framework for the free movement of goods allows:

• flexibility of organization at national level, to take account of national conditions

• whilst establishing specific minimum requirements for operation.

It also foresees the extension of the existing co-operation mechanisms (it builds upon the existing national structures), improves the traceability of products and clarifies the obligations for all economic operators, i.e. manufacturers, distributors, and importers, etc.

מאמר זה נכתב על-ידי ראובן פרץ, יועץ לתקינה ורגולציה בינלאומית – אישור מוצרים

פורסם באתר מכון הייצוא

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Strategic Reasons to Export

עורך ראשי — Thu, 16 Mar 2023 01:42:41 +0000

Today, it’s more practical than ever to sell goods and services across the globe. Most of the world’s potential consumers are outside of the United States, and the global affinity for Made in USA products and services is second to none. Many exporters continue to boost their bottom line and build their competitiveness by selling to world markets, and you can too. U.S. small and medium-sized companies—firms with fewer than 500 employees —account for 98 percent of the nearly 280,000 exporting businesses. The internet, improved logistics options, and array of federal, state, and local export assistance has made exporting more viable for even the smallest businesses. In 2021, the value of U.S. goods and services exports was an impressive $2.5 trillion. And as thousands of exporters can attest, diversifying your customer base through exporting can help to weather changes in the domestic and global economies.

If you are looking to export you may have asked yourself, “Is it worth all the effort?” Exporting can be one of the best ways to expand your business:

Grow your bottom line (companies that export can be more profitable than those that don’t).

Smooth your business cycles, including seasonal differences.

Use production capabilities fully.

Defend your domestic market.

Increase your competitiveness in all markets.

Increase the value of your intellectual property should you choose to license it.

Increase the value of your business should you choose to sell it.

As the volume of trade grows and barriers to trade fall, competition in a company’s domestic market intensifies, particularly from foreign competitors. Competition in our own backyard and enter new markets for our products and services overseas:

Ninety-five percent of the world’s consumers live outside the United States. That’s a lot of potential customers to ignore.

Foreign competition is increasing domestically. To be truly competitive, companies must consider opening markets abroad.

Exporting is profitable.

Exporting helps businesses learn how to compete more successfully.
The United States has negotiated free trade agreements with 20 countries to support easier movement of goods across the border, where your customer is.
If you have a web presence, you have a global marketing and international sales platform.

With significant projected growth in global trade, fueled in large part by newly affluent consumers in China, India, and other developing economies, the challenge for businesses of all sizes in the United States is how to dip into this incredible revenue torrent.

As global trade grows, companies that engage in it report a shift in income derived from their export sales compared with sales in their domestic markets. A study of U.S. exporters found that 60 percent of small companies in the survey derived 20 percent of annual earnings from exports, while 44 percent of medium-sized companies did. When asked whether export sales would grow at least 5 percent per year for the next 3 years, 77 percent of the small companies and 83 percent of the medium-sized companies said they would.

Companies that do not manufacture products can profit from exporting by providing wholesale and distribution services.

Another answer to “Why bother to export?” is that exporting adds to the knowledge and skills of everyone in a company. Doing business in a market that’s beyond one’s borders can transform its practitioners. The experience of forming new relationships, getting up close and personal with another culture, figuring out how to meet the needs of others, and learning how to address new business challenges is personally rewarding. It also leads to improvements in products and services and makes companies stronger in whichever markets they compete.

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WTO note finds global trade resilient following one year of war in Ukraine

עורך ראשי — Sun, 26 Feb 2023 06:37:15 +0000

A new WTO information note released on 23 February reports that global trade remained resilient and performed better than pessimistic predictions for 2022 as economies greatly affected by the war in Ukraine found alternative sources of supply. For the longer-term outlook, new WTO simulations show the importance of strengthening the multilateral trading system, with least-developed countries likely to be hardest hit if international cooperation were to break down.

The note titled “One year of war in Ukraine: Assessing the impact on global trade and development” estimates that trade growth in 2022 was above the WTO trade forecast of 3% issued in April and substantially higher than its estimates for more pessimistic scenarios for the year. The stability of global trade was also evident in global supply chains, confirmed by the 4% year-on-year growth of trade in intermediate goods in the second quarter of 2022.

