Table 3
How export promotion would change U.S. goods trade with the world, by industry, 2019–2024
| U.S. imports | U.S. exports | Trade balance | ||||
|---|---|---|---|---|---|---|
| Industries | Change ($billions) | Share of total change | Change ($billions) |
Share of total change | Change ($billions) | Share of total change |
| Total | $207.4 | 100.0% | $1,061.7 | 100.0% | $854.3 | 100.0% |
| Agriculture, forestry, fisheries | $6.1 | 3.0% | $68.0 | 6.4% | $61.9 | 7.2% |
| Mining | -$42.0 | -20.3% | $127.5 | 12.0% | $169.5 | 19.8% |
| Oil and gas | -$41.7 | -20.1% | $66.0 | 6.2% | $107.8 | 12.6% |
| Minerals and ores | -$0.3 | -0.1% | $61.5 | 5.8% | $61.8 | 7.2% |
| Utilities | $0 | 0.0% | $0 | 0.0% | $0 | 0.0% |
| Construction | $0 | 0.0% | $0 | 0.0% | $0 | 0.0% |
| Manufacturing | $241.0 | 116.3% | $846.8 | 79.8% | $605.8 | 70.9% |
| Nondurable goods | $78.3 | 37.7% | $308.0 | 29.0% | $229.7 | 26.9% |
| Food and kindred products | $9.5 | 4.6% | $46.2 | 4.3% | $36.6 | 4.3% |
| Beverage and tobacco products | $5.1 | 2.5% | $7.9 | 0.7% | $2.8 | 0.3% |
| Textile mills and textile product mills | $2.8 | 1.4% | $2.0 | 0.2% | -$0.8 | -0.1% |
| Apparel, leather and allied product Manufacturing | $1.4 | 0.7% | -$0.9 | -0.1% | -$2.3 | -0.3% |
| Paper | $0.4 | 0.2% | $8.0 | 0.8% | $7.6 | 0.9% |
| Printed matter and related products | $0.4 | 0.2% | $1.1 | 0.1% | $0.7 | 0.1% |
| Petroleum and coal products | -$9.2 | -4.4% | $64.7 | 6.1% | $73.9 | 8.7% |
| Chemicals | $59.6 | 28.7% | $168.9 | 15.9% | $109.4 | 12.8% |
| Plastics and rubber products | $8.3 | 4.0% | $10.2 | 1.0% | $1.9 | 0.2% |
| Durable goods | $162.8 | 78.5% | $538.8 | 50.7% | $376.0 | 44.0% |
| Wood products | $1.3 | 0.6% | $1.4 | 0.1% | $0.1 | 0.0% |
| Nonmetallic mineral products | $2.4 | 1.1% | $3.7 | 0.4% | $1.4 | 0.2% |
| Primary metal | -$5.1 | -2.5% | $114.1 | 10.7% | $119.2 | 14.0% |
| Fabricated metal products | $8.0 | 3.8% | $24.9 | 2.3% | $17.0 | 2.0% |
| Machinery, except electrical | $21.5 | 10.4% | $84.9 | 8.0% | $63.3 | 7.4% |
| Computer and electronic parts | $19.5 | 9.4% | $36.6 | 3.4% | $17.1 | 2.0% |
| Computer and peripheral equipment | $8.0 | 3.9% | -$0.8 | -0.1% | -$8.8 | -1.0% |
| Communications, audio and video equipment | -$0.3 | -0.2% | $21.8 | 2.1% | $22.1 | 2.6% |
| Navigational, measuring, electromedical, and control instruments | $2.9 | 1.4% | $19.4 | 1.8% | $16.5 | 1.9% |
| Semiconductor and other electronic components & magnetic and optical media production | $9.0 | 4.3% | -$3.8 | -0.4% | -$12.8 | -1.5% |
| Electrical equipment, appliances, and component | $20.2 | 9.7% | $28.9 | 2.7% | $8.7 | 1.0% |
| Transportation equipment | $42.1 | 20.3% | $146.2 | 13.8% | $104.1 | 12.2% |
| Motor vehicles and parts | $32.5 | 15.7% | $76.3 | 7.2% | $43.8 | 5.1% |
| Aerospace products and parts | $8.0 | 3.8% | $59.8 | 5.6% | $51.9 | 6.1% |
| Railroad, ship, and other transportation equipment | $1.6 | 0.8% | $10.1 | 0.9% | $8.5 | 1.0% |
| Furniture and fixtures | $7.5 | 3.6% | $3.8 | 0.4% | -$3.7 | -0.4% |
| Miscellaneous manufactured commodities | $45.5 | 21.9% | $94.3 | 8.9% | $48.9 | 5.7% |
| Scrap and secondhand goods | $2.2 | 1.1% | $19.4 | 1.8% | $17.2 | 2.0% |
Source: Authors’ analysis of trade data (USITC 2020) and authors' projections for trade in 2024 given currency realignment and an aggressive program of industrial policies. For a more detailed explanation of policies, data sources, and computations, see report, especially “Trade projections” section, discussion of Table 2, and the methodology appendix.
This chart appears in:
Previous chart: « U.S. households are supplying the money borrowed by the federal government: Personal savings rate, 1979–2020