Largest Importers
Largest Importers: Countries Exporting the most goods to the US.
Largest Importers, as of recent trade data from 2023, Mexico has surpassed China as the largest importer to the United States. This shift reflects changes in global supply chains and the U.S.’s increasing trade reliance on North American partners. Mexico’s proximity to the U.S., along with its strong automotive, electronics, and machinery sectors, has contributed to this position.
Top 10 countries that are largest importers to the United States were as follows:
- Mexico – 15.9% of total U.S. imports
- China – 13.4%
- Canada – 13.2%
- Japan – 4.9%
- Germany – 4.8%
- South Korea – 4.5%
- Vietnam – 3.7%
- India – 3.1%
- United Kingdom – 2.6%
- Brazil – 2.4%
Top 10 countries that are largest importers to the United States, approximate dollar values:
- Mexico: $440 billion
- China: $368 billion
- Canada: $359 billion
- Japan: $138 billion
- Germany: $134 billion
- South Korea: $124 billion
- Vietnam: $102 billion
- India: $85 billion
- United Kingdom: $66 billion
- Brazil: $60 billion
Countries With Largest Trade Deficits.
The United States had the largest trade deficit with the following countries:
- China – The U.S. trade deficit with China remains significant, at over $382 billion.
- Mexico – The U.S. had a deficit of about $148 billion.
- Vietnam – Around $107 billion in trade deficit with the U.S.
- Germany – The U.S. trade deficit with Germany was approximately $72 billion.
- Ireland – The deficit reached around $71 billion.
- Japan – The U.S. had a trade deficit of about $65 billion.
- Malaysia – The deficit stood at $48 billion.
- India – Around $42 billion in trade deficit with the U.S.
- Canada – The U.S. had a trade deficit of about $39 billion.
- South Korea – A trade deficit of approximately $34 billion with the U.S.
These deficits highlight key trading relationships where the U.S. imports significantly more goods than it exports.
Top 10 Countries and their labor Cost.
Average minimum wage in the top 10 countries that exported the most goods to the United States.
- Mexico: ~$7.35 MXN per day; approximately $0.31 USD.
- China: Varies, but typically around $2.23 to $3.73 CNY per hour; approximately $0.32 to $0.54 USD.
- Canada: ~$15.00 CAD per hour; approximately $11.23 USD.
- Japan: ~$8.70 JPY per hour; approximately $0.62 USD.
- Germany: ~$12.00 EUR per hour; approximately $13.00 USD.
- South Korea: ~$6.92 KRW per hour; approximately $5.25 USD.
- Vietnam: ~$2.55 to $3.73 VND per hour; approximately $0.10 to $0.16 USD.
- India: ~$0.39 to $1.45 INR per hour; approximately $0.05 to $0.17 USD.
- United Kingdom: ~$12.07 GBP per hour; approximately $15.00 USD.
- Brazil: ~$1.25 BRL per hour; approximately $0.25 USD.
U.S. Trade Deficit and the Role of Cheap Labor in Other Countries.
The U.S. trade deficit, the gap between the value of imports and exports, has remained significant, particularly with countries that offer cheap labor. A primary driver of this deficit is the difference in production costs, especially wages. Countries like China, Mexico, and Vietnam have developed manufacturing sectors that rely heavily on low labor costs. This allows them to produce goods more cheaply, attracting companies to outsource their production and subsequently sell these products in the U.S. at competitive prices.
This reliance on cheaper labor contributes to the U.S.’s large import volume, exacerbating the trade deficit. However, it also raises questions about the impact on U.S. jobs, wage competition, and domestic industries. While consumers benefit from lower-priced goods, there are ongoing debates about the long-term effects on American workers and the economy.
In summary, cheap labor in countries like China, Mexico, and Vietnam plays a critical role in shaping the U.S. trade deficit, creating a complex dynamic between economic growth, consumer prices, and labor markets.