“Global trade has held up well in the face of the war in Ukraine. Despite the devastation we have seen one year on, trade flows remained open. We have not seen the worst predictions foreseen at the onset of the war. Sharply higher food prices and supply shortages have not materialized thanks to the openness of the multilateral trading system and the cooperation governments have committed to at the WTO,” Chief Economist Ralph Ossa said. “Resilience will ultimately be best served by fostering deeper and more diverse international markets, anchored in open and predictable trade rules,” he said.

Furthermore, trade in products significantly affected by the war and trade by the most exposed countries were remarkably resilient. Trading partners found alternative sources to fill in the gaps for most products affected by the conflict, such as wheat, maize, sunflower products, fertilizer, fuels and palladium — a rare earth mineral used in catalytic converters for cars.

Prices for goods greatly affected by the war rose less than expected at the beginning of the war. Among products most affected by the war, prices increased between 4.4% (palladium) and 24.2% (maize). While these price increases are substantial, they are significantly lower than the gloomiest predictions. WTO Secretariat staff simulations highlighted that in the case of cascading export restrictions on food, prices for wheat could have increased by up to 85% in some low-income regions compared to the actual increase of 17%.

The note further finds that Ukrainian exports collapsed by 30% in 2022 in value terms. Exports of cereal, which are central to the food security of many African economies, declined by 14.9% forcing these economies to adjust their sourcing patterns. Ethiopia, for example, which used to rely on Ukraine and Russia for 45% of its wheat imports, reacted by increasing purchases from other producers including the United States (shipments up 20% in volume terms) and Argentina, which supplied 21% of Ethiopia's imported wheat, up from zero in the previous year.

Russia's exports expanded by 15.6% in value terms because of an increase in prices particularly for fuels, fertilizers and cereals. However, estimates suggest Russia's export volume may have declined slightly . Trade flows are sharply down for industrial goods such as motor vehicles, pharmaceuticals or aircraft, where sanctions are more restrictive.

Updating the long-run scenario described in the previous report of a decoupling of the global economy into two rival blocs, the latest note provides new simulations of the opportunity cost of foregoing further multilateral liberalization and instead moving to geopolitical rivalry. The opportunity cost would be about 8.7% of real income at the global level, varying between 6.4% for developed countries, 10.1% for developing countries and more than 11.3% for least-developed countries.

The relative restraint in the imposition of export restrictions by WTO members may have played a key role in keeping price increases in check. During the period from mid-October 2021 to mid-October 2022 covered by the latest WTO Monitoring Report, estimated trade coverage of the regular (non-COVID-19-related) import-facilitating measures introduced by WTO members (USD 1,038.4 billion) far exceeded the trade coverage of import-restrictive measures (USD 163.5 billion).

This, in combination with the limited price hikes, suggests that the 12th WTO Ministerial Conference, which resulted in a Ministerial Declaration on the Emergency Response to Food Insecurity, had a meaningful impact on reducing food insecurity.

The publication shows that the multilateral trading system has remained resilient, with trade growth substantially higher than the more pessimistic predictions for 2022. Prices rose for goods most affected by the war but by less than expected at the beginning of the conflict. The positive trade performance of countries dependent on imports from Ukraine and Russia was facilitated by their ability to switch their import supply to unaffected economies.

In the longer term, new simulations highlight the importance of strengthening the multilateral trading system. The latest simulations run by WTO economists modelling the long-run scenario of a decoupling of the global economy into two rival blocs show that the opportunity cost of moving to geopolitical rivalry is estimated at 8.7 per cent of real income at the global level, with the most vulnerable economies facing opportunity costs as high as 11.3 per cent.

Published in 2023.

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Building trade capacity

עורך ראשי — Sun, 26 Feb 2023 06:27:10 +0000

Developing countries face special difficulties in benefiting as they should from the multilateral trading system. This page describes the efforts made by WTO to meet their special needs by building “trade capacity” to enable them to trade more effectively.

