United States Trade Profile

United States Trade Profile World Trade Organization

The United States Trade Profile from the World Trade Organization (WTO) is the complete official WTO country member trade profile for the US. The WTO United States Trade Profile includes extensive economic data and statistics, with special emphasis on US trade and tariff data. The following notes and information officially supplement the charts, graphs and statistics contained on the above United States Trade Profile.

Source: World Trade Organization

GDP (gross domestic product) is the sum of output within the economy’s territory minus the sum of intermediate consumption (increased by taxes net of subsidies on products). It is measured in nominal terms and with market exchange rates.

GDP per capita is estimated as an economy’s GDP divided by the population. It is calculated on the basis of data for the three latest years available.

Current account balance (% GDP) is estimated as the sum of an economy’s net exports of goods and services, net primary income, and net secondary income divided by GDP. It is calculated on the basis of data for the three latest years available.

Trade per capita is estimated as an economy’s trade in goods and commercial services (average of exports and imports, balance of payments basis) divided by the population. It is calculated on the basis of data for the three latest years available.

Trade to GDP ratio is estimated as an economy’s trade in goods and commercial services (average of exports and imports, balance of payments basis) divided by GDP, on the basis of data for the three latest years available.

Ranks in world trade of merchandise and commercial services are defined initially by referring to European Union (EU (28)) members as individual traders and secondly by referring to the EU (28) as one trader (i.e. excluding individual EU (28) members).

Merchandise trade (customs-based statistics)

The share of merchandise in world total exports and imports for individual economies is calculated using world trade including intra-EU (28) trade. For the EU (28) as one trading reporter, the share is calculated on the basis of world trade excluding intra-EU (28) trade.

Breakdown by main commodity group according to the definitions contained in the WTO’s “World Trade Statistical Review 2016”.

Agricultural products refer to food (Standard International Trade Classification Rev. 3 sections 0, 1, 4 and division 22) and raw materials (SITC Rev. 3 divisions 21, 23, 24, 25 and 26). It differs from the definition contained in the WTO Agreement on Agriculture (see below).

Fuels and mining products include ores and other minerals, fuels and non-ferrous metals.

Manufacturers refer to iron and steel, chemicals, other semi-manufactures, machinery and transport equipment, textiles, clothing and other consumer goods. Please note that due to the products not classified in the three main product groups, the sum of the shares may not add up to 100.

Breakdown by main destination and origin: EU (28) members are grouped as one trading partner. Re-imports are also included.

Agricultural products, top exported products and top imported products are the top five traded agricultural goods of an economy at the HS 4-digit level. According to the definition of the WTO Agreement on Agriculture, agricultural goods refer to HS chapters 1 to 24 (excluding fish and fish products) and a number of manufactured agricultural products (for further information, see “The Legal Texts: The Results of the Uruguay Round of Multilateral Negotiations”, WTO). This definition does not correspond to the definition of agricultural products presented in the breakdown of merchandise trade by main commodity group (see above).

Non-agricultural products, top exported products and top imported products (non-agricultural market access products) are the top five non-agricultural goods of an economy at the HS 4-digit level. Non-agricultural goods refer to the products not covered by the WTO Agreement on Agriculture.

Trade in commercial services (balance of payments based statistics)

Commercial services equal total services minus “government goods and services, not included elsewhere”.

The share of commercial services in world total exports and in world total imports for individual economies is calculated using world trade including intra-EU (28) trade. For the EU (28) as one trading reporter, the share is calculated on the basis of world trade excluding intra-EU (28) trade.

The breakdown by main services items follows the definition of the 6th edition of the IMF Balance of Payments Manual (BPM6).

Transport covers sea, air and other services, including land, internal waterway, space and pipeline transport services that are performed by residents of one economy for those of another and that involve the carriage of passengers, the movement of goods (freight), rentals (charters) of carriers with crew, and related supporting and auxiliary services, including postal and courier services.

Travel covers the goods and services acquired by a traveler while outside the territory of residence. Travel can be undertaken for personal or business reasons.

Other commercial services include construction, insurance and pension services, financial services, charges for the use of intellectual property not included elsewhere, telecommunications, computer and information services, other business services, and personal, cultural and recreational services.

Goods-related services cover manufacturing services on physical inputs owned by others and maintenance and repair services not included elsewhere.

Breakdown by main destination and origin: EU (28) members are grouped as one trading partner.

FATS (foreign affiliates trade in services statistics) refer to data for foreign affiliates for which foreign investors own more than 50 per cent of the voting power at each stage of the ownership chain. Sales measure gross operating revenues, less rebates, discounts and returns. In the profiles, FATS sales refer to affiliates primarily engaged in services activities and exclude wholesale and retail trade and repair activities. For an individual economy’s coverage, refer to tables A62 and A63 in the publication “World Trade Statistical Review 2016”.

FDI (foreign direct investment) in services stocks cover the following ISIC Rev. 3 sectors: wholesale and retail trade; repair of motor vehicles, motorcycles and personal and household goods; hotels and restaurants; transport, storage and communications; financial intermediation; real estate renting and business activities; education; health and social work; other community, social and personal services; private households with employed persons. For some economies, data cover the following ISIC Rev.4 sectors: wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storage; accommodation and food service activities; information and communication; financial and insurance activities; real estate activities; professional, scientific and technical activities; administrative and support service activities education; human health and social work activities; arts, entertainment and recreation; other service activities; activities of households as employers; undifferentiated goods- and services-producing activities of households for own use.