Introduction

Helping developing countries participate more fully in the global trading system is one of the WTO's most important activities. Those developing countries which trade successfully tend to be those which have made the most progress in alleviating poverty and raising living standards. But there are countries, including a large number of least-developed countries (LDCs) where trade is failing to make the contribution that it should be making to economic growth and poverty reduction.

The main thrust of WTO work to redress this is the Doha Development Agenda, but Members have recognized that building trade capacity is an essential complement to the DDA.

There are a variety of ways in which the WTO provides assistance to build trade capacity in developing countries, but instructing developing country delegates on how their countries can gain through the trading system is the central focus of the organization's efforts. The vast bulk of WTO “technical assistance” spending is dedicated towards helping officials better understand complex WTO rules and disciplines so that they can implement WTO agreements in ways which will bolster their trading regimes and negotiate more effectively with their trading partners. Broader and more effective dissemination of such knowledge has facilitated the participation of developing country trade officials in the Doha round and in other WTO activities.

Enhancing trade capacity involves other forms of assistance too, including building more efficient ports and road networks, providing customs officials with automated equipment and teaching entrepreneurs how to take advantage of business opportunities in the global marketplace. Work of this nature is largely the responsibility of other international organizations like the United Nations and the World Bank. Some programmes, particularly those involving infrastructure, require significant funding not only from international organizations but also direct contributions from national governments. To be truly effective, any programme of trade capacity building requires all these elements to come together in a co-ordinated fashion. For this reason many WTO activities in this area involve close co-operation with other international organizations.

Assistance to developing countries has always been on WTO's work schedule, but the scale and scope have become much broader with the Aid for Trade initiative.

Why is building trade capacity important?

Because many countries simply don't have the human, institutional and infrastructural capacity to participate effectively in international trade. Without that, these countries won't be able to expand the quantity and quality of goods and services they can supply to world markets at competitive prices.

human capacity refers to the professionals governments rely on for advice on WTO matters: trade lawyers, economists, skilled negotiators. A country that lacks these professionals is clearly at a disadvantage when implementing existing trade agreements, when negotiating new ones, and when handling trade disputes.
institutional capacity refers to the institutions businesses and governments rely upon for trade, such as customs, national standards authorities, and the delegation representing the country at the WTO. Trade ultimately suffers if these institutions are inadequate.
infrastructure refers to the physical setup required for trade to happen: roads, ports, telecommunications. Again, countries lacking infrastructure will find it difficult to develop trade.

The WTO's trade rules, negotiating forum and dispute settlement system are not goals in themselves. They are necessary preconditions for free and predictable trade, but are not always sufficient to create results. WTO Members have recognized that the multilateral system needs to be accompanied by improvements in trade capacity.

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The Predictions of The World Trade Organization (WTO) for 2023

עורך ראשי — Wed, 15 Feb 2023 18:52:42 +0000

At present, world trade is influenced by many factors that are almost impossible to predict. The global economy has not yet fully recovered from the effects of COVID-19, as new blows in the face of military conflicts between Russia and Ukraine have happened. According to WTO experts, the world merchandise trade index is 96.2 points, with a base value of 100.

"The global economy is facing a complex crisis. The picture for 2023 is much bleaker," said WTO Director-General Ngozi Okonjo-Iweala.

Global trade in value terms rose to a record $7.7 trillion in the first quarter of 2022, about $1 trillion more than in the first quarter of 2021. This is stated in the new report of the United Nations Conference on Trade and Development (UNCTAD).

"The war in Ukraine is beginning to affect international trade, mainly through rising prices," the report says. The increase of about $250 million compared to the fourth quarter of 2021 is driven by rising commodity prices, as absolute trade volumes (not in value) increased to a much lesser extent. While trade growth is expected to remain positive, it continued to slow down in the second quarter of 2022.

The report also says that rising interest rates and the scaling back of economic stimulus measures will likely hurt trade through the end of 2022. Commodity price volatility and geopolitical factors will continue to add uncertainty to trade developments.

According to the report, the pace of trade growth in the first quarter of 2022 remained strong in all geographic regions, although it was slightly lower in East Asia and Pacific regions.

Significant Growth in Various Sectors of the Economy

The WTO report shows that in the first quarter of 2022, most sectors of the economy recorded a significant increase in the cost of trading compared to the previous year.

Strong growth in trade volume (in value terms) in the energy sector is attributed to high fuel prices. Trade growth was also above average in the metals and chemicals industries.
In contrast, trade in the transport and communications equipment sectors remained below 2021 and 2019 levels.

Economic Slowdown, War in Ukraine

The WTO report says that the development of global trade in the rest of 2022 is likely to be affected by slower-than-expected economic growth due to higher interest rates, inflationary pressures, and concerns about debt sustainability in many economies.
The report notes that the war in Ukraine is affecting international trade by putting pressure on global prices for energy and commodities.
Other factors expected to affect world trade this year are:
• The remaining problems with global supply chains.
• The trend toward regionalization.
• The transition to a greener global economy.

According to a published study prepared by experts from the World Trade Organization (WTO), events in Ukraine could negate half of the expected growth in world trade in 2022. The WTO predicts that the crisis could reduce global GDP growth to 3.1 and 3.7 percent this year, while world trade growth would fall from 2.4 to 3 percent. In October, the WTO expected its growth by 4.7 percent in 2022.

The report notes that the costs of reduced trade and production are likely to be felt by people around the world due to rising food and energy prices and the reduced availability of goods exported by Russia and Ukraine. According to experts, the poorest countries will, first of all, feel the negative consequences since they spend a more significant part of their income on food than more affluent countries, which may affect political stability in these states.

Although the shares of Russia and Ukraine in global production and trade are relatively small, both countries are important suppliers of essential goods, including food and energy, according to the Belgian agency Belga. Before the pandemic, both countries accounted for about 25 percent of the world's wheat, 15 percent of barley, and 45 percent of sunflowers, according to the WTO. Russia alone accounts for 9.4 percent of global fuel trade, and the share of Russian natural gas has risen to 20 percent.

The Predictions of The WTO for 2023

The volume of world trade in 2022 will increase by 3.5% compared to 2021, according to the World Trade Organization's (WTO) predictions. Six months ago, this indicator was predicted by its experts at the level of 3% – the revision of expectations is associated with a sharp increase in money turnover in the world due to the rise in the cost of energy resources and food.

Next year, the growth may be only 1% instead of the previously expected 3.4% – the slowdown in trade will occur against the backdrop of a decrease in business activity in the world's largest economies, including Europe, the United States, and China. The WTO predicts a "fork" of 2-4.9% growth, and the following year the possible range of turnover changes is even more comprehensive – from minus 2.8% in case of harmful risks to plus 4.6 % with positive "surprises."

In Europe, the decline in business activity will be associated with rising energy prices; in the US – with a tightening of monetary policy (this affects the housing market, demand for cars, and capital investment); in China – with weakening external demand and the impact of anti-COVID restrictions.

The CIS+ countries are expected to face the most significant decline in turnover this year (for analysis purposes, this region includes not only the Commonwealth states but also Ukraine, Georgia, and Turkmenistan). Their trade in goods in April-June fell by 10.4% QoQ; imports fell by 21.7%. In general, for the year, the region is expected to reduce exports by 5.8% and imports – by 24.7%. This year's most significant trade growth will be observed in the Middle East – exports will grow by 14.6%, and imports will increase by 11.1%. In Europe, exports will increase by 1.8% and imports by 5.4%. In North America – by 3.4% and 8.5%, respectively.

The WTO also predicts that increased spending on fuel, food, and fertilizer imports could lead to food shortages and debt problems in developing countries. Growth in global merchandise trade will slow later this year and into 2023 as the global economy continues to face headwinds, the World Trade Organization's Commodity Trade Barometer said.

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List of The Largest Trade Partners of United States

עורך ראשי — Wed, 15 Feb 2023 18:02:32 +0000

Accounting for less than 5 percent of the world's population, Americans generate and earn more than 20 percent of the world's total income. America has the world's largest national economy and is the world's leading trader. The process of opening global markets and growing trade, which began in the United States in 1934 and has been constantly pursued since the end of WWII, has played a significant part in the development of American economy.

Now the U.S. has trade relations with more than 200 countries, territories, and regional associations around the globe and its trade with other nations is worth $4.9 trillion per year. Therefore, we can conclude that world trade plays a significant role in America's life. Let's take a closer look at who America's main partners are.

What Are the Top U.S. Exports?

According to the data available so far, the following are the United States' top exports:

Gasoline and Other Fuels: $114 billion The main export destinations for these exports from the U.S. are: Mexico, Canada, Chile. Some of the fastest-growing export markets for U.S. gasoline and other fuels are Brazil, Colombia, and Trinidad and Tobago.
Crude Petroleum: $96.9 billion The main export destinations for these exports from the U.S. are : India, The Netherlands, South Korea. Some of the fastest-growing export markets for U.S. crude petroleum are South Korea, Netherlands and India.
Liquified Natural Gas (LNG) and Other Natural Gases: $81.6 billion. The main export destinations for these exports from the U.S. are: Mexico, France, United Kingdom.
Civilian Aircraft Parts: $73.3 billion. The main export destinations for these exports from the U.S. are: France, Germany, United Kingdom
Passenger Vehicles: $47.6 billion. Compared to last year, car exports are up 15.3%, though these exports were down 5.65% the first quarter of this year. The main export destinations for these exports from the U.S. are: Canada, Germany, China.

What Are the Top U.S. Imports?

Machinery including computers: $428.8 billion. The main import sources for these imports to the U.S. are: China, Canada, Mexico.
Vehicles: $283.1 billion. The main import sources for these imports to the U.S. are: Mexico, Japan, Canada
Mineral fuels including oil: $223.9 billion. The main import sources for these imports to the U.S. are: Canada, Mexico, Brazil, Turkey
Pharmaceuticals: $149.5 billion. The main import sources for these imports to the U.S. are: China, India and Mexico

U.S trade agreements

The United States currently has 14 Free Trade Agreements (FTAs) with 20 countries in force: Australia, Bahrain, Canada (included in the NAFTA), Chile, Colombia, Costa Rica (included in CAFTA-DR), Dominican Republic (included in CAFTA-DR), El Salvador (included in CAFTA-DR), Guatemala (included in CAFTA-DR), Honduras (included in CAFTA-DR), Israel, Jordan, Korea, Mexico (included in NAFTA), Morocco, Nicaragua (included in CAFTA-DR), Oman, Panama, Peru, Singapore.

U.S. Main Trade Partners

Based on the above, we can compile a list of the largest U.S. trade partners. So here is a list of the 25 nations that make up America's top trade partners in terms of the amount of money such nations contribute to US export sales, or the nations that get the most expensive American cargoes. Also shown is each import country’s percentage of total American exports.

Canada: US$307 billion
Mexico: $276.5 billion (15.8%)
China: $151.1 billion (8.6%)
Japan: $75 billion (4.3%)
South Korea: $65.8 billion (3.7%)
Germany: $65.2 billion (3.7%)
United Kingdom: $61.5 billion (3.5%)
Netherlands: $53.6 billion (3.1%)
Brazil: $46.9 billion (2.7%)
India: $40.1 billion (2.3%)
Taiwan: $36.9 billion (2.1%)
Singapore: $35.8 billion (2%)
Belgium: $33.7 billion (1.9%)
France: $30.7 billion (1.7%)
Hong Kong: $30 billion (1.7%)
Australia: $26.4 billion (1.5%)
Switzerland: $24 billion (1.4%)
Italy: $21.8 billion (1.2%)
Chile: $17.3 billion (1%)
United Arab Emirates: $17.1 billion (1%)
Colombia: $16.5 billion (0.9%)
Spain: $16.1 billion (0.9%)
Malaysia: $15.2 billion (0.9%)
Ireland: $13.6 billion (0.8%)
Israel: $12.8 billion (0.7%)

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